(This is CNBC Pro’s live coverage of Wednesday’s analyst calls and Wall Street talk. Please refresh every 20-30 minutes to see the latest posts.) Among the companies the analyst talked about on Wednesday were a major U.S. bank and a consumer goods company there was also . Goldman Sachs downgraded Morgan Stanley from buy to neutral. Meanwhile, Jefferies has upgraded Williams-Sonoma to buy on hold. Check out the latest calls and chats below. ET all times. 6:12 am: Bank of America downgrades Novartis Bank of America takes a sideline on Novartis as it sees fewer catalysts for growth ahead. “Our previous Buy thesis, based on both the expected EPS beat and understated PIII data catalysts, developed as expected,” analyst Graham Parry said. The firm downgraded the Swiss pharmaceutical company to buy and lowered its price target for the stock to $130 from $135. BofA’s forecast calls for a rise of more than 11% from Tuesday’s close. “While our 2028 EPS is still around 16% ahead of consensus, we now see less room to beat 2024/2025 earnings,” the analyst said. Parry added that potential headwinds going forward include a slowdown in the company’s pulse, which was evident in recent quarterly results. Novartis shares added nearly 16% in 2024. — Brian Evans 5:51: Jefferies Upgrades William-Sonoma Jefferies thinks William-Sonoma’s improving margins and expanding market share will lead to earnings going forward. The firm upgraded the home furnishings stock to buy from hold and raised its price target to $156 per share, up from $148. Jefferies’ new forecast represents a more than 19% upside from Tuesday’s close. Analyst Jonathan Matuszewski noted that William-Sonoma holds “hidden gems” in its portfolio, including labels West Elm and Emerging Brands, as well as a business-to-business membership program. The analyst also pointed to a potential tailwind from a housing market recovery in 2025. “These ‘gems’ in WSM’s portfolio are showing great growth regardless of low housing turnover, and we are optimistic about their medium-term trajectory,” Matuszewski said. About 75% of homeowners have less than 5% mortgage interest, he added, “so we don’t expect a sharp increase in turnover, but keep in mind that new construction buyers spend ~5.7 times that of non-move-in owner buyers. Existing construction costs are ~2.9 times that of non-moving owners, and rising costs continue into year 2 of ownership,” the analyst added. William-Sonoma shares are up more than 29% in 2024. WSM YTD mountain WSM this by Brian Evans 5:51 a.m. Investors should stay out of Morgan Stanley, downgrading his $105 price target from $122 on Wednesday up just 8.7% from the evening close.” MS has a best-in-class investment bank with significant share over the past decade, and a leading wealth management platform, both of which have contributed to strong revenue improvement. “However, as we move further into the investment banking cycle, we see other names benefiting more,” Ramsden said. we see This is largely due to a slowdown in liquidity sorting and continued pressure on asset yields as rates fall,” he added. Morgan Stanley shares are up just 3.6% year-to-date. It’s up 11.1% over the past six months. MS YTD mountain AD to date — Fred Imbert
