Here are Wednesday's biggest analyst calls of the day: Apple, Dell, Dave & Buster's, Nvidia & more

Published Wed, May 5 20218:22 AM EDT

Key Points

JPMorgan upgraded Sealed Air to overweight from neutral.
UBS upgraded Under Armour to buy from neutral.
Barclays upgraded Under Armour to overweight from equal weight.
Oppenheimer reiterated its outperform rating on Shake Shack.
Wells Fargo reiterated its overweight rating on Home Depot and Lowe's.
SocGen downgraded Ferrari to hold from buy.
Piper Sandler reiterated Lyft as a top idea.
Citi added Dell to the focus list.
Bank of America upgraded ConocoPhillips to buy from neutral.
William Blair named Dave and Buster's to the focus list.
Baird initiated Nvidia as outperform.
Bernstein reiterated its market perform rating on Apple.
Argus downgraded Altria to hold from buy.
Oppenheimer upgraded Alexion Pharmaceuticals to outperform from perform.

Here are the biggest calls on Wall Street on Wednesday: JPMorgan upgraded Sealed Air to overweight from neutral JPMorgan upgraded the packaging company and said it was entering a "period of accelerated opportunities." "We think that Sealed Air is coming to the end of a period of slower earnings growth and entering a period of accelerated opportunities. We think there is room for the valuation of the company to improve." UBS upgraded Under Armour to buy from neutral UBS upgraded the sports equipment and apparel company after its earnings report on Tuesday and said the company is growing faster than expected. "Before, our valuation reflected a view UAA' s EPS would grow significantly over the long-term. Now, the growth is happening sooner than expected, so we adjust our P/E for what the growth outlook will look like from FY23 (mid-teens EPS growth)." Read more about this call here. Barclays upgraded Under Armour to overweight from equal weight "We are upgrading UAA to Overweight based on:1) a significant positive inventory inflection, 2) a return to high-quality sales growth in North America, and 3) the opportunity for multiyear operating margin expansion from current levels as topline growth leverages the fixed cost infrastructure.' Read more about this call here. Oppenheimer reiterated its outperform rating on Shake Shack Oppenheimer reiterated its outperform rating on shares of the burger chain ahead of its earnings report on Thursday and said it was "well-positioned" for the near term. "We recommend using the pullback since mid-March as a buying opportunity Into 1Q21 results on 5/6, we believe SHAK is well-positioned for near-term beats and positive revisions to consensus sales, margins, and EBITDA estimates through '22E and beyond." Wells Fargo reiterated its overweight rating on Home Depot and Lowe's Wells reiterated its overweight rating on shares of the home improvement retailer stores and said Street estimates were too low. "Shares have rallied, but Street estimates way too low. In 3 short months, HD/ LOW shares quickly transitioned from large cap value to large cap growth stocks, and are now +33%/+30% since post-Q4 troughs." SocGen downgraded Ferrari to hold from buy SocGen downgraded the auto company after its earnings report on Tuesday after the company said the pandemic may delay further launches, among other things. " Ferrari remains a unique and very highly desirable business in our view, but the postponement of the FY22 targets was a disappointment, reflected in the 7% stock price decline yesterday." Piper Sandler reiterated Lyft as a top idea Piper Sandler reiterated the ride-sharing company as a top idea after its earnings report on Tuesday. The firm also reiterated its overweight rating on the stock. " LYFT is still one of our top ideas, and we would be buying the stock. Revenue and EBITDA both comfortably beat expectations, with margins a particular bright spot." Citi added Dell to the focus list Citi added Dell to its focus list and reinstated its top-pick status of the stock after a period of restriction at the firm. "We are reinstating coverage of Dell shares following restriction associated with recently announced planned transaction for Dell to sell its Boomi (cloud-platform-as-a-service) division for $4b cash to Francisco Partners and TPG Capital, expected to close by end of 2021." Bank of America upgraded ConocoPhillips to buy from neutral Bank of America said in its upgrade of the hydrocarbon exploration company that ConocoPhillips was "poised to accelerate cash returns." "Since we lowered our rating in early March the shares have pulled back to levels we view as attractive but with a different macro outlook from when oil peaked close to $70 Brent. Forward Brent now stands at the highest level of the year so that on prospective free cash we agree with management that the shares look undervalued to warrant a step up in buy backs." Read more about this call here . William Blair named Dave & Buster's to the focus list William Blair named the entertainment and restaurant company to its near-term consumer focus list and said the company should recover most of its pre-pandemic sales by the end of the year. "With Dave & Buster's announcing an impressive sales recovery through the first 11 weeks of its April quarter, we believe the company is poised to recover more than 90% of its pre-pandemic sales by the fourth quarter of this year, with both our calendar 2021 and 2022 top- and bottom-line estimates ahead of the Street." Baird initiated Nvidia as outperform Baird initiated the company with an outperform rating and said artificial intelligence would be "transformational" for Nvidia . "Initiating coverage with an Outperform rating and an $800 price target; AI computing represents the most transformational technology of our era. As Nvidia increasingly moves to platform solutions targeting and enabling all AI markets, while diversifying its architecture offering, the company is poised to over time dominate data center." Read more about this call here. Bernstein reiterated its market perform rating on Apple Bernstein reiterated its market perform rating on shares of Apple and said the company may struggle to grow next year. "While AAPL is performing very well, the company could struggle to grow next year. Apple will be staring down very difficult comps in essentially every business in FY22 & next year's iPhone 13 cycle is likely to be evolutionary/more muted, making growth a challenge. At ~24x our FY21 EPS estimates, we struggle to see a catalyst." Argus downgraded Altria to hold from buy Argus downgraded the tobacco company on regulatory concerns among other things. " Altria has seen a sharp decline in the value of its investment in e-cigarette maker JUUL, and is facing increased legislative and regulatory risks. In particular, the FDA recently said that it planned to ban menthol cigarettes, and was considering rules that would reduce cigarette nicotine to nonaddictive levels. In addition, the Biden administration may raise excise taxes on cigarettes." Oppenheimer upgraded Alexion Pharmaceuticals to outperform from perform Oppenheimer upgraded Alexion after its robust earnings report last week and the company was a "biotech jewel on the cheap." "With the recent near-term business strength, a strong case for > $10B in revenues by FY25 and a surprisingly full pipeline, we argue the current acquisition price is too cheap. We update our model and move to Outperform."

Ferrari SF90 Stradale

Source: Ferrari

Here are the biggest calls on Wall Street on Wednesday: