Every weekday the CNBC Investing Club with Jim Cramer holds a “Morning Meeting” livestream at 10:20 a.m. ET. Here’s a recap of Wednesday’s key moments. U.S. stocks were flat Wednesday as Wall Street awaited the Federal Reserve’s latest policy decision. The Fed is widely expected to keep rates unchanged this time around, but investors will be looking for clues on where central bankers see policy going in the months ahead in their so-called “dot plots.” We’re expecting Fed Chair Jerome Powell to be more hawkish during his Wednesday afternoon press conference, given the recent firmness in inflation data and the recent move up in commodities. Nevertheless, we’ll see if a potentially hawkish tilt from Powell has an impact in the market because it shouldn’t be much of a surprise to investors. Meanwhile, Barclays analysts issued a bullish call around Club holding Broadcom . The firm reinstated coverage Wednesday with a buy-equivalent rating, adding the chipmaker is well-suited to capitalize on what it’s calling the “2nd Wave of AI.” Analysts also issued a price target of $1,405 per share, implying roughly 14% upside from Tuesday’s close. “Broadcom should be bought,” Jim said, expressing confidence in the company’s growth prospects due to AI. Investors who are selling Broadcom on Wednesday “are on the wrong side of the trade,” Jim said. Broadcom shares were slightly lower to start Wednesday’s session before bouncing into the green. The Club will be looking out for any announcements from Broadcom’s AI infrastructure event Wednesday afternoon. Analysts at Citigroup downgraded Wells Fargo to hold from buy after the stock’s recent runup, saying the bank’s valuation has become stretched. At the same time, the firm raised its price target on Wells Fargo to $63 per share from $57, citing expectations for higher normalized return on average tangible common shareholders’ equity. It’s hard to argue with analysts on a valuation call, but it also is hardly a thesis-changing…
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