Here are Wednesday’s biggest calls on Wall Street:
Wells Fargo reiterates Nvidia as overweight
Wells Fargo said it is bullish on Nvidia’s Blackwell chip following an industry conference. The company also reports earnings after the bell Wednesday.
“This is the world’s biggest GPU [graphic processing unit] with advances in AI and accelerated computing. This is a focus on providing compute power for real time performance and scalability that is demanded.”
UBS reiterates Apple as neutral
UBS said it sees “risk building” into the September iPhone launch for Apple.
“With the iPhone 16 launch scheduled for September 9th, consistent with prior year launches, iPhone share in Aug-24 should fall below the 15% share captured in July-24.”
Morgan Stanley reiterates Tesla as overweight
The firm said it is sticking with its overweight rating on the stock.
“Tesla’s ultimate role within national security/government end markets (either directly or indirectly) is not clear at this point. Over time, however, the underlying technologies, systems and supporting supply chains propagated by Tesla may likely expand beyond consumer markets.”
Wolfe reiterates Meta as outperform
Wolfe said it is bullish on Meta’s Open AI model, Llama.
“There is much focus on very near-term returns from Meta’s recent AI investments, i.e. Ad revenue growth remains robust. However, we view the secret sauce behind this recent success and more importantly, the sustainability of success, is Meta’s Llama model.”
JPMorgan reiterates Super Micro as overweight
JPMorgan said reports suggesting accounting manipulation are overdone.
“However, as we dig into the details of the report, we believe there to be limited evidence of accounting mistreatments beyond revisiting the 2020 charges from the SEC, and limited new information relative to the existing and already known business relationship with related companies owned by the siblings of the founder of SMCI.”
HSBC upgrades Moderna to hold from reduce
HSBC said it sees “lower risk” for the biotech company.
“Moderna’s mRNA cancer vaccine has progressed into the late clinical stage, leading the competition in this space. With multiple indications under development, we see lower risk to the asset.”
Redburn Atlantic Equities reiterates CrowdStrike as sell
Redburn said the market is “overestimating growth.”
“CrowdStrike is viewed as a major Generative-AI (Gen-AI) winner, but the market may be overestimating future growth.”
Citi reiterates General Motors as buy
Citi said the automaker remains a top pick at the firm.
“GM remains our Top Pick on strong execution and the upcoming Oct CMD [Chevrolet motor division], which we increasingly view as a likely catalyst given sound Q3 trends thus far and with Cruise recently pivoting towards partnering with rideshare (Uber), as we’ve been anticipating.”
Morgan Stanley reiterates Ambarella as overweight
Morgan Stanley said it is standing by the semiconductor stock following earnings.
“AMBA had a strong quarter and outlook, and expects IoT to lead near-term growth as they move beyond the inventory correction.”
Wells Fargo initiates Thermo Fisher as overweight
Wells Fargo said it is bullish on shares of the life sciences and clinical research company.
“TMO’s industry-leading breadth, scale & diversification position it well to outperform as end mkts recover in 2025.”