Here are Wednesday's biggest calls on Wall Street. JPMorgan downgrades Gap to neutral from overweight JPMorgan moved to the sidelines on Gap after the retail company missed estimates for the third quarter. "Heavy Margin Lifting Offset By More Than 'Transitory' Items: From FY21 EBIT margin guidance of ~5% this year, we see the path to 10% (or 500bps of expansion over the next 2 years) as more challenged." Jefferies downgrades Nordstrom to hold from buy The shift to becoming a more digital retailer is getting more expensive than expected for Nordstrom , according to Jefferies. "Our thesis has been repeatedly tested and now appears broken; we step aside and move to Hold. Both the costs to transform to 50% digital & weak retail execution are delaying value realization." Telsey Advisory Group upgrades Dollar Tree to outperform from market perform Dollar Tree 's decision to raise prices above its namesake level will prove to the be the right call, according to Telsey Advisory Group. "The decision to raise prices on more than 75% of products by 25% to a new base price level of $1.25 across the chain by the end of 1Q22 should fuel strong sales and profit growth in 2022 and beyond. The new higher price point should provide the flexibility to add relevant products, including discontinued customer favorites, as well as mitigate higher costs to improve the margin profile." RBC Capital Markets upgrades Chevron to outperform from sector perform Chevron is set to outperform many other energy stocks in a period that should be bullish for the group as a whole, RBC Capital Markets said. "We believe Chevron is in a position to benefit from a strong commodity cycle over the coming years, given its business plans suggest much more stability in its portfolio than peers. We believe this certainty warrants a premium valuation."
Pedestrians walk past Old Navy and GAP stores in Times Square, March 1, 2019 in New York Ci