Here are Wednesday's biggest analyst calls of the day: Chevron, Dish, Wendy's, Coinbase, Goldman Sachs & more

Published Wed, Jun 9 20218:35 AM EDTUpdated Wed, Jun 9 20219:27 AM EDT

Key Points

Barclays reiterates Chevron as overweight.
Stifel downgrades Wendy's to hold from buy.
Raymond James initiates coverage of Coinbase as underperform.
RBC initiates coverage of Lordstown Motors as underperform.
RBC initiates coverage of Fisker as outperform.
Credit Suisse upgrades Colgate-Palmolive to outperform from neutral.
JPMorgan downgrades Dish Network to underweight from neutral.
Citi initiates coverage of Darling Ingredients as buy.
Wells Fargo upgrades Fox Corp to overweight from equal weight.
Jefferies upgrades Abercrombie & Fitch to buy from hold.
Jefferies initiates coverage of Morgan Stanley as buy.
Jefferies initiates coverage of Goldman Sachs as buy.

Here are the biggest calls on Wall Street on Wednesday: Barclays reiterates Chevron as overweight Barclays reiterated its overweight rating on shares of the oil and gas giant and said buybacks were a "matter of when not if." " CVX is steadfastly disciplined in the current higher oil price environment and will hold the line on capex in 2021, despite the Permian being a massive short-cycle, high-return asset at their disposal. CVX's Permian outlook is unchanged, with the forecasted ramp-up expected to be gradual to maintain efficiencies." Stifel downgrades Wendy's to hold from buy Stifel downgraded the fast-food chain mainly on valuation after it soared on Tuesday. "We are downgrading WEN to Hold from Buy following the 26% appreciation in the stock today, surpassing our $25 12-month target price. Although we remain constructive toward the company's fundamental outlook, we believe the stock's current valuation fully reflects the growth we were assuming to reach our target price." Read more about this call here. Raymond James initiates coverage of Coinbase as underperform Raymond James said the crypto company's risk/reward was not attractive right now. "That said, the vast majority of its revenues currently come from trading commissions, and over and over again history has shown that brokerage and exchanges see excess profits competed away unless there is a structural barrier to entry. We don't see a structural barrier to entry here and therefore expect significant pricing degradation over time, with growth in non-transaction revenues hard-pressed to offset this." Read more about this call here. RBC initiates coverage of Lordstown Motors as underperform RBC began its coverage of the electric vehicle company with an underweight rating and said significant capital raises were likely "necessary." "We see some clear positives including saving on time/cost to production given its facility acquisition which allows RIDE to be among the first battery electric vehicle start-ups to deliver vehicles. But, the fleet pickup market it is going after, while having attractive characteristics, is ultimately small and fiercely competitive." RBC initiates coverage of Fisker as outperform RBC started covering the electric vehicle company and said it had an "interesting" business model. "A differentiated business model that takes a clean sheet battery electric vehicle approach and leverages well-regarded manufacturing partners to become an asset-light, lean cost structure auto company and hasten FSR 's product speed to market. We see attractive risk/reward profile." Credit Suisse upgrades Colgate-Palmolive to outperform from neutral Credit Suisse said in its upgrade of the stock that the "recovery looks bright." "Fears of category slowdown (anti-recovery) and commodity headwinds have weighted on shares of Colgate , underperforming the S & P by 22pp in the past year. Difficult comps, plus a spike in inflation, are masking a fundamentally better business." Read more about this call here. JPMorgan downgrades Dish Network to underweight from neutral JPMorgan downgraded the stock on valuation and "limited" near term catalysts. "We downgrade DISH to Underweight from Neutral though we raise our December 2021 price target to $45 (from $38). … We can't find a way but to be skeptical on the Dish story: we have nothing but respect for Dish Chairman Charlie Ergen and his team, but can't get over our skepticism on three major issues." Citi initiates coverage of Darling Ingredients as buy Citi started coverage of the natural ingredient food company and said it saw a demand for growth as "low-carbon biofuels continue to accelerate." "We expand our renewable energy coverage further into biofuels, launching on Darling Ingredients (Buy, $110 TP) and Renewable Energy Group (Buy/High Risk, $90 TP). Projected global demand growth for low-carbon biofuels continues to accelerate, but so does intermediate-term oversupply risk, making for a high growth market in which value-oriented return metrics should increasingly matter." Wells Fargo upgrades Fox Corp to overweight from equal weight Wells said in its upgrade of the media and entertainment giant that it was bullish on the company's exposure to sports betting. "The last time Fox had a 'lack of strategy' in investors' minds it surprised us all with the Disney deal, so we're willing to argue there's a new pivot at play with the Murdochs. Our detailed sports betting scenario analyses indicate potential share price accretion of 17% to 34% over the next couple of years, and we upgrade to Overweight from Equal Weight." Jefferies upgrades Abercrombie & Fitch to buy from hold Jefferies upgraded the lifestyle retailer on "brand strength." "We raise our rating to Buy on (1) our view that years of brand elevation efforts are now yielding benefits, especially at A & F , (2) our expectation for GM gains to prove more sticky than anticipated, (3) structural benefits to op margin from occupancy reductions, which we believe the street underestimates." Jefferies initiates coverage Morgan Stanley as buy Jefferies began coverage of the investment bank with a buy rating and said its acquisition of E-Trade and Eaton Vance should "accelerate organic growth." "We are initiating coverage of Morgan Stanley with a Buy rating and a $108 12-month price target. The E-Trade/Eaton Vance acquisitions will accelerate organic growth and increase the contribution from more durable revenue streams. This will drive higher returns and support multiple expansion." Read more about this call here. Jefferies initiates coverage of Goldman Sachs as buy In the initiation of its coverage of the investment banking giant, Jefferies said it saw "multiple expansion." "We initiate on Goldman Sachs with a Buy rating and a 12-month PT of $450. A rising contribution from more durable revenue streams and more efficient internal capital allocation should drive sustainably higher returns and multiple expansion." Read more about this call here.

Dish Networks exhibit at CES 2016 in Las Vegas.

Justin Solomon | CNBC

Here are the biggest calls on Wall Street on Wednesday: