Wednesday’s Biggest Analyst Calls: Nvidia, Apple, Microsoft, Deckers, Carvana, Unitedhealth & More

Here are Wednesday’s biggest calls on Wall Street:

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JPMorgan Raises Rating on Sea Limited
JPMorgan upgraded Sea Limited from neutral to overweight, pointing to the Singapore-based tech giant’s impressive first-quarter performance. The firm noted that Sea's solid results eased previous concerns about broader economic challenges and highlighted the company’s ability to both grow and improve margins within its ecosystem.

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Evercore ISI Begins Coverage of Centrus Energy with Outperform Rating
Evercore ISI initiated coverage on Centrus Energy, labeling it a "must-own" stock. The firm emphasized Centrus’s leadership in the nuclear fuel market, particularly its work in producing High Assay Low-Enriched Uranium (HALEU), a key component for the next generation of nuclear reactors focused on efficiency and safety.

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Loop Capital Downgrades Wayfair to Sell
Loop Capital lowered its rating on Wayfair from hold to sell, citing ongoing uncertainty over tariffs. Although the stock jumped 20% after U.S. tariffs on Chinese goods were reduced temporarily, Loop believes this reprieve is short-lived and not enough to ease long-term concerns.

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Bank of America Starts Ehang with Buy Rating
Bank of America initiated a buy rating on Ehang, a Chinese company specializing in electric vertical takeoff and landing (eVTOL) aircraft. Analysts cited Ehang's leadership in the Chinese eVTOL market and its strong technological foundation as reasons for optimism.

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Citi Reaffirms Buy on Nvidia
Citi maintained its buy rating on Nvidia following news that the chipmaker would supply semiconductors to a Saudi Arabian firm. While the deal could set a precedent for similar country-level negotiations, Citi cautioned that other countries may face more challenges accessing U.S.-made AI chips.

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Jefferies Upgrades PVH to Buy
PVH Corp., the parent company of brands like Tommy Hilfiger, was upgraded to buy from hold by Jefferies. The firm praised PVH’s transformation into a more focused and strategic business and expressed confidence in the company's long-term margin improvement and leadership.

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JPMorgan Reiterates Overweight on Microsoft
JPMorgan reaffirmed its overweight rating on Microsoft after several optimistic meetings with company leadership. The bank said Microsoft reported strong demand in the third quarter across all geographic regions and customer types, which reinforces its positive outlook.

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Jefferies Downgrades Rivian to Hold
Electric vehicle manufacturer Rivian was downgraded to hold from buy by Jefferies, which pointed to continued questions about demand and profitability. The firm stated that Rivian must still show it can achieve positive gross margins and run a more cost-effective business.

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Wells Fargo Upgrades Omnicell to Overweight
Wells Fargo moved pharmacy automation company Omnicell to overweight from equal weight. Despite facing some pressure from bookings and tariffs, Wells believes 2025 may be the toughest period, with potential positive catalysts like trade agreements and increased robotic demand likely in 2026.

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Oppenheimer Begins Coverage of Digital Realty Trust at Outperform
Oppenheimer initiated coverage on data center operator Digital Realty Trust with an outperform rating. The firm said Digital Realty’s scale and diversification—boasting over 300 facilities and about 2.8 gigawatts of capacity—position it well in the growing data infrastructure space.

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UBS Upgrades Chimera Investment to Buy
UBS upgraded mortgage REIT Chimera to buy from neutral, raising its price target from $11.50 to $15. The decision was driven by stronger-than-expected book value in Q1 and April, along with more favorable earnings and return expectations in the near term.

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RBC Initiates Dutch Bros with Outperform
RBC began coverage of coffee chain Dutch Bros, calling it a “unique brand and model” and assigning an $83 price target. The firm believes the company stands out in the competitive beverage space.

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Citi Upgrades Regeneron to Buy
Citi boosted its rating on biotech company Regeneron to buy from neutral, raising the price target to $700 from $600. Citi cited Regeneron’s promising drug pipeline—including treatments for melanoma and COPD—and its improved risk/reward profile.

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Morgan Stanley Upgrades KKR to Overweight
Private equity firm KKR was upgraded to overweight from equal weight by Morgan Stanley, which sees the company as a strong play amid improving capital markets. The easing of trade tensions with China may accelerate recovery, making KKR a prime beneficiary.

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Bank of America Downgrades UnitedHealthcare to Neutral
UnitedHealth Group was downgraded to neutral from buy by Bank of America due to uncertainties surrounding the Medicare Advantage business. The firm is waiting for clarity on strategy and margin normalization, which could take several years.

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Citi Reiterates Buy on Deckers Outdoor
Ahead of its May 22 earnings, Citi maintained a buy rating on Deckers. While near-term risk/reward seems balanced, the firm believes Deckers remains attractive over the long term.

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Morgan Stanley Reiterates Carvana as Overweight
Carvana received continued support from Morgan Stanley, which raised its price target from $280 to $290 per share. The analyst cited a record-breaking quarter and an upbeat long-term outlook.

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Bank of America Reiterates Buys on Nvidia and AMD
Bank of America raised its price targets on Nvidia (to $160 from $150) and AMD (to $130 from $120), maintaining buy ratings on both. The firm believes both companies will benefit from long-term AI-driven growth.

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Guggenheim Downgrades Wendy’s to Neutral
Guggenheim lowered its rating on Wendy’s, stating that its growth strategy may need reevaluation. The firm believes the company must find a better balance between expanding its locations and supporting franchisee profitability.

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Morgan Stanley Reaffirms Overweight on Alibaba
Ahead of Alibaba’s earnings on May 15, Morgan Stanley kept an overweight rating and called it a “catalyst-driven idea.” They expect growth in China’s AI cloud market to act as the next big driver for Alibaba’s stock.

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Loop Capital Maintains Hold on Apple
Loop Capital continues to rate Apple as hold. The firm pointed to various challenges in Apple’s pipeline, such as its internal modem efforts, AI struggles, and a lack of innovation in iPhones, suggesting that the tech giant still has plenty to address.

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