Here are Wednesday’s biggest calls on Wall Street: Goldman Sachs reiterates Apple as buy Goldman said it’s sticking with its buy rating heading into Apple’s iPhone event next week, but that the stock’s response may be muted. “We reiterate our Buy rating on AAPL and believe that new product innovation for the iPhone 16 (e.g., continued processor innovation, larger display sizes, improved camera features) coupled with new AI features should drive upgrades and installed base growth.” Morgan Stanley upgrades Astera Labs to overweight from equal weight Morgan Stanley said investors should buy the dip in shares of the intelligent connectivity platform company. “Growth trajectory remains robust and pullback creates an entry point; Upgrade ALAB to OW.” Compass Point initiates Visa as buy Compass said it’s bullish on shares of the payment company. “We are initiating Visa as a Buy with a price target of $319..” Jefferies initiates GE Vernova as buy Jefferies said the energy company is its top idea. ” GEV is our top pick, ironically due to the non-renewable gas biz. Morgan Stanley upgrades Ball to overweight from equal weight Morgan Stanley said it sees an attractive risk/reward for the jar and lid company. “We upgrade BALL to OW from EW as our favorite way to play the secular beverage can growth theme.” Morgan Stanley upgrades Boyd Gaming overweight from equal weight Morgan Stanley said shares of the gaming company are “compelling.” “Upgrade BYD to OW on stabilizing trends & capital return catalysts & compelling valuation.” Goldman Sachs initiates Invitation Homes as buy Goldman said the real estate investment trust has “strong direct relationships with developers.” “From an external growth perspective, we believe declining rental supply is creating a unique development environment for companies with large, and growing pipelines (AMH, MAA, and CPT) or strong direct relationships with developers ( INVH) .” Bernstein initiates Biohaven as outperform Bernstein said the pharmaceutical company is well positioned. “We initiate on BHVN with an Outperform rating and PT of $55.” JMP upgrades Sportrader to market outperform JMP said investors should buy the sports bookmaker data company ahead of the NBA season. “We are upgrading shares of Sportradar Group (SRAD) to Market Outperform, from Market Perform, with a $16 price target.” William Blair initiates Shift4Payments as outperform William Blair said the payments company has a “unique” offering. “We consider Shift4 unique, operating four complementary businesses: a proprietary gateway; a leading venue payments and ticketing business; an emerging software-enabled POS; and a cross-border.” Jefferies downgrades Booking Holdings to hold from buy Jefferies downgraded the stock due to concerns about nightly bookings. “While BKNG offers peer-leading execution and FCF, we see stock upside capped by risk of downside to Room Nights.” Barclays reiterates Amazon as overweight Barclays said it’s analysis shows that Amazon Prime days may be losing a bit of its luster. “Eagerness for Prime Day sale seems to have faded in 2024 compared to the growth seen from 2021 to 2023. Prime Big Deal Days are keeping Amazon ahead of its competitors, with maximum month-over-month growth of 13% in spend per person in October 2023.” Barclays downgrades Super Micro to equal weight from overweight Barclays downgraded the stock due to too many negative catalysts. “We downgrade shares of SMCI on the back of poor GM [gross margins] from June-Q earnings and a 10-K filing delay that evidenced several fundamental risks.” Morgan Stanley reiterates Ferrari as overweight Morgan Stanley said it’s sticking with its overweight rating on the luxury vehicle company. “There’s something about the high-end consumer… With RACE shares up 44% YTD, investors have re-rated Ferrari’s PE multiple to 50x FY25 on earnings visibility (high), volatility (low) and China risk (outlier low in luxury).” Wells Fargo adds Adobe to the signature picks list Wells said the stock is a “top way to play GenAI in software.” “Adding ADBE to Wells Fargo’s Signature Picks: Top Way to Play GenAI in Software Wells Fargo adds Microsoft to the signature picks list Wells said it sees “cloud re-acceleration.” “Adding MSFT to Wells Fargo’s Signature Picks: Poised for Cloud Re-acceleration.” TD Cowen upgrades Sweetgreen to buy from hold TD Cowen said it sees a long runway for growth for the salad company. “In our view, Sweetgreen’s same store sales strength is enduring as our 2025 bridge suggests 5% is achievable relative to 3.8%.” Needham initiates Core Scientific as buy Needham said the bitcoin mining company is well positioned. “We are initiating coverage of Core Scientific (CORZ) with a buy rating & $16 PT. Needham initiates TerraWulf as buy Needham said it’s bullish on shares of the blockchain company. “We initiate coverage on TerraWulf (WULF) with a buy rating and $6 PT.” Melius reiterates Nvidia as buy The firm said it’s sticking with its buy rating on the stock. ” Nvidia’ s Stock is Now About Margins and Feeling Good about CY2026.” Bank of America upgrades Nasdaq to buy from underperform Bank of America said the index company has a wide moat for growth. “We are double upgrading Nasdaq (NDAQ) to Buy from Underperform. Management has assembled a collection of wide-moat and high-growth businesses in software and information services.” Bank of America initiates Live Nation as buy Bank of America called the company the “global leader in live concerts and ticketing.” “We initiate coverage of Live Nation Entertainment ( LYV) with a Buy rating and a price objective (PO) of $125” Bank of America initiates Trade Desk as buy Bank of America said it’s bullish on shares of the ad tech company. “We initiate coverage of The Trade Desk (TTD) with a Buy rating and $135 PO.” KeyBanc upgrades nVent Electric to overweight from sector weight KeyBanc said it’s bullish on shares of the electric heat solutions company. “Following the recent pullback in shares and our deep dive into the Liquid Cooling landscape, we are upgrading NVT to Overweight with an $80 price target.” UBS upgrades Freeport-McMoRan to buy from neutral UBS said investors should buy the dip in the mining company. “We Upgrade FCX to Buy as we believe the fundamental outlook for copper remains compelling & positioning is cleaner after the 3Q price correction.” Wolfe upgrades Alcoa to outperform from peer perform Wolfe said the mining company is a new top pick “We upgrade to Outperform on a better alumina outlook and more positive catalysts than negative after a sharp selloff . AA becomes our new top pick among miners.” Deutsche Bank initiates Star Bulk Carriers and Genco Shipping as buy Deutsche said it’s bullish on several shipping company’s on Wednesday. “We are expanding our coverage universe of international maritime shipping companies with the initiation of Star Bulk Carriers (SBLK) and Genco Shipping & Trading (GNK).” Guggenheim initiates Talen Energy as buy Guggenheim said the power producer is well positioned. “We are launching coverage of Talen with a BUY rating and $169 price target ahead of tomorrow’s investor day in NYC.” Needham downgrades ResMed to hold from buy Needham said obesity drugs are a headwind for the sleep apnea device company. “We continue to expect a modest headwind from GLP-1 drugs but acknowledge that there is a risk it could be worse than we expect. We think that RMD’ s flow generator share gains have peaked and that mask share gains may be more difficult.”
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