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Here are the biggest calls on Wall Street on Wednesday
JPMorgan upgraded the hybrid truck manufacturing company and said the stock is "starting to look attractive" for long-term investors.
"The stock has fallen 40% in July month-to-date (S&P 500 up 1.5%), and could fall some more in the near term when the special purpose acquisition company shares are freely tradable (and can be sold short), but NKLA stock is now trading below our $45.00 price target and starting to look attractive for long-term investors in view of a number of potential positive catalysts in coming weeks and months. In our view NKLA is currently a story-stock, but we are on board as long as the company executes to plan, and providing the stock offers a favorable risk-reward trade-off."
Read more about this call here.
Bank of America upgraded Caterpillar and said that it still had concerns about the trajectory of the economy but that surprising economic data should help the stock.
"We still have our concerns on the trajectory of the economic recovery from here, spiking COVID-19 caseload in the Sun Belt states, deteriorating US-China relations, and potential for federal infrastructure stimulus to disappoint. That said, it is hard to deny that most major economic data (payrolls, ISM, consumer confidence, housing), early indications on earnings (Fedex) and metal prices like copper and iron ore are surprising to the upside."