Here are the biggest calls on Wall Street on Wednesday: Deutsche Bank upgrades Moderna to hold from sell Deutsche Bank said it sees a more balanced risk/reward for Moderna shares. “The winter story is more complicated, but remains the same.” BTIG upgrades TrueCar to buy from neutral BTIG said it’s bullish on shares of the car-pricing internet company. “We are upgrading TRUE shares to BUY from Neutral with a PT of $3.75.” Seaport upgrades Sphere to buy from neutral Seaport said the Las Vegas entertainment company has an attractive entry point. “Sphere Entertainment is another popular experiential economy stock that has been on sale during the market downturn.” Baird upgrades Builders First Source to outperform from neutral Baird said the building materials company is well-positioned. “With guidance reset and key headwinds (condominium sales/margin normalization and shrinking single-family starts) easing into 2025, we see a good setup for BLDR.” Barclays downgrades retail to neutral from positive Barclays downgrades the sector due to “promotions pointing to weaker demand.” “We downgrade retail to neutral from positive due to erosion of inventory margins as promotions intensify and demand weakens.” TD Cowen downgrades Molson Coors to hold from buy TD Cowen said the beer company is losing its upside. “We downgrade Molson Coors to hold from hold and lower the PT to $58.” Wells Fargo downgrades Amgen to equal weight from overweight Wells said in downgrading Amgen that the thesis has “played out” for the biotech company. “Thesis has worked. Risk/reward is not compelling enough to maintain an Overweight rating.” B. Riley downgrades TripAdvisor to Neutral from Buy B. Riley said it sees deteriorating growth. “We downgrade Tripadvisor, Inc. to Neutral from Buy to reflect the deterioration in revenue growth and core margins (i.e., the Tripadvisor Brand), implied by management’s outlook.” Piper Sandler cited Advanced Micro Devices and Nvidia as Overweight Piper said Wednesday it likes both semiconductor stocks. The firm said AMD is its top pick. “We include names that we see benefiting the most from the secular changes that will occur over the next 1-3 years. These names include NVDA and AMD in the compute space as well as ON due to its silicon carbide exposure and other company-specific dynamics.” Citi adds positive catalyst watch to Amer Sports Citi has opened a positive catalyst watch on Amer, saying the sporting goods company has an attractive risk/reward. “With the stock down 25% since late June on concerns about a China slowdown, we believe the risk/reward is favorable for Q2 EPS. We are opening a positive catalyst watch for the next 30 days.” Wells Fargo upgrades Globus Medical from equal weight to overweight Wells said the medical technology company’s integration with NuVasive is going well. “We are upgrading GMED from equal weight to overweight and increasing our price target to $78 from $60 as the integration with NuVasive is progressing better than we expected.” Wells Fargo calls Uber a top pick Wells said the ride-sharing company remains a top idea at the company after earnings. “Uber is still the top choice in 2H. See the case for discounts and AV [autonomous vehicle] End-to-end risks will largely be resolved by YE24. See Q2 results/Q3 guidance as bearish fears are rebutted, first point of bear case.” Raymond James initiates Natural Gas Services Group as Strong Buy Raymond James says the natural gas company is well-positioned. “Natural Gas Services Group (NGS) is the leading provider of contracted natural gas compression in the United States.” TD Cowen initiates Abacus Life as Buy TD Cowen says the company has a “compelling business model.” “We initiate coverage on the leading life insurance settlement provider, Abacus Life (ABL), at Buy with a $14 price target, implying 51% upside potential.” Bank of America reiterates Apple as Buy The company said survey checks show App Store revenue “remains strong” for Apple. “Data from Sensor Tower indicates that Global App Store revenue remains strong, with global revenue up +11% year-over-year in July.” Citi reiterates Target is a buy Citi said it is bullish heading into Target’s earnings on August 21. “Based on our quant team’s analysis of the crowding, the stock is significantly less crowded from a long-term perspective than it was before Q1 earnings, and we believe investor skepticism has increased. As a result, and given the stock is down 11% MTD, we believe the setup is favorable heading into earnings.” Bank of America downgraded Super Micro Computer to neutral from buy The company said it sees margin pressure following Tuesday’s earnings. “Despite higher overall revenue in F25, GM [gross margin] return to normal range (14-17%) only gradually in late F25 as 1) manufacturing efficiency improves and SMCI ships more liquid-cooled racks, 2) as customer mix improves…” Bank of America reiterates Rivian on buy Bank of America said it would stick with the stock after Tuesday’s earnings report. “RIVN remains in the right place/time with the right product/strategy.” Goldman Sachs reiterates Sunrun on buy Goldman said Sunrun is well positioned to generate cash after Tuesday’s earnings report. “Looking ahead, we expect this strong cash flow to support continued share gains.” Bernstein upgrades Arm to market perform from underperform Bernstein raised its price target on the stock to $100 a share from $92 and upgraded Arm primarily on valuation. “With Arm’s stock down ~40% in four weeks and more confidence in royalty growth mobile, we see the need to revisit our valuation argument.” Mizuho upgrades Vertiv to outperform from neutral Mizuho said the multinational has solid fundamentals. “Upgrade VRT to Outperform – Fundamentals remain hot despite cooling AI valuation.” Deutsche Bank upgrades Aramark to buy from hold Deutsche Bank said the food and convenience services company is “a cleaner story.” “We are upgrading ARMK to Buy from Hold and raising PT to $39 (from $36).”