(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 e-commerce name and a well-known food stock were among the biggest stocks talked about by analysts on Wednesday. Goldman Sachs upgraded Shopify to buy from neutral. Piper Sandler, meanwhile, raised its rating on Kraft Heinz to overweight. Check out the latest calls and chatter below. All times ET. 6:06 a.m.: BofA bolsters optimistic outlook on CyberArk exiting conference Bank of America remains bullish on CyberArk following its user conference. Analyst Tal Liani reiterated his buy rating on the software stock and price target of $315. Liani’s target — which appears to be a Street high, per LSEG — reflects the potential for upside of 28.1% from Tuesday’s close. “We remain positive … and believe that newly announced innovations and expansion into complementary identity security end markets support a favorable outlook,” Liani wrote. Liani specifically pointed to the announcement of its CORA AI engine and plans to expand into identity security. He also highlighted more information from the company about its acquisition of Venafi. Liani said it’s become clear that CyberArk is a clear leader in identity security, which he called a “core pillar” of cybersecurity. Broadly speaking, the analyst said the company has a “sound” strategic direction that caters to a large market. Though no financial updates were given at the event, Liani predicted upside on management targets for the 2025 calendar year. It has been a rocky second quarter for the stock with a drop of about 7.5%. Still, shares are higher by more than 12% on the year. CYBR YTD mountain CyberArk year to date — Alex Harring 5:47 a.m.: Morgan Stanley downgrades Box It’s time to move to the sidelines on Box for other software names, per Morgan Stanley. Analyst Josh Baer downgraded shares to equal weight from overweight and shaved $3 off his price target to $32. Still, Baer’s target suggests shares can climb 20.3% from Tuesday’s close. Baer told clients that a dearth of catalysts “take away the urgency to own.” While “optimistic” on Box’s next chapter, Baer said there’s simply more upside potential in other stocks within the coverage area like Docebo and Smartsheet. “We step to the sidelines given lack of near-term catalysts, prolonged macro challenges impacting Box’s seat-based model, continued FX headwinds pressuring growth, and constant competitive overhang,” he wrote in a Wednesday note. This is “all making NT multiple-expansion and positive estimate revisions less likely.” While up less than 4% in 2024, Baer said the stock has outperformed software peers by about 10 percentage points. That follows a significant underperformance from the stock in 2023, however. — Alex Harring 5:41 a.m.: Shopify can rebound nearly 30% after tough year-to-date, Goldman says Investors should pick up beaten-down shares of Shopify , according to Goldman Sachs. Analyst Gabriela Borges upgraded the retail software stock to buy from neutral and raised her price target by $7 to $74. With that increase, Borges forecasts shares can surge 29.8% over the next year from Tuesday’s close. Borges said the stock’s “dislocation” creates an entry-point for traders to hold the “leading” software retail stock. Shares are down more than 24% year to date, which the analyst said is primary due to its investment cycle weighing on margin expansion and mixed spending data. However, she sees reasons to believe those investments can lead to growth in areas like business-to-business and international. “Over the long term, Shopify continues to invest in large adjacencies that in our view have the ability to drive step-function changes in addressable market,” she said. “Given Shopify’s significant technology moat in eCommerce software and share gain across eCommerce cycles, we believe these investments will drive more durable revenue growth at scale.” Shares popped more than 2% before the bell on Wednesday. — Alex Harring 5:41 a.m.: Kraft Heinz gets an upgrade from Piper Sandler The underperformance in Kraft Heinz has created a buying opportunity, according to Piper Sandler. Analyst Michael Lavery upgraded the maker of ketchup and other condiments to overweight from neutral. He also slapped a $42 price target on the stock, implying upside of nearly 17%. “We may be early to upgrade now, given current volume trends, but with visibility on drivers to accelerate momentum in foodservice, we believe valuation is attractive now,” Lavery wrote, referring to the company’s division that sells goods to restaurants and establishments. “Foodservice (a.k.a. Away From Home) is a growth pillar, and KHC has a right to win there, especially in sauces and condiments.” Shares of Kraft Heinz have lagged this year, losing nearly 3%, while the S & P 500 is up 11.5%. KHC YTD mountain — Fred Imbert