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Here are the biggest calls on Wall Street on Wednesday:
Stifel downgraded the restaurant hospitality owner of chains like Olive Garden and said it sees a risk/reward that's "balanced."
"We are downgrading DRI to Hold from Buy as we believe the risk/reward looks fairly balanced at the current valuation, especially in the context of a continued challenging sales environment for casual dining restaurants. Although we remain confident in Darden's long-term competitive position, we are not confident the pace of sales recovery will match Street estimates, which we believe is necessary to show meaningful upside from the current level."
KeyBanc upgraded the multinational shipping and logistics company and said it sees a "cyclical recovery" and more upside for the stock.
In our view, multiple expansion has lagged peers, with our updated sum of the parts analysis suggesting upside in a cyclical recovery. Further, we expect improving endmarket demand, including within less-than-truckload, to be more fully realized in coming quarters, while recent executive appointments suggest additional cost actions intermediately. ... .In our view, XPO realized less of a benefit in 2Q20 from improving fundamentals relative to peers given customer shutdowns in logistics, as well as greater auto and industrial exposure in less-than-truckload."