(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street chatter. Please refresh every 20-30 minutes to view the latest posts.) An electric vehicle maker and an enterprise tech name were among the stocks being talked about by analysts on Wednesday. Piper Sandler raised its price target on Tesla to $310. Meanwhile, Barclays upgraded Hewlett Packard Enterprise to overweight. Check out the latest calls and chatter below. All times ET. 6:01 a.m.: JPMorgan upgrades Brazilian oil giant to overweight Petrobras stands out amongst its Latin American oil peers, JPMorgan said. The firm upgraded shares to overweight from neutral and raised its price target on U.S.-traded shares to $19 from $16.50. The new price target indicates shares could rally around 28% from Tuesday’s close. Despite JPMorgan becoming more conservative on the broader oil backdrop, Petrobras appears promising thanks to its reputation as a low-cost producer, said analyst Rodolfo Angele. “While we remain concerned with potential strategic shifts eventually lowering FCF in the future through higher capex or M & A, it is undeniable that the company will be able to deliver attractive FCF yields even in a scenario of lower oil prices. The fact that the Brazilian government has a fiscal issue aligns interests of controlling and minority shareholders especially in the short term,” Angele wrote in a research note on Wednesday. The analyst also believes Petrobras’ dividends could come in much higher than the minimum — “potentially as high as the company’s free cash flow yields,” or 19%. Shares inched higher 1.2% Wednesday premarket. Year to date, the stock is down 7%. — Hakyung Kim 5:42 a.m.: Piper Sandler raises price target on Tesla Piper Sandler thinks Tesla may sell more vehicles than the firm previously expected. Analyst Alexander Potter raised his third-quarter and full-year vehicle delivery estimates for Tesla. With this in mind, he raised his price target on Tesla shares to $310 from $300, signaling about 22% upside from Wednesday’s close. He also reiterated his overweight rating on shares. Potter believes the third quarter could be the best for Tesla’s China business, while the Cybertruck is helping demand in the U.S. “Unlike in other regions, it’s possible to track weekly registration data in China. As a result, we have high conviction that Tesla will deliver 175k+ units in Q3,” Potter wrote in a Monday note. He added: “In the U.S., intra-quarter sales figures are less accurate than they are in China, due to a reliance on third-party estimates. Nevertheless, thanks to Cybertruck, we think a q/q increase is doable.” Tesla shares were last down more than 1% Wednesday in premarket trading. For the year, the stock is up just 2%. TSLA YTD mountain TSLA year to date — Hakyung Kim 5:42 a.m.: Barclays upgrades Hewlett Packard Enterprise Rising demand for artificial intelligence servers will boost Hewlett Packard Enterprise shares, according to Barclays. The bank upgraded the enterprise tech company to overweight from equal weight. Its price target of $24, up from $20, points to 27.1% upside. “We believe that HPE will continue to grow its AI server revenues, improve in storage, and we like the accretion from the [Juniper Networks] deal,” analyst Tim Long wrote. HPE agreed to buy Juniper Networks for about $14 billion. The acquisition is expected to close before year-end. “We are seeing early signs of an enterprise recovery and believe HPE is one of the best ways to invest in this emerging trend since the stock lacks an AI premium vs. other hardware names,” Long added. HPE has lagged the broader tech sector this year. The stock is up 11.2% in 2024, while the Technology Select Sector SPDR fund has risen 16%. HPE XLK YTD mountain HPE vs XLK in 2024 — Fred Imbert
