Here are Wednesday's biggest analyst calls: Apple, Nvidia, Salesforce, Dell, Microsoft, Snap, McDonald's and more

Published Wed, Feb 28 20248:27 AM ESTUpdated Wed, Feb 28 202411:40 AM EST

Here are the biggest calls on Wall Street on Wednesday: Stifel upgrades J.M. Smucker to buy from hold Stifel said it sees "underlying momentum" for shares of J.M. Smucker. "Our outlook for the near-term reflects base business momentum supported by a stable of strong brands driving a balanced topline growth including volume/mix growth — a standout relative to the company's packaged foods peers." Loop initiates Dell as buy Loop said it sees "structural upside to Street earnings per share." "Initiating Buy and $125 PT (37% appreciation) as we believe not only is there material upside to Street estimates through CY2026 / FY2027, but also that DELL has an opportunity to alter the narrative around the stock such that a material valuation re-rating can occur." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it's standing by Apple amid reports the company canceled its car project. "The reported cancellation of Apple's 'Project Titan', if true, would be a positive development that 1) should allow the company to repurpose assets towards more important initiatives like Gen AI, and 2) shows relative cost discipline." Barclays reiterates Microsoft as overweight Barclays says investments made in advertising are a "$50 billion opportunity" for Microsoft. "We believe the investments Microsoft has made in advertising warrant a new look, particularly amidst the backdrop of ongoing antitrust action in both the U.S and Europe, and as a result of industry changes from AI." Bank of America reiterates Nvidia as buy Bank of America says the next catalyst for Nvidia is its global artificial intelligence conference on March 18. " NVDA leading charge in data center, gaming upcycle still strong." Goldman Sachs reiterates First Solar as buy Goldman Sachs said it's standing by its buy rating on the solar stock following earnings on Tuesday. "FSLR reported 4Q23 results, with revenue coming in below estimates but reported EPS above expectations." Bank of America reiterates Apple as buy Bank of America said its survey checks on Apple's iPhone "signals incoming iPhone refresh cycle and strong customer loyalty." "We update our global smartphone survey, conducted across the US, UK, China, and India. We saw an elongation of iPhone refresh cycle with 41% of respondents in Feb 24 (vs. 36% from our last published report in Feb 22) indicating intent to upgrade their phones every 4 or more years." Goldman Sachs reiterates Salesforce as buy Goldman Sachs said it sees "upside" heading into Salesforce earnings Wednesday afternoon. "We reiterate our Buy rating and $345 PT as we see conviction in the stock building after management provides initial CY24 guidance with 4Q24 earnings (2/28) and investors discern areas of upside." KeyBanc upgrades Constellation Energy to overweight from sector weight KeyBanc said in its upgrade of the energy company that growth is "crystalized." "We are upgrading shares of CEG to OW following 4Q23 results and discussion." Raymond James upgrades Revolve to outperform from market perform Raymond James said in its upgrade of Revolve that it has "growing confidence" in the retailer. "Upgrading to Outperform; Signs of Underlying Improvement Support Positive 2024 Inflection." JPMorgan upgrades Apollo Global to overweight from neutral JPMorgan said the asset manager is "well positioned for growth in private credit." "We see Apollo as among the better positioned publicly traded alternative asset managers to capitalize on secular trends such as the proliferation of private credit and an aging population needing reliable income for retirement." Bernstein downgrades Stellantis to market perform from outperform Bernstein downgraded the auto company on valuation. "Investors have caught on to Stellantis' improved margins and cash generation. Over the past 6 months the stock is up +43%. Relative to its auto peers this is a fair valuation for Stellantis with balanced risks and opportunities." JMP initiates Gritstone Bio as market outperform JMP said it sees an attractive risk/reward for the biotech company. "Readout in colorectal cancer (CRC) this quarter important to set the tone for Gritstone's platforms; we initiate coverage at Market Outperform with a risk-adjusted, DCF-derived $4 price target on Gritstone bio." Barclays initiates Weatherford as overweight Barclays says the oil services company is a "reborn industry player." "WFRD has undergone a radical transformation, breaking hard with its past to create a disciplined, accountable organization focused on generating higher margins and FCF." Barclays upgrades Ecolab as overweight from equal weight Barclays says it has "strong visibility" for the food safety company. "… because in the ST [short term], tactically the good news is out there and the high valuations that ECL sits on could warrant some patience. However, we do think it will get bought on any market-related pullbacks." Barclays upgrades Bright Horizons to overweight from equal weight Barclays said in its upgrade of the child care company that it sees a solid outlook. "Given BFAM's long-only and mostly supportive investor base though, patience is not in any shortage — and why we upgrade to OW. " Cantor Fitzgerald initiates Desktop Metal as buy Cantor Fitzgerald said the manufacturing company has an "attractive collection of assets." "We initiate coverage of Desktop Metal with an Overweight rating and a 12-month $1.25 price target." Loop reiterates Snap as buy Loop lowered its price target on the stock to $19 per share from $21, but says it's standing by shares of Snap . "The company appears to be making progress in regaining monetization momentum, but the next two quarters will likely be make-or-break for the bull case in our view." KBW upgrades LendingTree to outperform from market perform KBW said it's bullish on the online lender's insurance segment. "We are upgrading TREE to Outperform and increasing our PT to $45, implying 38% upside." Guggenheim reiterates McDonald's as buy Guggenheim said it's standing by its buy rating on the stock. "Coming out of earnings season, the near-term and medium-term setup for McDonald's looks achievable." Craig-Hallum upgrades Grocery Outlet Holdings to buy from hold Craig-Hallum upgraded the grocery chain following its earnings report on Tuesday. " Grocery Outlet delivered another strong report in Q4 with upside on sales and EBITDA despite drag from systems enhancements."