Here are Tuesday's biggest analyst calls: Johnson & Johnson, Boeing, Micron & more

Key Points
  • J.P. Morgan lowered its price target on Boeing to $370 from $400.
  • Morgan Stanley upgraded Johnson & Johnson to overweight from equal weight.
  • Jefferies initiating Madison Square Garden as buy.
  • Wells Fargo raised its price target on Goldman Sachs to $280 from $240.
  • Cowen upgraded Guess to outperform from market perform.
  • Goldman Sachs downgraded Groupon to sell from neutral.
  • Cowen raised its price target on Apple to $325 from $290 .
  • RBC downgraded D.R. Horton to underperform from sector perform.
  • RBC downgraded Lennar to sector perform from outperform.
  • Wedbush upgraded Micron to outperform from neutral.
  • Bank of America added UPS to its "U.S. 1 list."
  • Argus downgraded Yum Brands to hold from buy.
Boeing Chief Executive Dennis Muilenburg speaks during a press conference after the annual shareholders meeting at the Field Museum on April 29, 2019 in Chicago, Illinois. Boeing announced earnings fell 21 percent in the first quarter after multiple crashes of the company's bestselling plane the 737 Max. (Photo by Jim Young-Pool/Getty Images)
Jim Young | Getty Images News | Getty Images

Here are the biggest calls on Wall Street on Tuesday:

J.P. Morgan lowered its price target on Boeing to $370 from $400

J.P. Morgan lowered its price target and said it that even though production of the 737 Max has been halted, the company is still burning over $1 billion a month.

"Boeing's MAX announcement leaves many questions unanswered but that was probably inevitable, given the difficulty of forecasting how the aircraft will return. Some of these questions include 1) the duration of the halt, 2) the production pace post-halt, 3) the timing of re-certification, 4) the delivery pace after reaching that milestone, and 5) how Boeing will support the supply chain during the halt, with uncertainty on these topics leaving a broad range of outcomes for modeling."

Read more about this call here.

Morgan Stanley upgraded Johnson & Johnson to 'overweight' from 'equal weight'

Morgan Stanley said it sees the company's defensiveness returning as well as outperformance in 2020.

"The J&J investment thesis is looking more attractive in 2020 as (1) multiple regulatory actions aimed at controlling pharma pricing are more reflected, (2) Pharma growth likely accelerates in 2020 which historically has lifted the multiple and (3) the portfolio is now more balanced with Consumer stabilizing and MD&D coming off six consecutive quarters of momentum improvement."

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