Here are the biggest calls on Wall Street on Tuesday:
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 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."