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Here are the biggest calls on Wall Street on Wednesday:
Jefferies said in its upgrade of the beverage giant that it sees "market share momentum."
"Whilst the crisis is not over given the risk of second waves / further restrictions, we see the world as nearer to the end of the pandemic than the beginning. In our sector note published today, ABI screens favourably with the shares pricing in very limited recovery. ABI is our top pick in bevs with >30% upside. Bull case could offer 60% upside if growth and deleveraging become visible."
Gordon Haskett said in its upgrade of the stock that it sees a "catch-up" trade as the company's fundamentals improve.
"Over the past several months (ie, during the pandemic), 3M's share price has underperformed vs. several other Multi-Industry names. Our Underperform thesis was predicated on MMM lagging peers in a recovery from peer share price lows earlier in the year, which has played out. In turn, we would not be surprised to see something of a 'catch-up' trade as the company begins to report out better fundamental results."