(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.) A chipmaker and a lab equipment maker are among the stocks being talked about by analysts on Wednesday. Morgan Stanley raised its price target on Ambarella to $73, implying upside of nearly 40%. Meanwhile, Wells Fargo initiated Thermo Fisher with an overweight rating. Check out the latest calls and chatter below. All times ET. 5:56 a.m.: Wells Fargo initiates Thermo Fisher as overweight As fundamentals improve in the life science tools and diagnostics initiation sector, Wells Fargo lists Thermo Fisher as one of its picks to play the space. The firm initiated coverage of the lab tools maker with an overweight rating and a $670 per share price target. Wells’ forecast implies nearly 10% upside from Tuesday’s close. Analyst Brandon Couillard highlighted the company’s “unmatched scale, breadth,” as well as a “top-notch” management team as among his bull thesis catalysts. Thermo Fischer has the second-highest exposure to the biopharmaceutical sector among stocks in Wells Fargo’s coverage universe. “TMO has stated that they believe more activity is going to start happening outside of China and given that their network is effectively 100% US and Western European, they’re likely to be a beneficiary,” Couillard noted. Shares have advanced 15% in 2024. TMO YTD mountain TMO year to date — Brian Evans 5:56 a.m.: Morgan Stanley raises Ambarella price target Ambarella’s latest quarterly figures have Morgan Stanley hopeful for even more gains ahead. Analyst Joseph Moore raised his price target on the chipmaker to $73 from $67. The new target implies upside of 38% from Tuesday’s close. Ambarella reported a smaller-than-expected loss for the second quarter, along with revenue that exceeded estimates. The company’s third-quarter revenue guidance was also greater than anticipated. Shares rallied 21% in the premarket following the results. AMBA YTD mountain Ambarella year to date “Ambarella posted a strong quarter with an exceptionally bullish outlook,” wrote Moore. “The inventory correction is now mostly behind them, and 2H revenues will reflect actual end market demand.” “While the current economic environment will be a headwind – global auto production will be down this year and enterprise/consumer markets are mixed – the strength of Ambarella’s technology and rising demand for their new inference chips should more than offset those,” he added. This share price pop will be a welcomed one for Ambarella investors. Year to date, the stock is down more than 13%. — Fred Imbert