Here are Wednesday's biggest analyst calls of the day: Apple, Peloton, Nio, New York Times & more

Key Points
  • Raymond James upgraded AutoZone to strong buy from outperform.
  • Atlantic Equities downgraded Constellation Brands to neutral from overweight.
  • Wells Fargo downgraded Kroger to equal weight from overweight.
  • Morgan Stanley initiated New York Times as overweight.
  • Morgan Stanley raised its price target on Apple to $136 from $130.
  • Truist raised its price target on Peloton to $144 from $115.
  • JPMorgan upgraded Nio to overweight from equal weight.
  • Cowen raised its price target on Netflix to $625 from $550.
  • Goldman Sachs raised its price target on Tesla to $450 from $400.
Apple CEO Tim Cook delivers the keynote address during the 2020 Apple Worldwide Developers Conference (WWDC) at Steve Jobs Theater in Cupertino, California.
Brooks Kraft/Apple Inc/Handout via Reuters

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday:

Raymond James upgraded AutoZone to strong buy from outperform

Raymond James upgraded the auto parts retailer and said it was a rare opportunity for investors to invest in a "long-term retail story" at a "discount.

"AZO is the proven, best-in-breed, consistent, long-term retail story that investors only get few chances over an entire career to acquire at a discount. We are increasing our rating to Strong Buy from Outperform. We are also increasing our price target to $1,565 from $1,500. AZO is now our top pick.

Atlantic Equities downgraded Constellation Brands to neutral from overweight

Atlantic Equities said in its downgrade of the beverage maker that it was concerned that "beer supply capacity" in Mexico would create an overhang.

"We are downgrading STZ to Neutral on concerns that over the next 12 months slowing trends in depletion volumes will persist and longer term challenges on sufficient beer supply capacity in Mexico will begin to overhang shares. While Constellation Brands has an attractive portfolio of premium import beer and wine & spirits brands, these factors could inhibit STZ from continuing the strong sales and operating profit growth of the past five years."