Here are Wednesday's biggest calls on Wall Street: Goldman Sachs reiterates Apple as buy Goldman Sachs lowered its price target on the stock to $256 per share from $259 but said it is sticking with the stock ahead of earnings on May 1. " Apple should deliver strong fundamental results driven by (1) new product innovation and resulting channel fill (e.g., iPhone 16e, MacBook Air with M4, Mac Studio with M4 Max/M3 Ultra, iPad Air with M3, iPad Gen 11); (2) sell-through pull-forward on tariff-related price increase concerns…" Deutsche Bank reiterates Tesla as buy The firm said it is standing by Tesla following earnings on Tuesday. "After a very volatile start to the year, we think the set up for the stock going forward should improve as deliveries and sentiment could potentially be bottoming together." UBS reiterates Apple as neutral UBS lowered its price target on the stock to $210 per share from $236. "Ahead of the expected implementation of broad based tariffs, we believe Apple expedited roughly at least 1M iPhone shipments leading to YoY growth in iPhone revenue during the March qtr against flattish to slightly up sell-through demand." Citi reiterates Nvidia as buy Citi said it is sticking with the stock in an early earnings preview. The company is scheduled to report quarterly results in late May. "We like Buy-rated NVDA on secular AI growth opportunities." Citi opens a positive catalyst watch on Roblox Citi said it is bullish on the stock ahead of earnings on May 1. "We are opening a positive catalyst ahead of RBLX's 1Q25 earnings release scheduled for May 1st. Given third party data trends from Rolimon, we see scope for the firm to report bookings ahead of both its 1Q25 guide and consensus estimates." Benchmark initiates Coinbase as buy The firm said Coinbase is "poised to benefit from long-awaited institutional adoption." "We are initiating coverage of Coinbase Global with a Buy rating and a price target of $252 based on 21x our FY26E earnings per share of $11.98." HSBC upgrades Intuit to buy from hold HSBC said the stock's valuation is attractive. "Currently, the vast majority of Intuit's revenue comes from the small business sub-segment, according to our estimates. This suggests, the mid-market subsegment is largely unpenetrated and offers Intuit a long runway for growth." Bernstein upgrades Cava to outperform from market perform Bernstein said it sees an attractive risk/reward for the Mediterranean chain. "We are upgrading CAVA from Market-Perform to Outperform, maintaining our PT of $115." Piper Sandler downgrades Oracle to neutral from overweight Piper Sandler said it sees margin pressure. "ORCL: Downgrade to Neutral from Overweight. Share gain momentum in AI workloads accelerates top-line but could pressures margin and FCF in F2026 on OCI [Oracle cloud infrastructure] mix and rising capex; Lowering margin estimates, PT to $130 from $190 on lower multiple and estimates." Redburn Atlantic Equities downgrades Chevron to sell from neutral Redburn Atlantic Equities said the energy and oil stock is overvalued. "We downgrade Chevron to Sell as it is the most oil-levered of the SuperMajors. It screens as expensive versus peers on EV/DACF and organic freecash flow (FCF)." Morgan Stanley initiates Duolingo as overweight Morgan Stanley said the language app company has artificial intelligence upside. "Duolingo has the rare combination of rapid user growth, strong and expanding margins, and clear Gen AI upside." Baird upgrades Lockheed Martin to outperform from neutral Baird said the defense company has little downside risk. "We are upgrading LMT to Outperform following a strong 1Q25 print, accompanied by management's bullish tone across segments, led by an insatiable global demand for missile/missile defense platforms, while negative watch items entering 1Q25 appear to carry little downside risk for 2025." Morgan Stanley downgrades Enphase and SolarEdge to underweight from equal weight and Sunrun to equal weight from overweight Morgan Stanley downgraded several solar companies on Wednesday, citing too many negative catalysts. "We believe there is heightened downside risk to growth and margins within the rooftop solar market — downgrade RUN, ENPH & SEDG." Citi downgrades Texas Roadhouse to neutral from buy Citi downgraded the Texas-themed steakhouse restaurant company, citing rising competition. "We continue to rank TXRH as one of the higher-quality names in our universe and aren't questioning the operations or the brand's relevancy/longevity; however: data suggest a soft patch for traffic/SSS (ex-weather) without upcoming catalysts to point to that could reverse the trend/interrupt the narratives of competitive pressures…" Morgan Stanley upgrades RTX to overweight from equal weight Morgan Stanley said the risk/reward is positive for the defense contractor. "We upgrade RTX to Overweight from Equal-weight as we see risk reward skew more positive after yesterday's pullback." UBS initiates J.M. Smucker as buy UBS said the stock's growth profile is underappreciated. "We are initiating coverage of J.M. Smucker Company (SJM) with a Buy rating and our price target of $134, implying +15% upside from current levels." Citi adds a positive catalyst watch on Gildan Activewear Citi said the clothing company is "well positioned in a tariff world." "With shares down 24% from its February high and 8% since 4/2, we believe the market is overlooking GIL as a winner in the new tariff landscape. We believe the 1Q earnings call provides an opportunity to remind the mkt of its favorable positioning and resilient model. We are opening a 30-day positive catalyst watch." KeyBanc upgrades ATI to overweight from equal weight KeyBanc said the specialty materials company is well positioned. "ATI has positioned itself for a greater uptick in defense business for 2024-2025, including new contracts and applications." Wells Fargo reiterates Apple as overweight Wells Fargo lowered its price target on the stock to $245 per share from $275. "We think investors should consider the likelihood that Apple may not provide a quantified F3Q25 guide amid the current tariff- / macro-induced uncertainties." Barclays downgrades Chevron to equal weight from overweight Barclays downgraded the stock mainly on valuation. "We downgrade CVX to Equal Weight on valuation with shares at a premium to XOM despite likelihood of a buyback cut in the next 1-2 quarter and balanced risk/reward around Hess." Wolfe upgrades Toast to outperform from peer perform Wolfe said the payment tech company has margin potential. "We upgrade TOST to Outperform given our view that its sustainable 20% + growth profile, TAM expansion potential, and notable profitability improvements warrant a premium EBITDA multiple." KeyBanc reiterates Nvidia as overweight The firm said the stock is one of its favorite ideas. "From a stock perspective, we recommend positioning in stocks indexed to gen AI and/or are further through the destocking process and thus favor NVDA and AVGO."
