Jim Cramer’s top 10 things to watch in the stock market Wednesday

1. The consumer price index report was always going to determine trading Wednesday, and the cooler-than-expected report we received is a win a for the bulls. U.S. stocks jumped on the report, pointing to a higher open across the board.
2. Melius Research analyst Ben Reitzes has been the hot hand in tech, and he likes Club holding Alphabet‘s generative artificial intelligence updates at its developer conference. Citi is incrementally positive on the stock. Keeps buy rating and $190 price target.
3. Is server maker Dell Technologies the hottest stock in tech? Morgan Stanley goes all in, boosting its price target to $152 a share from $128 and naming the stock a top pick. Analysts’ new earnings projection for the year is 18% above consensus. Can Dell, a major facilitator for Nvidia, be stopped? I don’t think so. Nvidia is a longtime Club name.
4. UBS and a host of other shops lower their price targets on Home Depot after the retailer’s quarterly revenue missed expectations. Makes sense to me. It was not a good quarter for Home Depot, as higher interest rates weigh on do-it-yourself customers.
5. Nextracker, which is on our watchlist of stocks for the Club, surges more than 13% in premarket after a blowout quarter. Guidance was only in-line, and Wells Fargo cuts its price target to $64 a share from $68. I had co-founder and CEO Dan Shugar on “Mad Money” on Tuesday night, and I totally disagree with the price cut. Nextracker makes systems for solar panels to track the sun. Foremost tech company in the space.
6. Gutsy, gutsy call: Wells Fargo has Toll Brothers as its top pick among home builders, lifting its price target on the stock to $150 a share from $142. The stock has been a horse, nearly doubling over the past year, but doing this ahead of the quarter? Without knowing where the bonds are?
7. Citi expects a big sales and earnings beat from Hoka parent Deckers Outdoor next week. Analysts keep their hold-equivalent rating on the stock, but lift price target to $920 a share from $835. The stock closed Tuesday at $882.45. I see a changing of the guard in running shoes. It’s upstarts Hoka and On Holding versus Nike. On Holding receives a few price target bumps after its strong results Tuesday.
8. Bank of America says to be cautious on Snowflake ahead of next week’s earnings report and reduces its price target accordingly to $200 a share from $212. Analysts have a hold rating on the data analytics firm’s stock, which fell on hard times beginning in late February when tech veteran Frank Slootman retired as CEO alongside weaker-than-expected guidance.
9. Another big call: Morgan Stanley sees a favorable setup for Club name Palo Alto Networks into earnings. The same analyst was cautious prior to Palo Alto’s disastrous February print, which sent the stock plunging and into Wall Street’s penalty box. In a piece earlier Wednesday for the Club, we previewed the cybersecurity company’s report in detail.
10. Analysts at Stephens make the odd choice of naming Cheesecake Factory their best idea in restaurants. Mall-based eating. Their price target goes to $50 a share from $45. Analysts cite strong foot traffic trends and a belief that margins will keep expanding. In my weekend column, I explored a number of other winning restaurant stocks.

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