Here are the biggest calls on Wall Street on Tuesday:
J.P. Morgan said the pet food and products provider was "well positioned" in its new coverage of the stock.
"Chewy is well positioned as the leader in online pet, with multiple growth drivers. Chewy has ~50% share of the online pet market in the US, with top-line drivers supporting 20%+ growth through FY21 including the secular shift online, catalog expansion, Pharmacy (launched July 2018), international expansion, and a services marketplace."
RBC said in its downgrade that it thinks legal and macro issues will continue to "persist."
"We are downgrading 3M from Outperform to Sector Perform as we expect the macro pressures and litigation overhang to persist. After an unsettling string of guidance cuts, 3M's reputation as a defensive, high-quality industrial is eroding. PFAS litigation remains an unquantifiable risk that is likely to worsen as the product liability class actions escalate. Valuation is below its historical range, but shares appear to have de-rated."
Raymond James said it expects a more "balanced" risk/reward from the mobile payment company operator.
"We are upgrading SQ to Market Perform from Underperform as our short thesis from the end of Jan has mostly played out and we now believe the risk/reward is more balanced. Specifically, we had concerns that the magnitude of the top-line beats would likely wane, and more importantly, the deceleration in 2Q19 organic growth could catch some investors by surprise."
J.P. Morgan downgraded Marriott on valuation amongst other things.
"We move MAR to Neutral, from Overweight, as recent share outperformance, peak valuation, an extended cycle and decelerating industry trends all point to diminished upside from here. We want to be clear that this isn't a reflection on the quality of the business model (capital light, fee-based, with steady, solid returns driving high ROICs), or that of management, which is tops in the sector, in our view. MAR's unit growth story remains intact for now but without a path for estimate revisions higher (RevPAR) and peak multiples, we believe risk-reward is more balanced here."
J.P. Morgan said it was looking "incrementally positive" for iPhone shipments in 2020.
"We are now turning incrementally positive on the volume outlook for iPhone shipments in 2020, led by channel checks from our global supply chain and smartphone analysts, which suggest that Apple is likely to pull an additional lever in the form of a refresh of the legacy iPhone SE/iPhone 8 model to address a much more "value" category than it has been used to with its recent launches."
Credit Suisse said it expected better than anticipated user growth.
"We maintain our outperform rating based on the following factors: 1) potential for better-than expected user growth with a revamped Android app; 2) advertising revenue growth acceleration by 2H19 (or earlier) as Snap laps the balance of the reserved/programmatic transition headwinds; 3) Snap is a scarce asset that offers advertisers access to a coveted younger demographic."
Wells upgraded Six Flags on China trade implications and weather amongst other things.
"Despite some potential volatility around the July 24th Q219 print, we believe modest multiple re-expansion will come from potential upside catalysts of (1) improved weather entering the key Jul/Aug months (vs easy comps), (2) likely upward Street revisions to China related estimates relative to our China 2019E/2020E revenue & Adj EBITDA cadence expectations (see 5.15.19 international focused note, why we are above the Street), and (3) improved understanding of tax related cash flow items supporting the dividend/shr repo beyond 2020."
William Blair said it sees shares rising to "$14-$16 or more" in the next 12 months.
"We continue to rate GE Outperform and believe it is likely to materially outperform the market over the next 12 months, during which time we believe the shares could rise to $14-$16 or more. As confidence grows that GE Power's turnaround is likely to be successful and GE's financial leverage continues to improve, we sense confidence in GE's outlook should rise."