Here are Wednesday ’ s biggest calls on Wall Street:

Stifel initiates Penumbra as buy

Stifel said it ’ s bullish on shares of the medical device company.

"We also believe PEN is well-positioned as one of few MedTech companies with positive free cash flow and high growth."

HSBC initiates KKR as buy

HSBC said the private equity company is well positioned.

"We initiate coverage on KKR & Co with a Buy rating and TP of USD148, as we think the market under-appreciates its significant earnings growth prospects."

Bernstein reiterates Apple as outperform

Bernstein urged investor calm following concerns about weaker iPhone demand for Apple.

"There has been some investor concern about weaker lead/wait times for new iPhones, and potentially lower associated order volumes."

Bank of America reiterates FedEx as buy

Bank of America lowered its price target to $345 per share from $347 but said it ’ s bullish heading into earnings next week.

"FedEx is set to report F1Q25 results on Thursday ( Sept 19 ) ."

Morgan Stanley reiterates Tesla as overweight

Morgan Stanley said Tesla remains a top pick at the firm.

"The growth of global data center emissions feeds the Tesla Energy bull case while highlighting existential compliance risk to auto OEMs [ original equipment manufacturers ] ."

BTIG upgrades GE Healthcare to buy from neutral

BTIG said the setup is improving for shares of the medical solutions and systems company.

"After a tough 1H24 where dynamics within China hampered results, we think the set-up for GEHC is improved."

UBS initiates Talen Energy as buy

UBS said the energy company has "underappreciated upside potential."

"We initiate TLN with a Buy rating."

JPMorgan initiates Civitas Resources as overweight

JPMorgan said the carbon energy producer has significant buyback potential.

"We are initiating coverage of Civitas Resources ( CIVI ) with an Overweight rating and a Dec-25 price target of $67."

Wells Fargo reiterates Micron as overweight

Wells lowered its price target on the stock to $175 per share from $190 but says it ’ s standing by the stock ahead of earnings next week.

"We de-risk our forward MU ests, but view concerns we ’ re entering a 1H25 DRAM down-cycle as overdone."

Barclays upgrades VF Corp to overweight from equal weight

Barclays said the owner or brands like Vans is too attractive to ignore.

"We are upgrading shares of VFC to Overweight from Equal Weight as we believe the risk-reward is attractive at current levels."

Barclays upgrades Victoria ’ s Secret to equal weight from underweight

Barclays said it sees a more balanced risk/reward.

"We are upgrading shares of VSCO as we see balanced risk vs. reward given: 1 ) new leadership with greater impact on CY25; 2 ) sufficiently low 2H24 consensus expectations."

Wolfe downgrades ResMed to underperform from peer perform

Wolfe said in its downgrade of the sleep apnea company that it sees too many risks for ResMed.

"We believe Lilly ’ s launch of an obstructive sleep apnea ( OSA ) indication for its GLP-1 medication tirzepatide poses significant patient funnel disruption/distortion risks."

Bank of America reiterates TJX Companies, Burlington and Ross as buy

Bank of America said the off-price retailers are best positioned for younger generations.

"We remain Buy-rated on BURL, ROST, and TJX as we think these share shifts indicate a long runway for market share gains."

Bank of America reiterates Starbucks as buy

The firm said it ’ s standing by shares of the coffee giant.

"We raise our PO [ price offering ] to $118 vs $112 prior as we apply a higher relative multiple to reflect our greater confidence in SBUX execution.

Goldman Sachs initiates Marriott as buy

Goldman said the hotel company is a high quality compounder.

"MAR ’ s higher indexing to US full-service, luxury and urban hotels ( which equals high end business and group travel ) manifests as a more back-end loaded recovery vs. leisure which led the recovery this time. As such, though leisure trends have been stagnating a little, business is still in recovery-mode."

Needham initiates Super Micro Computer as buy

Needham called the data center AI company the "coolest kid in AI town."

"We are initiating coverage of Supermicro ( SMCI ) with a Buy rating and $600 PT."

Guggenheim upgrades Sirius XM to buy from neutral

Guggenheim said it ’ s bullish on shares of Sirius XM.

"Looking Through Near-Term Technical Headwinds to a Robust FCF Outlook, Capital Returns, and Stabilizing Subscriber Picture."

Bank of America reiterates Alphabet, Meta, Amazon and Uber as buy

Bank of America said the internet tech companies are the best way for "more defensive positioning."

We highlight Google, Meta, Amazon, and Uber as potential beneficiaries in the sector during the downturn phase of the economic cycle for more defensive positioning."

William Blair initiates Nvidia as outperform

William Blair said the company is a "leader in parallel computing."

"Nvidia has a long and storied history of designing parallel computing systems to handle complex processing tasks."

William Blair initiates Broadcom as outperform

William Blair said in its initiation of the stock that it has plenty more room to run.

"We see room for continued steady growth going into fiscal 2025 and 2026 driven by increasing custom chip demand, improved software monetization, recovery in non- AI semis, and accelerating growth of Ethernet AI network fabrics built on top of Broadcom ’ s networking solutions — Ethernet is just starting to displace InfiniBand as the solution of choice for AI networks."

JPMorgan reiterates Roku as overweight

JPMorgan raised its price target on the stock to $90 per share from $80 following a series of investor meetings.

"Roku could not have been more clear that its top priority is Platform monetization, with mgmt reiterating its expectation for Platform revenue growth to accelerate in 4Q/2025 driven by third- party DSP [ demand side platforms ] partnerships, home screen changes, and subscriptions."

William Blair reiterates Arm as outperform

The firm said it has "best-in-class financials."

"Arm provides critical computing IP that underpins more than $200 billion in chip value across the mobile, automotive, IoT, and data center markets."