Here are the biggest calls on Wall Street on Wednesday:
Baird downgrades Nvidia to neutral from outperform
Baird said a slew of negative catalysts are percolating. “2027 data center forecasts are being delayed due to very recent lack of visibility, with supply issues mostly the reason for a potential slowdown but also due to potential demand softening. ... Finally, uncertainties related to CEO tenure into 2027 also support our trading range views on the stock near-term.” Read more.
Morgan Stanley reiterates Nvidia as overweight
Morgan Stanley said it’s sticking with Nvidia b ut removing it as a top idea. “We do acknowledge that the near term uncertainty will remain, as CEO Jensen Huang’s leadership is crucial to the company’s strategic direction in our view, but there is no change to our twelve month price target.”
UBS reiterates Apple as neutral
UBS said its checks show Apple’s iPhone wait times are trending lower. “UBS Evidence Lab data that tracks iPhone availability across 30+ geographies indicates that wait times continued to trend lower WoW for the Pro (-2 days WoW), Pro Max (-7 days WoW), and Duo (-7 days WoW) on average.”
Goldman Sachs reiterates CoreWeave as buy
The investment bank said investors should keep accumulating positions in shares of CoreWeave following earnings on Tuesday. “We would add to positions with the stock near YTD lows, as we believe CoreWeave’s technology differentiation and ability to scale up capex, coupled with favorable contract economics, can drive outsized equity returns over the next 12 months.” Read more.
TD Cowen initiates Mentari as buy
TD Cowen said the biotech company has best in class potential. ” Mentari is developing next-gen antibodies targeting validated PACAP and CGRP pathways for the prevention of migraine.”
Deutsche Bank upgrades Unilever to buy from hold
Deutsche said it likes the company’s “balanced” portfolio. “We still believe that there are considerable structural and cyclical headwinds for the Staples sector; however, we believe that Unilever offers a balance of longer-term transformation potential, near-term earnings confidence, and liquidity benefits to hedge AI risk in a balanced portfolio.”
JPMorgan upgrades Mercury Systems to overweight from neutral
JPMorgan upgraded the stock following earnings. “As a result of all this, we upgrade MRCY to OW. SMID defense stocks have been highly volatile, so choosing the “right” multiple is tough right now, and ours remains elevated, but we think mgmt has proven its ability to run this business effectively, which should create value over time, and we see upside potential for estimates as well.”
Jefferies initiates Corning as buy
Jefferies said it sees upside. “We initiate at Buy at $134.00. GLW sits at the center of an AI-driven fiber shortage, w/ multi-yr hyperscaler & carrier contracts underpinning growth, while Optical scale-up moves fiber inside the box from ’28.”
Jefferies initiates Zebra Technologies as buy
Jefferies said the stock is oversold and that shareholders should buy the dip. “We initiate ZBRA at BUY with a $382.00 PT (+19% upside). The stock is down~10% since 3Q as the market extrapolates memory-driven margin pressure beyond the 21.6% 3Q adj. EBITDA margin.”
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