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Here are Wednesday’s biggest calls on Wall Street: Deutsche Bank upgrades ArcelorMittal to buy from hold Deutsche Bank said it sees upside potential for the steel company. “A weak cycle has forced bulls into a reality check on ArcelorMittal, and we expect a tough H2. However, we believe the risks are better understood at these levels, and the upside potential (based on a reversion to mid-cycle) is significant.” Morgan Stanley reiterates Tesla as overweight The firm said it is sticking with its overweight rating on the stock. ” Tesla’s ultimate role within national security/government end markets (either directly or indirectly) is not clear at this point. Over time, however, the underlying technologies, systems and supporting supply chains propagated by Tesla may likely expand beyond consumer markets.” Morgan Stanley reiterates Ambarella as overweight Morgan Stanley said it is standing by the semiconductor stock following earnings. ” AMBA had a strong quarter and outlook, and expects IoT to lead near-term growth as they move beyond the inventory correction.” UBS reiterates Apple as neutral UBS said it sees “risk building” into the September iPhone launch for Apple. “With the iPhone 16 launch scheduled for September 9th, consistent with prior year launches, iPhone share in Aug-24 should fall below the 15% share captured in July-24.” Baird upgrades AeroVironment to outperform from neutral Baird said it is bullish on shares of the unmanned aerial vehicles company. ” AVAV manufactures small UAS [unscrewed aircraft systems] and energy-efficient technologies for various industries and government agencies.” HSBC upgrades Moderna to hold from reduce HSBC said it sees “lower risk” for the biotech company. ” Moderna’s mRNA cancer vaccine has progressed into the late clinical stage, leading the competition in this space. With multiple indications under development, we see lower risk to the asset.” Citi downgrades Gannett to sell from neutral Citi said Wall Street is putting too much value into a refinancing transaction earlier this week for the media company. “On August 26, Gannett agreed to a large refinancing that will extend maturities and reduce potential dilution related to the firm’s convertible debt. The equity rallied 17% on this news. We think it was a smart transaction. However, we believe the Street has ascribed too much value to this transaction.” Wells Fargo initiates Thermo Fisher as overweight Wells Fargo said it is bullish on shares of the life sciences and clinical research company. ” TMO’s industry-leading breadth, scale & diversification position it well to outperform as end mkts recover in 2025.” Redburn Atlantic Equities reiterates CrowdStrike as sell Redburn said the market is “overestimating growth.” “CrowdStrike is viewed as a major Generative-AI (Gen-AI) winner, but the market may be overestimating future growth.” BTIG initiates Fiserv as buy BTIG said it is bullish on shares of the fintech company. “We believe FI’s accelerated investment into its platforms during the past three years has positioned the company to sustain HSD/LDD [high single digits / low double digits] growth over the next several years, while at the same time cash flow should grow even faster as operating margins expand and capex investment stabilizes.” Citi reiterates General Motors as buy Citi said the automaker remains a top pick at the firm. ” GM remains our Top Pick on strong execution and the upcoming Oct CMD [Chevrolet motor division], which we increasingly view as a likely catalyst given sound Q3 trends thus far and with Cruise recently pivoting towards partnering with rideshare (Uber), as we’ve been anticipating.” Wolfe reiterates McDonald’s as peer perform Wolfe said its checks show McDonald’s is generating excitement from adults over its nostalgia marketing campaign. “Our social media checks suggest that McDonald’s recent nostalgia marketing campaign in the US generated excitement from consumers, driving them into restaurants.” Citi upgrades Delek Logistics Partners to buy from neutral Citi said it sees a slew of positive catalysts ahead for the pipeline transport company. “We are upgrading DKL to Buy (from Neutral) with a $45 TP (up from $44). DKL recently announced a set of strategic updates that improve its outlook; however, we do not believe the market has fully digested the impact of these transactions, which we think creates an attractive entry point.” JPMorgan reiterates Super Micro as overweight JPMorgan said reports suggesting accounting manipulation are overdone. “However, as we dig into the details of the report, we believe there to be limited evidence of accounting mistreatments beyond revisiting the 2020 charges from the SEC, and limited new information relative to the existing and already known business relationship with related companies owned by the siblings of the founder of SMCI.” Bank of America initiates Vista Energy as buy Bank of America said it is bullish on shares of the Argentinian oil and gas company. “We are initiating coverage of Vista Energy with a Buy rating and PO of US$70/ADR implying ~35% potential upside.” Wells Fargo reiterates Nvidia as overweight Wells Fargo said it is bullish on Nvidia’s Blackwell chip following an industry conference. The company also reports earnings after the bell Wednesday. “This is the world’s biggest GPU [graphic processing unit] with advances in AI and accelerated computing. This is a focus on providing compute power for real time performance and scalability that is demanded.” Wolfe reiterates Meta as outperform Wolfe said it is bullish on Meta’s Open AI model, Llama. “There is much focus on very near-term returns from Meta’s recent AI investments, i.e. Ad revenue growth remains robust. However, we view the secret sauce behind this recent success and more importantly, the sustainability of success, is Meta’s Llama model.”
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