Here are Wednesday's biggest analyst calls: Apple, Rivian, Datadog, DraftKings, Lucid, Target, Adobe and more
Here are Wednesday's biggest calls on Wall Street: UBS reiterates Apple as neutral UBS said its checks show wait times for Apple's iPhone Pro and Pro Max have fallen. "Utilizing UBS Evidence Lab that tracks iPhone availability across 30 countries, wait times for the iPhone 15 Pro and Pro Max across the US, China, Europe, and Japan fell WoW to 15 days and 10 days, respectively, on average." Loop upgrades Context Logic to hold from sell Loop upgraded the e-commerce platform company as it "seeks strategic alternatives." "We are upgrading our rating from Sell to Hold and lowering our price target from $6 to $4 on shares of WISH as the company seeks strategic alternatives." UBS reiterates Target as buy UBS lowered its price target on the stock to $174 per share from $184 but said it's standing by Target shares. "By now, we think it's well understood that Target's sales remain pressured in 3Q. The company's CEO has been vocal about the consumer pulling back, not only on discretionary items, but also on consumables. Still, we think Target managed its margin well in the quarter." Wells Fargo initiates Fair Isaac as overweight Wells Fargo said in its initiation of the software credit scoring company that it has unique assets. " FICO Scores achieved enviable de facto "market standard" status, becoming the benchmark for credit worthiness across several key verticals such as mortgage, auto, and card." Wells Fargo upgrades Glaukos to overweight from equal weight Wells Fargo upgraded the ophthalmic disease company and said it sees a slew of positive catalysts. "We are upgrading GKOS to Overweight and raising our PT to $83 due to two recent positive reimbursement updates and the upcoming launch of iDose, which represents a significant growth driver." Citi downgrades NXP Semiconductors to sell from neutral Citi said it's concerned about sales declines for the chipmaker. "It will get much worse – expect 40% downside to Consensus. We note all NXP peers are guiding sales to decline roughly 20% peak to trough and NXPI has underperformed during corrections." Bank of America upgrades Fluence Energy to buy from neutral Bank of America said the energy storage is the next big thing in renewables. "We are raising shares of FLNC to Buy with a tweaked $26 PO (+$2) as we get ourselves incrementally comfortable on accelerating storage backdrop." Cantor Fitzgerald downgrades Lucid to neutral from buy Cantor downgraded the electric vehicle company after it revised down its annual production guidance. "We are downgrading Lucid (LCID) to Neutral and lowering our PT to $6 (from $10) amidst lower expected revenues, persistent large negative gross margins, revision of the company's annual production guidance, and industry demand slowdown." TD Cowen downgrades Estée Lauder to market perform from outperform TD Cowen said in its downgrade of Estée Lauder that it sees China deteriorating. "Moving to Market Perform as Mainland China could see continued softness due to a volatile Chinese consumer, and Hainan & South Korea Travel Retail may worsen before getting better." Bank of America reiterates Rivian as buy Bank of America said Rivian is "still in [the] right place/time with right product/strategy." "We reiterate our Buy rating on RIVN, which is predicated on our view that the company is one of the most viable among the start-up EV automakers and also a relative competitive threat to incumbent OEMs." Susquehanna initiates Marqeta as positive Susquehanna said it's bullish on the fintech company for the short and long term. "We think there are a number of ways for investors to win with MQ , and a clear catalyst path to get there." Goldman Sachs upgrades Quanta Services to buy from neutral Goldman Sachs said the construction company is executing well. "On a relative basis, given PWR's continued execution track record and greater exposure to seemingly more resilient customers, we believe the pullback presents investors an opportunity to gain exposure." Raymond James downgrades Masimo to market perform from outperform Raymond James said it sees a lack of visibility for the med-tech company. "We are lowering our rating on MASI to Market Perform (from Outperform). The lack of visibility into growth, and the sizable estimate reduction are thesis-changing, combined with a valuation that is less compelling." Bank of America reiterates DraftKings as buy Bank of America said it's bullish heading in to DraftKing's investor day next week. "We think the day will focus on 1) a new medium-term revenue and profit bridge for 2026 or 2027, 2) detailed cohort and profit analyses across existing/more mature states and 3) updated TAM and market share assumptions." Bernstein reiterates Adobe as outperform Bernstein raised its price target on the stock to $660 per share from $627 and said it's growing more bullish. " Adobe has delivered on a wide and growing set of unique and valuable AI driven capabilities that are going to drive not only additional revenue from existing customers (price increase, upsell, and Gen AI tokens in the future) but more importantly attract new users." Mizuho downgrades Datadog to neutral from buy Mizuho said in its downgrade that "additional upside looks too modest." "Yesterday, DDOG defied many skeptics with a much better than expected 3Q. Total revenue growth of 25% Y/Y significantly surpassed the Street's 20% forecast." Citi upgrades Microchip to buy from neutral Citi said estimates are close to bottoming for the integrated circuits manufacturer. "We are upgrading MCHP to Buy as we believe the Consensus estimates are close to bottoming and the three factors that caused MCHP to trade at a discount – high debt, low tax, conglomerate discount – are going away." JPMorgan upgrades Datadog to overweight from neutral JPMorgan said the worst is behind Datadog. "We are upgrading Datadog shares to OW from Neutral and increasing our price target to $115. As a reminder, DDOG shares peaked at nearly $200 per share in 2021 and have produced zero return for the past three years– so the bigger picture has been a challenging multi-year period."