Here are the biggest calls on Wall Street on Wednesday:
Baird reiterates Tesla as outperform
The firm says investors should buy the dip in shares of Tesla heading into 2025.
“The stock has gained significant momentum and has several upcoming potential catalysts. We like the stock long term and would be buyers on pullbacks.”
Piper Sandler reiterates Nvidia as overweight
Piper says the company is a best idea heading into 2025.
“We currently view NVDA as our top large-cap pick in our coverage universe given the company’s dominant positioning in AI accelerators and the upcoming launch of the Blackwell architecture.”
Daiwa reiterates Apple as outperform
The firm raised its price target on the stock to $275 per share from $255.
“Once in the ecosystem, especially with friends and family, it’s hard to move out. As per the iPhone, there have been a number of upgrade cycles over the past 5-10 years, Covid, the larger phone, triple cameras, but now we see another big one, the AI and Apple Intelligence upgrade cycle.”
UBS reiterates Microsoft as buy
UBS raised its price target on the stock to $525 per share from $500.
“In our view, Microsoft sentiment is modestly improving but remains mixed, reflecting concerns about supply-related push-outs of the Azure acceleration, lack of conviction in the timing of capacity go-lives, weariness about elevated capex and uncertainty about how the OpenAI relationship will evolve.”
Baird downgrades Rivian to neutral from outperform
Baird says it sees no near term positive catalysts for the EV company.
“With the Volkswagen JV having recently closed and DOE funding announcement (a positive surprise) in the rearview, we see few catalysts in 2025 and expect shares to languish with EV sales, which may be sluggish relative to expectations. We remain positive on RIVN’s product/brand and the long-term opportunity which remains intact.”
Evercore ISI reiterates Best Buy as in line
The firm added a tactical outperform on the stock as holiday shopping enters its final days.
“We see an opportunity for 8-10% upside in BBY to $95-$100 with a view that our spend intention survey was constructive overall on Holiday Shopping, and improving Consumer Electronic sales should help Best Buy in the near term.”
Evercore ISI reiterates Target as in line
The firm initiated a short term tactical outperform on the stock as holiday shopping enters its final days.
“We are initiating a Positive Tactical Trade (or TAP) on TGT reflecting rising shopping intentions for holiday from our latest survey, as well as a positive inflection of web traffic from a negative low single digit trend to a +mid teen increase in December month to date.”
Bank of America upgrades Expedia to buy from neutral
The firm calls the travel website a “top Internet value stock.”
“A growing valuation discount to biggest peer: Expedia now trades at a 10-year high discount to Booking on EV/EBITDA at a 11 point gap, which we think can close in 2025 if growth rates converge..”
Goldman Sachs upgrades MSCI to buy from neutral
Goldman says it’s seeing “improving buy-side conditions” for the global markets tools company.
“We are upgrading MSCI from Neutral to Buy and raising our 12-month price target from $617 to $723.”
Evercore ISI upgrades Dow to outperform from in line
Evercore said in its upgrade of the chemical company that it has better visibility for Dow.
“Attractive risk-reward warrants measured step out on risk curve.”
DA Davidson initiates Box as buy
DA says it sees accelerating growth for the content solutions company.
“We are initiating coverage of BOX with a BUY rating and a $45 price target.”
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