Here are Wednesday’s biggest calls on Wall Street: JPMorgan upgrades Sea Limited to overweight from neutral JPMorgan upgraded the Singapore tech conglomerate following earnings. ” SE’s strong 1Q25 results allay our concerns on macro headwinds and underscore the strength of SE’s ecosystem in delivering growth and margin improvement.” Evercore ISI initiates Centrus Energy as outperform Evercore said the nuclear energy company is a “must own.” ” Centrus Energy is a provider of nuclear fuel components and services, pioneering the domestic production of High Assay Low-Enriched Uranium (HALEU) a necessary fuel component used to power next generation nuclear reactors supporting more dispatchable, efficient, and safer global nuclear deployment.” Loop downgrades Wayfair to sell from hold Loop said it still sees too much tariff uncertainty for Wayfair. “The stock rallied 20% Monday after China tariffs were cut from 145% to 30%, effective today for a 90-day period. Our downgrade is driven by uncertainty related to tariffs.” Bank of America initiates Ehang as buy Bank of America said the China eVTOL company is best positioned. “We have Buy rating on Ehang as we favor its leading market position in the China eVTOL aircraft market, underpinned by the strong technology.” Citi reiterates Nvidia as buy Citi said it’s sticking with Nvidia following the company’s announcement to send chips to Saudi Arabia. “We see NVDA’s deal with Saudi company HUMAIN as a good start to what will likely be a new country-to-country negotiation approach by the US government. That said, we remain prudent on the duplication of such success with other countries, thus the risk of tighter access to US AI chips for other key countries remains.” Jefferies upgrades PVH to buy from hold Jefferies said it sees margin expansion for the owner of brands like Tommy Hilfiger. “PVH has made meaningful progress in transitioning to a more focused, efficient, and strategic company. With a compelling roadmap and high-caliber management in place, it should see improved LT results.” JPMorgan reiterates Microsoft as overweight JPMorgan said it’s standing by the stock following a series of bullish meetings with management. ” Microsoft shares that it saw demand in FQ3 that was ‘strong across the board’, including all geographies and customer segments (spanning large to scale customers).” Jefferies downgrades Rivian to hold from buy Jefferies said it see uncertain demand for Rivian. “Rivian still needs to demonstrate sustainable positive gross margin and a more capital-efficient business model.” Wells Fargo upgrades Omnicell to overweight from equal weight Wells said it sees an attractive risk/reward for the pharmacy solutions company. “While OMCL faces bookings & tariff pressures, 2025 may be a ‘max pain’ year as trade deals and strengthening robot demand could be positive catalysts for 2026.” Oppenheimer initiates Digital Realty Trust as outperform Oppenheimer said the data center company is well positioned. “We are initiating coverage o f Digital Realty with an Outperform rating. DLR is one of the largest and now most diversified datacenter operators with over 300 locations and capacity of ~2.8GW, ~5% of the global total.” UBS upgrades Chimera to buy from neutral UBS said the mortgage REIT is well positioned. “We are upgrading Chimera to a Buy and increasing our price target to $15 (from $11.50) given better than expected book value performance in 1Q and April plus higher nearterm earnings/ROE expectations.” RBC initiates Dutch Bros as outperform RBC called the coffee chain a “unique brand and model.” “We initiate coverage of BROS at Outperform with an $83 PT.” Citi upgrades Regeneron to buy from neutral Citi said it likes the biotech company’s pipeline. “We are upgrading Regeneron to Buy from Neutral (TP to $700 from $600) given strong pipeline optionality (melanoma, COPD) and a more attractive risk/reward profile.” Morgan Stanley upgrades KKR to overweight from equal weight The firm said KKR is a “good way to play the capital markets recovery.” “We lean into risk after sooner/better than expected tariff de- escalation with China that reduces tail risk. Could also increase mkt confidence in eventual capital mkts recovery, supporting private mkts flywheel spinning faster. KKR key beneficiary and high quality diversified Alt.” Bank of America downgrades UnitedHealthcare to neutral from buy Bank of America downgraded UnitedHealth over concerns about Medicare Advantage uncertainty. “We downgrade to Neutral from Buy as we await clarity on bid strategy and potential multi-year return to normalized MA margins, while valuation is compressed.” Citi reiterates Deckers as buy Citi said it’s sticking with the shoe company ahead of earnings on May 22. “The uncertainty around how they will guide makes the near-term risk/reward balanced going into 4Q EPS, but longer-term, we view DECK’s risk/reward as favorable.” Morgan Stanley reiterates Carvana as overweight Morgan Stanley raised its price target on the stock to $290 per share from $280. “A record quarter, strong LT guide, and broader market rebound have driven CVNA stock price near $300.” Bank of America reiterates Nvidia & Advanced Micro Devices as buy The Wall Street firm raised its price target on both stocks. “We reiterate Buy, raise NVDA PO to $160 from $150 and AMD PO to $130 from $120 on upside to long-term AI opportunity.” Guggenheim downgrades Wendy’s to neutral from buy Guggenheim said the emphasis on unit growth needs to be “reassessed.” “We are downgrading WEN stock to Neutral and removing our price target. Wendy’s has been one of the better brands for franchisees to invest in over the past 20 years but in our opinion, the company needs a strategic rethink on the priorities of unit growth vs franchisee profitability.” Morgan Stanley reiterates Alibaba as overweight Morgan Stanley named the stock a “catalyst driven idea” heading into earnings on May 15. “We think Alibaba will benefit from the robust China AI inference demand, being the AI enabler (cloud) and adopter. We believe upcoming cloud revenue growth will be the next share price catalyst.” Loop reiterates Apple as hold The firm said in a lookahead analysis of Apple’s iPhone product pipeline that there is much work to be done for the tech giant. “As Loop’s AAPL coverage has been highlighting for the past 12-18 months the ongoing AI struggles, move to the internal modem, integrating internally designed chips at higher velocity, and navigating a stagnant iPhone device strategy, there is no shortage of challenges to discuss as AAPL seeks to get its mojo back.”
