Apple CEO Tim Cook speaks during the Time 100 Summit event on April 23, 2019, in New York.
Don Emmert | AFP | Getty Images
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Here are the biggest calls on Wall Street on Wednesday:
BTIG upgraded Palo Alto Networks to buy from neutral
BTIG upgraded the multinational cyber security company and said it had a “greater degree of confidence ” the company may exceed Street estimates due to solid demand among other things.
“We heard that PANW‘s sales execution on the core firewall side of the business has improved and that demand remained solid through July. In addition, commentary leads us to believe that sales of Prisma Access are gaining momentum. And we heard of improved commentary in the U.S. Fed with four large deals closing in late July. As a result, we now have a greater degree of confidence in PANW’s ability to exceed Street estimates in FQ4 and maintain growth in the high teens in the second half of CY20.”
Credit Suisse upgraded Disney to outperform from neutral
Credit Suisse upgraded the stock after the company’s earnings report and said it sees Disney as a coronavirus “recovery play” and said it’s “aggressively positioned” in the streaming market.
“We believe our streaming valuation well supported by Disney+’s performance, likely growth from the 100m new homes being launched the next few months, the announcement of an international general entertainment streaming service launching in 2021, and mgmt announcing another streaming analyst day in a few months (new Disney+ guide, Star strategy/budgets; ESPN’s path to over-the-top). Overall, with new CEO Mr. Bob Chapek now indicating an ‘innovative and bold’ further pivot to streaming, we expect Disney shares to be even more aggressively positioned as a streaming growth story, and eventual COVID recovery play.”