Here are Wednesday's biggest analyst calls of the day: Chipotle, Tesla, Apple, GM, Amazon & more
Here are the biggest calls on Wall Street on Wednesday: DA Davidson initiates coverage of Workday DA Davidson said it's positive on the financial management and human capital management software company in the near and long term. "Along with ramping investments internationally, we look for this to enable the company to sustain 20% subscription growth to and through its $10B revenue target. With checks positive, we're positive on the near and long term for Workday. " Jefferies downgrades Wayfair to hold from buy Jefferies said in its downgrade of Wayfair that it's in "supply chain disarray." "3Q web traffic ended weak & 4Q started slow. Against a backdrop of supply chain disarray, 2H Street estimates are too high. Population demographics & suburban migration will fuel category growth, but we see a tactical opportunity for investors to avoid an 'air pocket' where demand falls shy of high expectations and rising costs mute profits.' Read more about this call here. Goldman Sachs reiterates Chipotle as buy Goldman said in a note to clients on Wednesday that it it sees "continued top-line strength" when Chipotle reports earnings next week. "Importantly, COVID-19 Delta-variant cases began to decelerate in early September (and continue to fall), and workplace mobility trends continue to improve, especially in key urban centers, supporting a re-acceleration in trends." Bank of America names Dick's Sporting Goods a top pick Bank of America said the sporting goods store is well positioned to handle supply chain issues. "Following our DKS /YETI CFO/IR catch-ups, we believe that both companies, while not immune to the current challenging supply chain and rising cost environment, are particularly well positioned relative to the broader competitive retail landscape heading into Holiday given relatively lower exposure to Vietnam production headwinds compared to retail peers, consumer willingness to substitute product in inventory constrained categories, & an outlook for lower industry promos compared to normalized levels. " Morgan Stanley reiterates Apple as overweight Morgan Stanley reiterated its overweight rating on the tech giant and said investors should buy the weakness after reports of slowing iPhone production. "We are buyers of any near-term AAPL share price weakness on iPhone supply chain disruption given AAPL is likely to receive more supply than competitors, demand isn't perishable, and our FY22 estimates are unlikely to change materially even if revenue and EPS shift across quarters." Read more about this call here. Goldman Sachs upgrades Xcel Energy to buy from hold Goldman said in its upgrade of the energy company that it views Xcel as a "high quality stock." "After lagging the sector index so far this year, XEL's shares appear more attractive – as they trade below the historical premium that we believe XEL warranted despite delivering solid, consistent EPS growth – we view this as a high quality stock for defensive oriented investors." Jefferies downgrades Monster to hold from buy Jefferies downgraded the beverage company due to supply chain issues. "We downgrade MNST to Hold from Buy/lower our PT to $92 given: i) US mkt share losses are worrisome as emerging brands disrupt the energy drink category; ii) Supply chain issues likely into '22 w/category pricing still on-hold." HSBC upgrades Constellation Brands to buy from hold HSBC said in its upgrade of the beverage giant that it likes Constellation's robust balance sheet. "Industry leader with strong brands, best-in-class operating margins and solid balance sheet, looking to add new capacity." Goldman reiterates Tesla and General Motors as buy Goldman reiterated its buy ratings on Tesla and GM and said it sees upside to consensus. "We are positive on Tesla , Ford, and GM this EPS season in particular. We expect Tesla's recently reported strong delivery numbers and higher vehicle pricing to more than offset any added costs from supply chain challenges in the quarter, and we expect units/margins to beneﬁt as the company ramps additional Model Y factories in Austin/Berlin. We raise our 2021 EPS estimate for Tesla to reﬂect the better 3Q deliveries report. In addition, we expect Ford and GM to beneﬁt from continued strong auto pricing." Mizuho initiates coverage of DuPont as buy Mizuho said it sees "secular growth momentum" for the chemicals company. "Plenty of Paths to Growth; Focus on Low-Risk Projects with Upside: The crux of DD' s competitive advantage lies in its extensive R & D (research and development) capabilities and resources, fueling continued innovation of customized and differentiated products." Morgan Stanley upgrades Plug Power to overweight from equal weight Morgan Stanley said in its upgrade of the stock that it sees an attractive risk/reward. " PLUG is well positioned to be a leader in the hydrogen economy. Upcoming investor day, accelerating growth, legislative support and attractive risk reward drive our upgrade to Overweight." Read more about this call here . Bank of American reiterates Amazon as buy Bank of America reiterated Amazon with a buy and said the e-commerce giant is "gearing up for strong growth." "Overall, there is no sign of slowdown of Amazon's fulfillment expansion, now expected to add 175mn sq. ft. in 2021. … Also, while labor and fulfilment build costs are likely margin headwinds in 4Q, no one can match Amazon's home delivery scale, and Amazon continues to optimize its network with L.T. cost savings from in-sourcing last mile delivery." Truist upgrades Freshpet to buy from hold Truist said in its upgrade of Freshpet that it sees a strong growth story for the healthy pet food company. "In our opinion, the hyper-growth story is about to enter its next chapter in which expanded production capacity enables it to meet full growth potential." Mizuho initiates coverage of Sherwin-Williams as buy Mizuho said sees "best-in-class pricing power" for Sherwin-Williams . "Our thesis is based on: (i.) multi-year strength across the US housing market driven by US home price appreciation, robust new and existing US home sales, and an eventual rebound in commercial activity, (ii.) best-in-class pricing power." Baird downgrades Skyworks to neutral from outperform Baird said in its downgrade of the semiconductor radio frequency company that it sees "worsening component constraints." " Skyworks' market share appears to be stabilizing going forward following significant share gains in past few years. Worsening component constraints are compounding on earlier-year shortages and are now negatively impacting iPhone13 procurement ramp, in our view."

Customers order from a Chipotle restaurant at the King of Prussia Mall in King of Prussia, Pennsylvania. Mark Makela | Reuters