- Bernstein is upgrading Beyond Meat to outperform from market perform.
- Raymond James is downgrading Charles Schwab to market perform from outperform.
- Goldman Sachs removed Under Armour from the conviction buy list.
- UBS is upgrading Symantec to buy from neutral.
- Mizuho is upgrading NXP Semiconductors to buy from neutral.
- Cantor Fitzgerald is upgrading Amgen to overweight from neutral.
- Vertical Research Partners is initiating Virgin Galactic as buy.
Here are the biggest calls on Wall Street on Tuesday:
Bernstein upgraded the alternative meat company and said it sees a risk/reward "skewed towards the upside" after the company's IPO lock-up expiration.
"Beyond Meat's stock price plunged from ~$148 in early October to ~$100 ahead of the IPO lock-up expiry and further declined to ~$80 after the lock-up expired on October 29. While the stock could remain volatile due to more insider / pre-IPO shareholder selling in the coming days, we believe the risk/reward skews towards the upside at the current level."
Read more about this call here.
Raymond James downgraded the stock and said it was not convinced that the company could "meaningfully pivot" towards an advisory-type business model.
"We are not sold on the notion that Schwab can meaningfully pivot towards a more advisory-type business model in a zero commission world. Furthermore, while Schwab enjoys the most scale and arguably best competitive positioning in the industry, it also is highly levered to interest rates and is an unlikely acquisition candidate due to its size. As a result, we believe there are more attractive valuations within the online brokerage industry."