People shop at a Walmart store in Rosemead, California on May 23, 2019.
Frederic J. Brown | AFP | Getty Images
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The markets continue to rebound and Wall Street analysts are still finding stocks with plenty of upside for investors. Wednesday’s calls of the day include Walmart, Apple, Twitter, and more.
Here are the biggest calls on Wall Street on Wednesday:
Wells Fargo downgraded Disney to ‘equal weight’ from ‘overweight’
Wells Fargo downgraded the stock on concerns about the effect of park closings due to the coronavirus.
“We’ve been big DIS bulls since shortly after the mid-2017 announcement to pivot to DTC. We’ve thought the value creation from Disney+ (and later on Hulu) would be enough to more than offset a declining environment for Media Networks. We still believe in that, but we didn’t foresee this unique and severe downturn for Parks. We don’t think Parks can get back to anything close to full capacity until testing and/or vaccines are far more ubiquitous. We forecast zero park attendance for F2H20E and ~50% capacity in FY21 based on crowding limitations.”
Citi resumed coverage of Walmart as ‘buy’
Citi said the retail giant is in a favorable position due to the coronavirus crisis.
“When we think about what has been working in general within the U.S. retail landscape (and what will likely continue to work), we would characterize it as online, off-mall, convenience and value. WMT checks all four boxes. And in the current COVID-19 crisis, WMT is in a favorable position. It is a largely consumables-based business (grocery is 55% of sales) and is value-priced. Because the company is there to serve customers through this period, we believe it will result in more customer loyalty with existing customers and help WMT gain new customers that might not have shopped WMT before.”
Originally published at CNBC