Here are Wednesday's biggest analyst calls of the day: Disney, Zoom, Moderna, Roku & more

Published Wed, Dec 9 20208:08 AM EST

Key Points

Needham downgraded Moderna to hold from buy.
Wells Fargo upgraded Disney to overweight from equal weight.
Citi raised its price target on Roku to $375 from $220.
JPMorgan downgraded Zoom to neutral from overweight.
JPMorgan added Hostess Brands to the focus list.
KeyBanc initiated Disney as overweight.
JPMorgan downgraded CrowdStrike to neutral from overweight.
JP Morgan raised its price target on Tesla to $90 from $80.
UBS initiated Toll Brothers, Pulte and DR Horton as buy.
Citi initiated Hasbro as buy.
Cowen named Qualcomm a best 2021 idea.
Bank of America downgraded Columbia Sportswear to neutral from buy.
Argus downgraded Hormel to hold from buy.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday Needham downgraded Moderna to hold from buy Needham downgraded the biotech company and coronavirus vaccine manufacturer and said the stock was now "fully valued." " Moderna has made significant progress in 2020 towards validation of its mRNA platform, particularly through the discovery and development of COVID-19 vaccine mRNA-1273. The stock has responded remarkably well and we now believe it is fully valued." Wells Fargo upgraded Disney to overweight from equal weight Wells Fargo said in its upgrade of Disney that the company is well on its way to making the transformation to a well-rounded streaming media player. "We expect global subscribers to go from 117mm today to conservatively 250-300mm in ~5 years. Global content spending would be > $22bn (excl sports) with DTC revenues of > $25bn. This is the sort of long-term story that potentially provides ample subscriber catalysts and foments a Growth-oriented investor base." Read more about this call here . Citi raised its price target on Roku to $375 from $220 Citi raised its price target on the streaming media player company to a Street high and said it sees upside and several positive catalysts ahead for Roku . "Our new price target is the high on the Street. That gives us some pause. However, we see three potential catalysts on the horizon: 1) a new distribution agreement with discovery+, 2) a new distribution agreement with HBO Max and 3) additional inroads in the international market." JPMorgan downgraded Zoom to neutral from overweight JPMorgan downgraded the Zoom mainly on valuation among other things. "At this point we believe the revenue multiple fully reflects the upside potential and believe the under 10-employee segment of the user group poses a risk to churn rates as the vaccine allows for more in-person interaction moving forward which means we expect the shares to perform more in line with our coverage." Read more about this call here . JPMorgan added Hostess Brands to the focus list JPMorgan added the maker of Twinkie's to its focus list and said it was a top growth idea and an "underappreciated" story. " Hostess remains one of the most under-appreciated stories in our coverage universe, as evidenced by its appealing valuation metrics and five-year history of strong revenue expansion. ... .With the main impediment to investor buying likely out of the way (the founder is finally out of the stock after years of slowly selling down), we see no reason why TWNK should not be a strong outperformer in 2021." KeyBanc initiated Disney as overweight KeyBanc initiated the media and theme park company and said it was bullish on Disney' s future as a leading provider or streaming content. "DIS's rapid rise in streaming highlights DIS's breadth of content, expansive reach, and technology capabilities that leads DIS to be a top global streaming provider, in our view, who arguably has advantages over Netflix." JPMorgan downgraded CrowdStrike to neutral from overweight JPMorgan said in its downgrade of the cyber security company that based on CrowdStrike' s valuation the firm doesn't think investors will get the same level of outperformance from the stock in 2021. "However, our US economists are forecasting a rebound in growth in 2021 that we believe will not provide the same level of outperformance for high multiple stocks based on current valuations. Our analysis shows that the highest valuation stocks in 2009 underperformed the market in 2010 as economic growth returned following the 2008 recession." JP Morgan raised its price target on Tesla to $90 from $80 JPMorgan reiterated its underweight rating on the stock and called shares "dramatically" overvalued. "We recommend investors not weight Tesla shares in their portfolio in equal proportion to the S & P because Tesla shares are in our view and by virtually every conventional metric not only overvalued, but dramatically so." UBS initiated Toll Brothers, Pulte and D.R. Horton as buy UBS initiated several of the home building companies and said they should benefit from "sustained housing strength." "Some resetting in post-pandemic trends is likely, but we see the divergence between residential and commercial/infrastructure persisting. ... .We expect homebuilders to benefit not only from sustained housing strength but also from 20%+ returns, well-managed land pipelines and strong cash flows. ... .Our Buy rated stocks are NVR, Masco, Pulte , LGI Homes, DR Horton , Fortune Brands, Toll Brothers and Trex." Citi initiated Hasbro as buy Citi initiated the toy maker as buy and said it sees an "attractive" valuation and a strong holiday season coming up. "Specifically, Hasbro has been a) active in integrating its owned toy brands into movies & digital offerings, b) has a long and successful history of partnering with Disney on movies/toys, and c) purchased the independent studio eOne in early 2020 (~$5 billion)." Cowen named Qualcomm a best 2021 idea Cowen named the multinational semiconductor and chip company as a best idea in 2021 and said it was well-positioned as a premier player in the 5G space. " Qualcomm now represents a clean story ... as we believe the industry's premier 5G pureplay is well positioned for the C'21/'22 global 5G volume ramp. We model material upside to F'21/'22 consensus driven by expanding 5G share/ASPs (global and China), RF content growth, and strong 5G iPhone units." Bank of America downgraded Columbia Sportswear to neutral from buy Bank of America downgraded the outerwear company and said it sees headwinds like gross margin pressure among other things. "We see potential headwinds to COLM 's recovery given: (1) significantly warmer weather and lower snowfall vs. last year through November is likely pressuring COLM's holiday outerwear sales; (2) potential gross margin pressure in F4Q and F1H20 as slower sell-through likely results in higher promotional activity especially given COLM's elevated inventory levels." Argus downgraded Hormel to hold from buy Argus downgraded the food company and maker of spam and said it sees slowing retail sales in 2021. "We are downgrading Hormel Foods Corp. to HOLD from BUY. In FY21 we expect retail sales to grow, but less rapidly than in FY20, with foodservice sales showing 'modest' recovery. Hormel's retail sales depend on retailers ordering one quarter ahead to meet demand and with product inventories low, we think first-quarter sales could be hurt."

With Minnie and Mickey, Josh D'Amaro waves to guests gathered on Main Street USA, in the Magic Kingdom in the final minutes before the park closed, Sunday night, March 15, 2020, in Lake Buena Vista, Fla. Walt Disney World announced that all their Florida parks will be closed for the rest of March as a result of the coronavirus pandemic.

Orlando Sentinel

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Here are the biggest calls on Wall Street on Wednesday