Here are the biggest calls on Wall Street on Wednesday
Deutsche Bank downgraded the maker of earth movers and construction equipment saying there is a fear of"negative back-log growth."
"We are initiating coverage of Advanced Micro Devices, Inc. with a buy rating and $33 target price, based on approximately 29x our 2021 GAAP EPS estimate of $1.12. We think that AMD's high revenue growth and rapidly improving profitability justify what we consider to be an elevated multiple on an EPS estimate that may still be a fair amount below the company's earnings power."
"We are initiating coverage on Intel Corporation with a Buy rating and a $65 target price, based on 13.5x our 2020 GAAP EPS estimate of $4.85. We think this multiple is appropriate, given our projection of 8-10% long-term sales growth for Intel, with margin expansion and share count reductions potentially driving EPS growth above top-line growth.""We note strengthening fundamentals ahead for URBN using our Davidson Proprietary Data.
"We are initiating coverage of Grubhub with a Buy rating and $95 price target as we believe recent investments will yield more chain restaurant partnerships, attract higher-profit independent operators and drive meaningful growth in EBITDA per order in 2H19. We believe Grubhub is well positioned to capitalize on the booming off-premise trend which is driving nearly all the growth in the restaurant sector.
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