Here are the biggest calls on Wall Street on Tuesday:
Morgan Stanley said in its downgrade of Micron that the DRAM market is "oversupplied." DRAM is a type of random access semiconductor memory.
"We believe that the DRAM market remains fundamentally oversupplied, and we remain negative longer term; however, global trade tensions and potential supply risks are driving shorter term inventory accumulation, which makes our previous UW rating less actionable. Move to EW."
"We are downgrading PFE shares from OW to EW and lowering our PT from $48 to $40 on a 15% reduction in '20e EPS. Pfizer's planned exit of Upjohn exposes lower-than expected earnings for both the RemainCo (Innovation) business and Upjohn (off patent business being spun to MYL)."
Read more about this call here.
Oppenheimer said in its initiation note of the Chinese digital music company, that it will benefit from "enhanced content leadership."
"TME operates four of the five most popular digital music apps in China with market penetration of over 90%. However, only 4.3% of users subscribe to the company's music service (vs. SPOT's 46%) and 4.8% of its users pay for social entertainment, which provides massive monetization potential. Additionally, TME owns the most comprehensive music content library in China and is investing in its own exclusive content. Although the company faces some near-term sublicensing headwinds, we believe TME will benefit from enhanced content leadership in the long term."
KeyBanc said it sees the video game industry in a "multiyear" growth period.
"We are resuming coverage of the interactive entertainment space with a positive sector outlook and recommend buying ATVI, TTWO, and UBI. We see a neutral risk/reward on EA. We believe the video gaming industry is amid a multiyear growth period, and exposure to the owners of key IP in an era of increasing distribution should be a positive tailwind. The shift to digital is leading to expanding margins, and expanding lifetime of games increases monetization opportunities going forward, in our view."