Here are Wednesday's biggest analyst calls: Tesla, Salesforce, Coinbase, Apple, Rivian & more

Published Wed, Dec 22 20218:28 AM EST

Here are the biggest calls on Wall Street on Wednesday: Evercore ISI names Salesforce a top 2022 pick Evercore named the stock as a top pick in 2022 and said Salesforce is one of the best growth stories in software. "While the shares are down since the F3Q print as the F4Q guide came in a bit lighter than expected (FX impact and some slowdown in the Mulesoft business), we believe the selling is overdone and Salesforce remains one of the best growth stories in software – and our top idea into 2022." Stifel upgrades Darden Restaurants to buy from hold Stifel said in its upgrade of the owner of Olive Garden that the stock is well positioned to challenge peers in this tough environment. "We are upgrading DRI to Buy from Hold. Shares declined following a strong earnings report last Friday, which we believe was driven by the concurrent announcement of CEO Gene Lee's retirement at the end of May." Citi raises price target on Apple to $200 from $170 Citi reiterated its buy rating on the tech giant and said it sees shares trading higher in 2022. "We do recognize that regulatory risks remain a major overhang on the stock, but we view these as headline risk rather that fundamental risk. Such headlines could provide a near-term stock pullback, which we would use as a buying opportunity for Apple shares. Apple's current market value does not reflect new product category launches. This will change with the launch of the new AR/VR headset in 2022." Read more about this call here. Evercore ISI initiates coverage of Sun Country as outperform Evercore gave the discount airline an outperform rating and said it sees an "attractive" earnings growth story. "We are initiating coverage of hybrid low-cost airline Sun Country with an Outperform rating and $45 price target. Sun Country's flexible capacity planning (shaping capacity with demand), complementary segments (passenger, charter, cargo), clean balance sheet and scale sweet spot for growth position the company well to deliver attractive earnings growth to recovery and beyond." Bernstein upgrades Caterpillar to outperform from market perform Bernstein said in its upgrade of Caterpillar that the end of machinery in 2022 is "overdone." "Expectations are low — Massive laggard in '21, driven by China slowdown; 2) An earlier cycle stock in a mid-cycle sector: 40% of business is below mid-cycle, core end market volumes are 10-20% below prior peaks, channel restock will add 5-10% growth." Read more about this call here. Barclays reiterates Rivian as equal weight Barclays kept its equal weight rating on shares of the automaker and said any ramp delays should only be a short-term issue. "On its 3Q earnings call last week, RIVN noted the launching and ramping production of three different vehicles within a few months to be an incredibly tough challenge, particularly given the state of the global supply chain combined with a tight labor market and complications from COVID." Baird reiterates Tesla as outperform Baird kept its outperform rating on shares of the automaker and said the company's next delivery release should reflect strong demand. "Despite disappointment around potential losing an EV tax credit included in the BBB bill, we estimate demand for EVs remains robust and expect TSLA's upcoming 4Q21 delivery release to reflect that strong demand." Evercore ISI initiates coverage of First Solar as in line Evercore rated the solar company as in line but added a short-term tactical outperform. The firm said investors should buy the weakness. "Despite our cautious view on the longer-term prospects for FSLR, we are adding FSLR to our Tactical Outperform list given the material recent share price decline. FSLR should trade on different fundamental drivers than our residential solar coverage." UBS reiterates Nvidia as a top pick for 2022 UBS reiterated the stock as one of its favorite picks heading into 2022 and said it has a "dominant lead" in cloud. "Workloads though are growing so fast that these competitors can experience some degree of success even as we expect NVDA to remain dominant because its software ecosystem investments create a huge competitive moat." Oppenheimer names Coinbase a top 2022 pick Oppenheimer named Coinbase a top pick for 2022 and said the "adoption of digital assets in both institutions and retailers will continue." "While we think awaiting pullback driven by non-structural reasons provides a good entry point, the return should still be attractive for long-term investors." Benchmark initiates coverage of XPO as buy Benchmark said the logistics company is a "pure-play transportation provider." "We are initiating coverage of XPO Logistics (XPO) with a buy rating and $103 per share price target. After the spin-off of GXO Logistics we view the company as a more focused, pure-play transportation provider." Loop upgrades Williams-Sonoma to buy from hold Loop said the the home furnishings company should benefit from pandemic tailwinds heading into next year. "We are upgrading Williams-Sonoma to a Buy from a Hold rating while maintaining our $205 price target, implying 22% upside from current levels. Williams-Sonoma remains the nation's premier multi-brand, omnichannel retailer." Read more about this call here. Susquehanna reiterates Boeing as positive Susquehanna reiterated its positive rating on shares of the aerospace company and said Boeing is on its way to generating free cash flow in 2022. "Heading into 2022, the focus for BA' s commercial business remains squarely on the 737 MAX and 787, while on the defense side of the house, trends in international defense budgets will be a key watch item." Telsey names Amazon a top 2022 pick Telsey named the e-commerce giant as a top pick in 2022 and said it sees the company continuing to gain market share next year. "In our current coverage, we like Amazon.com for 2022. Amazon is gaining market share by leveraging its sticky Prime customer base, expanding into new retail categories, such as grocery, pharmacy, and fashion, and growing AWS to enhance profitability." Oppenheimer reiterates Microsoft as outperform Oppenheimer reiterated its outperform rating on the tech company and said it's a dominant leader in cloud communications. " MSFT has hit this market like a once-in-a-generation tsunami, and is well-positioned because of its pricing power and scale."

Salesforce signage outside office building in New York.

Scott Mlyn | CNBC

Here are the biggest calls on Wall Street on Wednesday:

NEXT PRO TALK

5 Days Remaining

Wed, July 6 2022 - 12:00pm

CNBC PRO Talks: Top tech investor and analyst Gene Munster provides stock picks and strategy for the beaten-up sector

More In Street Calls

Here are Friday's biggest analyst calls of the day: Apple, FedEx, Coinbase, Honeywell, Micron & more

Michael Bloom6 hours ago

Energy stocks are the best bet in the market right now, says JPMorgan

Pippa Stevens

Bank of America downgrades Micron, says recovery is 'unlikely' this year

Sarah Min