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Here are the biggest calls on Wall Street on Wednesday:
Evercore said in its initiation of the beer maker that it sees "upside" to consesus and that the company was the only publicity-traded play on hard seltzer.
"SAM is the only publicly-traded play on the booming hard seltzer category, with Truly accounting for ~30% of revenue last year, going to ~50% in 2020E and ~70% in 2022E. Truly weathered this year's competitive onslaught and came out stronger. While this is not lost on investors, with the stock up ~90% over the past 2 years, our proprietary U.S. Beer Market Model, analysis of Numerator panel data, and margin driver analysis supports upside to consensus."
JPMorgan said in its downgrade of American Express that it thinks the company's model will remain "pressured" as wealthier consumers reduce travel among other things amid the coronavirus pandemic..
"Spend-driven model likely to remain pressured as high-income consumers reduce discretionary and leisure travel spend and corporate T&E likely to remain pressured into 1H21. Potential return at low end of our sector coverage."