Here are the biggest calls on Wall Street on Wednesday:
The investment bank lowered its price target but said it’s sticking with Apple ahead of earnings on May 1.
“We reiterate our Outperform rating ahead of F2Q earnings but are lowering FY25/26 EPS and our price target from $250 to $230 on tariff-related headwinds.”
Barclays lowered its price target on Apple to $173 per share from $197 ahead of earnings on May 1.
“We expect March-Q beat led by better FX, 1M iPhone pull-in and Mac upside, with Services in-line.”
Morgan Stanley says it’s sticking with Tesla as a key player in the race to build humanoid robots.
“Tesla CEO Elon Musk reiterated the company’s plans to produce ‘thousands’ of Optimus robots by year-end (and 1 million by 2030). However, since a material portion of the supply chain still needs to be developed in-house, production may be concentrated near the end of the year.”
Seaport initiated research coverage on Nvidia with a sell on Wednesday, seeing several negative catalysts.
“Upside appears fully understood, bias is towards downside with concerns about supply chains missteps, deployment delays, growing scrutiny for AI spend by customers and geopolitics.”
Loop sees a “better-than-feared retail outlook” ahead of earnings.
“We expect solid 1Q results from Amazon on Thursday, looking for strong trends at AWS and upside to retail segment margin.”
Barclays is sticking with its equal weight rating on the chip computer company following earnings on Tuesday.
“We think prior guidance from SMCI was too optimistic to begin with. There is too much uncertainty on AI server builds with lack of visibility into CY25 as customers go through product transitions.”
Deutsche sees “promising ad platform improvements” for the social media stock following earnings on Tuesday.
“Snap reported 1Q results that beat expectations throughout the P&L, highlighting encouraging improvements to the ad platform as the company moves increasingly down-funnel.”
Goldman downgraded Starbucks following earnings Tuesday, seeing too many negative catalysts along with a loss of market share gains.
“Placer foot traffic data and our proprietary quarterly survey of 2k consumers suggest some signs of stabilization, but not sufficient to indicate a reversal to market share gains vs. peers in the coffee category.”
Bernstein says it’s sticking with its outperform rating on Disney but that it’s cautious ahead of earnings on May 7.
“Comcast’s Universal Parks’ results typically offer a directional read-across for Disney Parks, but this quarter is harder to assess with other anomalies to consider: the devastating LA fire that lasted most of January, and the addition of Treasure to Disney’s fleet of cruise ships with a full quarter impact.”
Wolfe says Ford could have a competitive advantage given recent tariff developments.
“And while the rationale for our previously cautious stance on the stock remains largely intact – namely, cyclical risks not fully reflected in estimates and potential pressure on shareholder returns from cash burn – recent tariff developments could offer Ford a meaningful competitive advantage.”
Bank of America sees “profitability momentum” following earnings on Tuesday.
“SPOT reported a solid 1Q as gross margins and operating income were above our forecast, while revenue and [monthly active users] were essentially in-line.”
Morgan Stanley said that the data storage company’s earnings were “even better than expected” and that it remains bullish heading into Seagate’s analyst day on May 22.
“Post-earnings our estimates increase across the board while our PT moves to $99 (from $89)..”
Key downgraded the solar stock following earnings saying “tariffs hurt.”
“FSLR reported 1Q results below our estimates and consensus, missing on sales, GM, [gross margin] and EPS.”
Wells says it sees “EPS risk and poor positioning to manage [near term] headwinds” for Nike shares.
“Lastly, the NKE turnaround has proven to be one that could take ample time, and simply put, layering a much tougher macro (including one where they are highly leveraged to the key issue — China sourcing) forces us to throw in the towel.”
JPMorgan says Carvana is well positioned ahead of earnings on May 7.
“Share Gains Remain Robust and See Ongoing EBITDA/Unit Expansion.”
DA added the stock to its best-of-breed list and says it has resilience in the leisure travel market.
“We are upgrading shares of ABNB from Neutral to BUY. We are also adding ABNB to the D.A. Davidson research team’s Best-of-Breed Bison initiative, which focuses on long-term best in class companies in our coverage universe.”
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