Here are the biggest calls on Wall Street on Friday. Wedbush adds Tesla to the best ideas list Wedbush added the stock to its top-picks list and says investors are starting to “recognize the underlying value in the Tesla EV ecosystem into 2024 and beyond.” “We are also adding Tesla to the Wedbush Best Ideas List this morning as the Street starts to better recognize the underlying value in the Tesla EV ecosystem into 2024 and beyond.” Wells Fargo upgrades Adobe to overweight from equal weight Wells Fargo said it’s bullish on the company’s artificial intelligence opportunity. “The AI debate continues to drive ADBE . We come away from recent work more confident Gen AI is a tailwind to ADBE as we expect much of the early value to accrue to established platforms & see potential for further break-out as products are monetized.” Read more about this call here . UBS reiterates On Holding as buy UBS said it sees stock outperformance for the athletic footwear company. “We think On’s focus on innovation, performance, athletes, sports, direct-to-consumer selling, and maintaining a premium, full-price brand image should lead to industry leading sales growth and earnings beats. Our view is this will drive stock outperformance.” Morgan Stanley reiterates General Motors as overweight Morgan Stanley said General Motors’ and Tesla’s charging agreement could be a game changer. “We see the agreement between GM and Tesla as [a] potentially profoundly significant in narrative change.” KeyBanc reiterates Apple as overweight KeyBanc said its survey checks show iPhone sales remain “muted” for Apple. “Results from our May monthly carrier survey indicate muted iPhone sell-through trends, which were largely in line with lowered store expectations, while Key First Look Data indicates sales of iPhones (-8% m/m, -14% y/y) were below historical seasonal trends.” Citi downgrades Target to neutral from buy Citi said in its downgrade of the stock that it sees a more balanced risk/reward for Target. “Despite the recent stock pressure, we cannot recommend investors buy the stock given these dynamics and now believe the risk/reward is more balanced, but risk is more to the downside near term.” Read more about this call here. Morgan Stanley reiterates Carvana as equal weight Morgan Stanley said it’s getting a little more constructive on the stock after the company announced improved second-quarter guidance. ” Carvana had already reached EBITDA profitability in 2021, but on a leaner and…
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