Here are Wednesday's biggest analyst calls of the day: Peloton, Penn, Qualcomm & more

Published Wed, Dec 23 20208:12 AM EST

Key Points

Baird initiated Qualcomm as outperform.
Rosenblatt raised its price target on Penn to $115 from $90.
Rosenblatt raised its price target on Peloton to $186 from $145.
Wells Fargo raised its price target on Disney to $201 from $182.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday Baird initiated Qualcomm as outperform Baird initiated coverage on the chipmaker and said it was well positioned to leverage the current 5G cycle. " Qualcomm is at the center of the unfolding 5G secular cycle, eventually expanding from smartphones to many end markets including automotive and massive IoT, while ARM-based processor architectures are on the cusp of mass adoption in notebooks." Rosenblatt raised its price target on Penn to $115 from $90 Rosenblatt raised its price target on Penn National Gaming to a Street high and said the operator of casinos and racetracks should continue to gain share as more states legalize gambling. "Market share in new state launches (MI and VA) as the Barstool sportsbook app will be at the same starting line as competitors. New state legislation for online sports betting and iGaming as state governments deal with the impact of COVID-19 on their budgets. Continued recovery at regional casinos, helped by the rollout of the vaccine." Rosenblatt raised its price target on Peloton to $186 from $145 Rosenblatt raised its price target on Peloton to a Street high and said the company's "deep offering" will be hard to compete against. "The launch of the value tread, we are ~11% above consensus revenue in FY'22 driven by the launch of this product, which we believe will be transformational. ... .TAM expansion through the Precor acquisition. We continue to believe accelerating their opportunity in the commercial market was a key reason for the Precor acquisition." Wells Fargo raised its price target on Disney to $201 from $182 Wells Fargo raised its price target on the stock after Disney's successful investor day and said it expects the company's streaming business to produce "future margins" like Netflix's. "We think as long as subs are growing towards guidance then it's fair to assume DIS streaming will generate future margins akin to NFLX's. ... .We'd say short/medium-term catalysts are about the streaming ramp, and how Parks performs once capacity begins to normalize in H2 FY21."

Jen Van Santvoord rides her Peloton exercise bike at her home in San Anselmo, California.

Ezra Shaw | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday