Here are Wednesday's biggest analyst calls of the day: Apple, Moderna, Western Digital, Gap, & more

Key Points
  • RBC upgraded Gap to outperform from sector perform.
  • Evercore ISI initiated Boston Beer as outperform.
  • Bernstein initiated Western Digital as outperform.
  • Evercore ISI upgraded Wells Fargo to outperform from in-line.
  • JPMorgan downgraded American Express to underweight from neutral.
  • Piper Sandler raised its price target on Moderna to $134 from $100.
  • Needham raised its price target on Apple to $450 from $350.
A Western Digital office building is shown in Irvine, California, U.S., January 24, 2017.
Mike Blake | Reuters

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Here are the biggest calls on Wall Street on Wednesday:

Evercore ISI initiated Boston Beer as outperform

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 downgraded American Express to underweight from neutral

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."