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Despite a dismal earnings season, Wall Street analysts are finding value in stocks like Disney and Nike. Other calls of the day include Lululemon, DuPont and more.
Here are the biggest calls on Wall Street on Wednesday:
Cowen reiterated its outperform rating on the stock, calling it a "safe haven" due to the "quality of its library, intellectual property, and integrated business model."
"Although Disney will see perhaps the most significant near-term earnings pressure in the group due to its Parks business, we also believe the market will treat it as a relative 'safe haven' asset due to its high quality intellectual property; DIS shares have outperformed all other traditional media stocks since the market peak in mid-February."
"Second, we focus on companies with sturdy balance sheets that will allow them to survive the volatility that will likely continue throughout the rest of the year. Cash flow security is paramount to surviving this pandemic with the fewest scars. Also, these companies have robust and flexible supply chains that can handle and accommodate sharp changes in order patterns with little threat to their own cash flow needs."