Listed below are Wednesday’s greatest calls on Wall Road: UBS upgrades FMC to purchase from impartial UBS mentioned buyers ought to “purchase the bounce” in shares of the ag firm. “We improve FMC inventory to Purchase as we imagine 1Q EBITDA will mirror the underside, and optimistic indicators on Brazil imports construct confidence in direction of a normalizing 2H.” JPMorgan upgrades Riot to chubby from impartial JPMorgan upgraded the bitcoin minor and says it has “relative upside.” “We’re upgrading Riot Platforms (RIOT) to Obese (from Impartial).” Citi downgrades Wells Fargo to impartial from purchase Citi downgraded the inventory primarily on valuation. “With WFC buying and selling at a premium relative to friends on our implied price of fairness metric, we imagine the chance/reward is pretty balanced and downgrade to Impartial (from Purchase) whereas elevating TP to $63 (from $57) on larger normalized ROTCE reflecting elevated chance of revised Basel III endgame.” Barclays reinstates Broadcom as chubby Barclays reinstated protection of Broadcom with an chubby and mentioned its “best-in-class.” “The corporate joins our most well-liked names this 12 months as one other approach to play the 2nd Wave of AI by way of a best-in-class information middle silicon portfolio.” Citi improve Worldwide Paper to purchase from impartial Citi mentioned in its improve of the inventory that it is bullish on the corporate’s new administration construction. “We’re upgrading IP to Purchase following the naming of Andy Silvernail as CEO.” Citi reiterates Nvidia as purchase Citi raised its worth goal on the inventory to $1,030 per share from $820 after coming away impressed from the corporate’s GTC Convention. “We attended Day 2 of Nvidia GTC 2024 and recap key takeaways.” KeyBanc reiterates Netflix as chubby Key raised its worth goal on the inventory to $705 per share from $580. “We’re elevating our worth goal to $705 as we proceed to see indicators that: 1) Netflix’s content material high quality is enhancing; and a pair of) in our view, this creates a transparent catalyst path as engagement ought to drive a monetization ramp.” Citi upgrades Tencent Music Leisure to purchase from impartial Citi upgraded the China music firm and says it sees “sustained” progress for Tencent Music. “Sustained Music Development w/ Margin Growth; U/G To Purchase at $13.” UBS initiates American Airways and Delta as purchase UBS initiated a number of airways and says it likes shares which have “robust FCF technology.” “Notably, ALK, AAL, and DAL (all Purchase rated) display screen optimistic on majority of the parameters.” Telsey upgrades Finest Purchase to outperform from market carry out Telsey upgraded the electronics retailer after a sequence of conferences with administration. “Our conferences with Finest Purchase elevated our confidence within the enterprise exhibiting indicators of stabilization and enchancment after 9 consecutive quarters of unfavourable comps, because the substitute cycle kicks in, particularly for merchandise bought in 2019-2020, and innovation begins to realize traction. In choose classes, equivalent to laptops.” JPMorgan reiterates Apple as chubby JPMorgan mentioned it is sticking with its chubby ranking on Apple. ” Apple has been perceived to be behind the opposite mega-cap expertise firms in relation to progress on AI and the leverage of AI fashions as a part of their product function units.” Needham upgrades Carmax to purchase from maintain Needham mentioned the used automotive firm is an “trade chief.” “We improve KMX to Purchase, as we predict a used-vehicle market restoration, as prompt by latest information, will profit the trade chief.” JPMorgan upgrades Antero Sources to chubby from impartial JPMorgan upgraded the hydrocarbon exploration firm and says it likes the corporate’s “steadiness sheet leverage.” “We improve AR to OW from N and downgrade EQT to N from OW as we see a greater near-term risk-reward in AR shares given decrease steadiness sheet leverage.” TD Cowen reiterates MicroStrategy as outperform TD lowered its worth goal for the crypto firm to $1,450 per share from $1,560 however says its sticking with the inventory. ” MicroStrategy acquired one other ~9,245 bitcoins for ~$623 mil ($67,382 common worth) by way of proceeds from its latest convertible notes providing plus extra money.” Oppenheimer reiterates C3.ai as outperform Oppenheimer mentioned the AI firm is nicely positioned for progress. “The important thing discovering from our trade report is that demand for AI infrastructure is extraordinarily robust, largely as a result of main productiveness enhancements and new revenues it may possibly drive for enterprises.” Mizuho reiterates Chevron as a high choose The agency raised its worth goal on the inventory to $200 per share from $195. “We’re updating our CVX mannequin for YE23 reserves.” Wells Fargo reiterates JPMorgan as chubby Wells Fargo raised its worth goal on the inventory to $220 per share from $200. ” JPM’s shock and uncommon off-cycle dividend enhance (up 10% to $1.15) displays to us larger confidence within the agency’s robust capital ranges and its means to develop earnings by a cycle. We enhance ests and lift PT to $220.” Oppenheimer reiterates Microsoft as outperform Oppenheimer mentioned the tech large is nicely positioned for AI. “We imagine that any firm with AI infrastructure capability at that time will likely be nicely positioned, which is why Microsoft has been spending so aggressively, as produce other hyperscalers.” Financial institution of America reiterates Crocs as purchase Financial institution of America raised its worth goal on the inventory to $150 per share from $140 and mentioned shares are “compelling” after a sequence of investor conferences. “Valuation stays compelling; increase PO to $150. We hosted Anne Mehlman, CFO and Erinn Murphy, SVP of IR/Technique for investor conferences in NY.” Deutsche Financial institution reiterates Chipotle as purchase Deutsche raised its worth goal on the inventory to $3,300 per share from $3,100. “We now have excessive conviction in CMG’ s near-term & long-term progress outlook and imagine a premium a number of is warranted, noting there’s shortage worth for a high-quality US firm with a clear steadiness sheet, robust fundamentals and potential upside to numbers.” Financial institution of America reiterates Spotify as purchase Financial institution of America raised its worth goal on the inventory to $315 per share from $265. “We’re assured that Spotify’s (SPOT) 1Q24 outcomes will likely be not less than according to steerage, together with income, premium subscribers and MAUs [monthly active users].”