Here are the biggest calls on Wall Street on Wednesday: Bernstein upgrades Micron to outperform from underperform Bernstein said that "macro risks" are priced in. "We upgrade Samsung, SK hynix & Micron to Outperform as the macro concerns have prompted a sell-off, but a correction to the memory market, if any, won't be prolonged & won't change the structure." Read more about this call here . Morgan Stanley reiterates Walmart as overweight Morgan Stanley said in a note to clients on Wednesday that it's bullish on Walmart's myriad of alternative revenue streams. " WMT 's Fintech (called 'ONE') joins the company's portfolio of alternative revenue opportunities spanning financial services, health care & wellness, e-commerce, advertising, delivery as a service, and third-party marketplace." Credit Suisse reiterates Nike as outperform Credit Suisse said it's staying positive heading into Nike earnings next week. "Once FY23 numbers are de-risked, we think valuation relative to the peer group can start to expand again — and believe Nike is the best equipped name in our coverage to navigate the current macro challenges. And it's not often that we've seen entry points with the stock down -27% YTD. We maintain our positive view." Baird adds Boeing to the fresh picks list Baird added the stock to its fresh picks list and says investors should buy the dip. "Our longer-term recovery in earnings and FCF remains unchanged since the 4Q21 print, while the BA stock is now down 11% YTD on broader market volatility. We are buyers on the pullback and do not see any titanium supply issues for BA as it pulls out of its Russian relationships." Read more about this call here. Morgan Stanley downgrades SoFi to equal weight from overweight Morgan Stanley said in its downgrade of the online personal finance company that it sees a lack of near-term catalysts for shares of SoFi. "Near-term catalyst path drying up with federal student loan moratorium increasingly looking like it will be extended beyond May 2022 … we now assume it comes off in 1Q23." MoffettNathanson reiterates PayPal as buy MoffettNathanson kept its buy rating on shares of the payment company, but says PayPal needs to acknowledge recent missteps. The firm says it sees an attractive entry point for the stock. "Unfortunately, PayPal now ranks among the pandemic highfliers that have come to what can only be described as a crash landing." Jefferies reiterates Beyond Meat as hold Jefferies said it was "staying sidelined" on shares of Beyond Meat due to "slowing category growth rates." "Despite the rapid fall of the shares, driven by negative revisions and valuation pullback, we remain sidelined, as the cost backdrop combined with a highly competitive retail market and slowing category growth rates still gives us pause with longer-term questions around profitability and cash flow generation potential, along with valuation." JPMorgan upgrades Starbucks to overweight from equal weight JPMorgan said in its upgrade of the coffee giant that it sees more "upside than downside" due to the stock's valuation. " Starbucks is the single most difficult (and tempting) stock call in our coverage. Valuation supports 'more upside than downside,' even on lower numbers and while the catalyst for near-term movement is elusive, investors should allow for mean-reversion and valuation in itself to drive stock outperformance." Read more about this call here . Morgan Stanley initiates Constellation Energy as overweight Morgan Stanley said the electrical power and natural gas company has a "strong cash flow story." " CEG 's strong, stable cash flows; upside to higher natural gas and coal prices; and unique asset base that produces the most clean, reliable power in the U.S. all drive our Overweight rating and benefit from the dual focus on the Energy Transition and Energy Security." Read more about this call here. Needham reiterates Uber as buy Needham said in its most recent survey checks that demand continues to improve for Uber. "In our latest Mobility Tracker, pricing and wait times have trended upward back toward our pre-Labor Day sample levels. We view this as a positive for both UBER and LYFT, as we believe these increases are demand-driven and as various consumer data sets are showing a rebound back to pre-omicron levels of activity." Truist reiterates Disney as buy Truist lowered its price target on Disney to $160 per share from $200 and said it's factoring in an exit from Russia in its model. "Maintain Buy. We think the DTC content path and new market launches over the next several quarters offer shots-on-goal (accompanied by continued recovery in Parks, Box Office)." Wells Fargo adds Nvidia to the signature picks list Wells said in a note to clients that it sees an attractive risk/reward for the chipmaker. " NVDA will hold its annual Investor Day in conjunction with its GTC end user conf. next week (3/22). With the full breadth of NVDA's road map/platform strategy on display, we think NVDA's presentations could leave investors to consider a path to $9-$10/sh. EPS by 2024." Needham reiterates Roblox as buy Needham kept its buy rating on shares of the online gaming platform company but says the stock is a "show me" story. "We reiterate our Buy rating on RBLX but lower our target to $60 driven by a lower target multiple to reflect current market conditions, and to a lesser extent, lower bookings estimates following February results. While we were looking for bookings to be down sequentially in February, they were down more than expected." Bank of America reiterates Alphabet as buy Bank of America said in a note to clients on Wednesday that it's cautiously optimistic on the increase in pricing for Google Cloud. "We continue to expect stronger enterprise spending trends than consumer in 2022, with rational product pricing, and maintain our constructive views on Amazon and Alphabet's cloud exposure. Jefferies reiterates Callaway Golf as a top pick Jefferies said it sees an "excellent" entry point for shares of Callaway Golf. "We view it as telling that seasoned insiders at ELY continue to accumulate shares during the current pullback. With the recent disclosures filed by CEO Chip Brewer and CFO Brian Lynch, this marks the second time in the last four months that the execs have bought shares." Needham reiterates Netflix as underperform Needham kept its underperform rating on the streaming giant, noting it must add news and live sports to better compete. "Our channel checks this month suggest audiences have pivoted toward news, which benefits streamers that air news. NFLX does not. We believe we are in the seventh inning of the Streaming Wars." Bank of America resumes Alcoa as buy Bank of America resumed coverage of Alcoa, saying it's "still bullish" on aluminum. "We reinstate coverage of Alcoa with a Buy rating. We are bullish aluminum on capped Chinese supply, reluctance to add capacity ex-China, and supply headwinds in Europe on high energy costs." Bernstein downgrades Johnson & Johnson to market perform from outperform Bernstein said in its downgrade of JNJ that it's time to "get long" on medtech stocks. "For two years, medtech investors have longed for the day when mask mandates are lifted, Covid patients no longer clog hospital ICUs, and patients head back to the doctor. When that day finally came, we all thought medtech stocks would rip. Instead, as Covid-related concerns have eased, a whole new set of macro concerns have taken their place. We believe these concerns are transitory, and medtech teams appear to be managing them effectively within guidance ranges."
An EV600 all-electric light commercial vehicle purpose-built for the delivery of goods and services, built by GM's electric commercial vehicle business, BrightDrop, is seen in Detroit, Michigan, in this undated photograph.
Brightdrop | Handout | via Reuters
Here are the biggest calls on Wall Street on Wednesday: