Here are Wednesday’s biggest calls on Wall Street: Baird upgrades Urban Outfitters to outperform from neutral Baird upgraded the stock after an analyst event and said shares of Urban are too attractive to ignore. “With consistent execution, we think URBN is positioned to sustain a durable LDD% [low double digits] EPS-growth algo.” Morgan Stanley initiates TD Synnex as overweight Morgan Stanley said the IT distributor has “solid execution.” “Long-term IT spending strength and an increasingly complex IT ecosystem are secular tailwinds for the world’s largest IT Distributor, TD Synnex.” Piper Sandler reiterates Tesla as overweight Piper said it sees more Tesla upside on robotaxi deployment. “Bottom line: a key component of our TSLA thesis has officially begun playing out. We expect the stock to sustain upward momentum in the coming weeks, as more information is disclosed.” Baird downgrades UnitedHealth to neutral from outperform Baird said it’s concerned about UnitedHealth’s Optum business. “Over time, we are optimistic UNH can navigate these headwinds and potentially see a recovery in OptumHealth unit economics, but the situation may worsen with the final phase-in of v28 before it gets better.” Citi opens a positive catalyst watch on Microsoft Citi said estimates for the company’s Azure are too low. “We open a positive catalyst watch on MSFT with our view that Street Azure estimates are too low for FY26.” Morgan Stanley downgrades Bill.com to equal weight from overweight Morgan Stanley said estimates for Bill.com are too high. “With many of the key points from our prior bullish thesis not playing out, an increasingly uncertain macro environment, FY26 estimates looking too high, and a lack of positive catalysts, we take this opportunity to shift to EW.” Stifel initiates Uber a buy Stifel called the ride sharing company a “super app.” “We increasingly view Uber as a super app with multiple reasons to utilize the product, which includes getting yourself from point A to point B, ordering dinner from local restaurants, and having groceries delivered to your door (with some ads seen along the way).” Read more. Deutsche Bank initiates BingEx as buy Deutsche said the China courier is well positioned. “BingEx, operating under the brand name ‘FlashEx’ (or “Shan Song” in Chinese, meaning ‘delivery in a flash’), is a leading provider of on-demand, one-on-one (1×1) courier services in China. The FlashEx brand has become synonymous with this specialized delivery model.” Wolfe reiterates FedEx as outperform Wolfe said it’s sticking with the stock ahead of earnings later this month. “Ahead of FDX’s 4Q EPS report in 2 weeks on 6/24, we’re lowering our F4Q EPS estimate to $5.88, and we’re now 1% below Consensus. We’re at the low-end of FDX’s guidance of $5.88-$6.48 for the quarter, as FDX provided guidance prior to Liberation Day and the implementation of higher tariffs and the removal of the de minimus exemption later in the quarter.” Citi reiterates Snowflake as buy Citi said it’s sticking with the stock following an investor day. “In general, customer enthusiasm was high around Snowflake’s new products.” UBS initiates Core Natural Resources as buy UBS said the company is a “high quality coal stock.” “We initiate coverage of Core Natural Resources (CNR) with a Buy rating and $80/sh price target.” Bernstein reiterates Disney as outperform Bernstein raised its price target on the stock to $125 per share from $120. ” Disney’s stock has been on a roller coaster over the past three years, cycling between a trough of ~$80 and a peak of ~$120 – four times. It’s been dreadful for some, but a liquid hunting ground for others. As we noted recently, EPS growth from $3.66 in ’22 to $5.81 in ’25E (16% CAGR) hasn’t fully offset the complexity of Disney’s multi-component narrative.” Read more . Jefferies downgrades SunRun to underperform from hold Jefferies said it sees limited upside for the solar company. “Budget reconciliation has residential solar on the chopping block, and while we expect some improvements on IRA post Senate, we see limited upside for resi, exposing RUN to both NT and LT headwinds.” Jefferies upgrades First Solar to buy from hold Jefferies said shares of the solar company are compelling again. ” First Solar’s exposure to utility scale and strong backlog insulates it well against the LT volatility inherent in the sector.” Jefferies upgrades J.M. Smucker to buy from hold Jefferies said investors should buy the dip in the food products company. “We see SJM stock pullback reflecting Hostess’ lowered expectations and soft profit guide, which incorporates ~0.5 coffee elasticity assumption that we find potentially conservative.” William Blair initiates Coinbase as outperform William Blair said the crypto company is the ” best way for growth investors to participate in a crypto renaissance.” “Although many ecosystem participants should benefit, we believe Coinbase’s leadership creates an inherent advantage, and we view it as the best way for growth investors to participate in a crypto renaissance.” Morgan Stanley reiterates Alphabet as overweight Morgan Stanley said the “latest data show GOOGL’s leadership is stable to improving.” ” GOOGL’s leading position (‘first place to go’) remains largely intact across ecommerce, travel, autos, financials and healthcare.” Bank of America reiterates GE Vernova as buy The firm raised its price target on GE Vernova to $550 per share from $520. “We see building and vehicle electrification driving faster electrical load growth. This should drive increased demand for grid and power generation equipment as well as gas power services. Our Buy rating reflects these demand tailwinds and margin expansion trajectory.” Read more . Rosenblatt reiterates Nvidia as buy Rosenblatt said the company remains an AI leader following a meeting with management. “We hosted a discussion with Gilad Shainer, SVP Networking, and Stewart Stecker, Sr. Director, IR & Strategic Finance. We are bullish on NVIDIA due to their leadership in AI and their ability to expand into full-rack scale deployments, including scale-up and scale-out networks.”
