Wednesday’s Biggest Analyst Calls: Tesla, NVIDIA, Arm, Citi, Walmart, First Solar, Ulta, Ge & More

Here are the notable calls from Wall Street on Wednesday:

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Wells Fargo has downgraded Biogen to equal weight from overweight, citing significant uncertainty for the company.

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RBC has initiated First Solar as outperform, with the solar company being identified as its top pick. RBC is also covering other key solar industry suppliers, including Enphase Energy, Shoals Technologies, and SolarEdge Technologies.

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Stifel downgraded Pure Storage to hold from buy due to recent strong performance.

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Redburn Atlantic Equities reiterated a neutral rating for Arm, expressing concerns about the stock being overvalued.

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Loop downgraded Ulta Beauty to hold from buy primarily based on valuation concerns.

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Morgan Stanley reiterated an overweight rating for Tesla after attending a bull/bear lunch, emphasizing the stock's potential for over 80% upside.

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UBS downgraded Waste Management to neutral from buy, citing the company's lofty valuation despite its resilient and predictable earnings.

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Piper Sandler upgraded Citi to overweight from neutral, seeing an attractive entry point for Citi shares amidst the CEO's targeted view and a more favorable outlook.

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Citi maintained its buy rating for Nvidia heading into earnings next week, expecting in-line sales and optimistic about data center sales expectations.

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JPMorgan upgraded Bruker to overweight from neutral following impressive 2024 guidance and a long-term sustainability plan.

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UBS upgraded HF Sinclair to buy from neutral, considering the refiner underappreciated and highlighting its diversified business segments.

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Deutsche Bank named General Electric a top pick, emphasizing its high balance sheet optionality.

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D.A. Davidson downgraded Airbnb to neutral from buy after the company's earnings report, maintaining a 12-month price target at $145.

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Evercore ISI initiated a negative tactical call on Target, expressing a pessimistic outlook ahead of earnings in early March.

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Evercore ISI initiated a negative tactical call on Walmart, projecting a negative stance going into earnings next week.

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UBS upgraded Huntington Bancshares to buy from neutral, recognizing the regional bank's strong strategic positioning.

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HSBC downgraded Palantir to hold from buy, citing the stock's current full valuation.

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HSBC upgraded HP to buy from hold, anticipating a PC recovery for HP shares.

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Evercore ISI downgraded GoDaddy to in line from outperform, with the focus on profitability and the downgrade based on valuation.

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Citi downgraded GlobalFoundries to neutral from buy following Tuesday's earnings report, where the company guided below consensus.

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Evercore ISI added a positive tactical trading call on Dollar Tree, expressing positivity heading into March earnings.

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Bank of America upgraded SentinelOne to buy from neutral, foreseeing robust tailwinds for the cybersecurity company.

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MoffettNathanson upgraded Lyft to neutral from sell, admitting that their prior sell rating was a mistake after the company's recent earnings report.

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Bernstein initiated Wingstop as outperform, recognizing it as a high-growth compounder in the U.S. restaurant sector.

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Morgan Stanley upgraded Cadence Design Systems to overweight from equal weight, citing the company's vindicated strategy and expecting continued momentum in chip design.

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