Here are the biggest calls on Wall Street on Monday:
Bank of America lowered its price target on Boeing due to the 737 Max production pause.
"Due to the changes in production schedules as well as commentary by both the supply base and airlines, we are now estimating that the global average (North American and other regions) return to service (RTS) of the 737 MAX will be May 2020 (vs. March 2020 previously)."
J.P. Morgan upgraded the stock to neutral noting a shift toward "fundamentals" but said that litigation over PFAS would remain a concern. PFAS, or per-and poly-fluoroalkyl substances, are a group of synthetic chemicals that have been used in the United States since 1940.
"While partially a valuation call, it's also about sentiment and earnings trends. On sentiment, the secular story for 3M is indeed challenged, and PFAS is a headwind but after a year in which earnings were successively missed and assuming a ~$10-15 B hit for PFAS, current levels seem to be discounting a challenged reality appropriately, and we see less earnings downside versus consensus."