Here are the biggest calls on Wall Street on Thursday:
MKM said the business messaging service's value proposition was "compelling" in its initiation.
"Slack has evolved into a central repository of information around key corporate workflows such as sales, customer service, hiring and recruiting, accounting and expense management, employee benefits and payroll, and many other functions core to any organization. As more organizations digitize workflows, Slack's value proposition becomes even more compelling as a means to connect employees, applications, and data."
Stifel said in its upgrade note that it would "take advantage" of the pullback in shares of the e-commerce retailer.
"Since Etsy reported second quarter results in early August, shares have declined by ~20% (versus the S&P down 1%). While GMS exceeded expectations in the quarter, revenue came in slightly below estimates due to lower-than-expected seller services revenue. Also, more short-term-oriented momentum investors may have exited positions as the company comps its price increases beginning in 3Q:19. We think concerns are transitory and would take advantage of the pullback in this emerging leader in 3P eCommerce."
Stifel said a recent 12 percent drop has resulted in an attractive entry point for the online home furnishings retailer.
"Wayfair shares have declined by ~12% (versus the S&P 500 down 2%) following the reporting of 2Q:19 results and the closing of an $825 million, 1% convertible debt offering. The shares are now at a compelling entry point and we upgrade our rating to Buy and retain our $150 12- month price target."
WellsFargo says the possibilities of a recession will have an "outsized" negative impact for the homebuilder.
"Importantly, we believe the current equity market volatility and fears of a potential recession will have an outsized negative impact on TOL's highly discretionary customer base relative to the more 'needs' based entry-level buyer. For the TOL story to work, we believe the CA narrative must inflect."
Baird said Wyndham's valuation was "attractive" in its initiation note.
"Our positive view is driven by attractive relative valuation versus other global hotel brands and Wyndham's asset-light, high cash-flow-generating business model, which we view favorably in today's slower-growth and low interest rate environment. The pullback in the stock price provides an attractive entry point for longer-term-focused investors; we believe sentiment and valuation, which are being negatively impacted by weaker-than-expected performance within CorePoint's portfolio, will rebound over time."
Citi said Target will continue to prove that it is a winner in the retail landscape.
"As painful as it is to upgrade a stock after such a move, we want to catch the next 20%, which we believe will be achieved as the company continues to prove to the market that it is a winner in this retail landscape. TGT is demonstrating their investments (which once seemed never-ending) are paying off as comps have been strong, including positive store traffic (rare in retail these days)."