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Here are the biggest calls on Wall Street on Wednesday:
JMP raised its price target on the stock to a Street high and said the company is "well-positioned" as consumer habits change due to the coronavirus.
"Yesterday, Peloton announced it surpassed 1 million net CF subscribers at a rate significantly faster than we had expected, reinforcing our belief that consumer fitness behavior is fundamentally changing due to COVID-19 and that Peloton is well positioned to benefit as demand continues to accelerate. We raise our projections (again), reiterate our Market Outperform rating, and raise our price target to $59 from $53 on shares of Peloton. Importantly, with consumer behavior habits fundamentally changing due to COVID-19, 1+ million CF subs and 2.6 million members, and word of mouth Peloton's largest sales channel, we believe these demand curves can continue."
Argus raised its price target on Beyond Meat to a Street high and said it expects consumers to continue to flock to the alternative meat company.
"We view Beyond Meat as the leading company in the plant-based protein space, with a widely recognized brand and prospects for continued market share growth. We expect demand for plant-based alternatives to meat to continue to grow, driven not only by consumer preferences for healthier food, but also by environmental concerns, especially among younger consumers. On May 6, Beyond Meat posted 1Q20 revenue of $97.1 million, up 141% from the prior year. The company reported a GAAP profit of $0.03 per share versus a loss of $0.42 per share a year earlier."
Note: This call occurred before the bell on Tuesday.