Here are Friday's biggest analyst calls of the day: Bank of America, Apple, L Brands & more

Published Fri, Jan 3 20208:58 AM ESTUpdated Fri, Jan 3 20209:01 AM EST

Key Points

Bank of America raised its price target on Apple to $330 from $290.
RBC raised its price target on Apple to $330 from $295.
Goldman Sachs added Humana to the conviction buy list.
BMO downgraded Bank of America to market perform from outperform.
Bank of America upgraded L Brands to buy from neutral.
Wedbush upgraded Wingstop to outperform from neutral.

Here are the biggest calls on Wall Street on Friday: Bank of America raised its price target on Apple to $330 from $290 Bank of America raised its price target on the company and pointed to ongoing strength in revenue growth. "Current data points suggest continued revenue strength for Apple including continued double digit y/y App store revenue growth, and positive revenue trends suggested by inputs to our proprietary Apple indicator. In our view iPhone demand remains strong and in Oct and Nov Apple increased iPhone channel inventory by about 0.5mn units. We see F1Q20 as a strong quarter and maintain our estimates for F2Q. Longer-term Apple benefits from (1) 5G adoption, (2) strong wearables portfolio, and (3) continued y/y gross profit dollar growth which is favorable for stock price trend." RBC raised its price target on Apple to $330 from $295 RBC Capital raised its price target on the stock and said it sees higher customer interest and satisfaction with current iPhones as well as increasing interest in Wearables. "We raise our near-term estimates, as our social media webscraping analysis, through RBC Elements, indicates higher customer interest and satisfaction with the current-year iPhone lineup, as well as sustained and increasing interest in Wearables (AirPods). In addition, we believe better customer reception and our outlook for the FY21 (5G) lineup warrant a higher multiple, and we raise our price target accordingly." Goldman Sachs added Humana to the 'conviction buy' list Goldman Sachs added the health insurance company to its conviction buy list and said it saw meaningful upward revisions to earnings estimates due to the repeal of a fee on health insurers. "We are adding shares of Buy-rated HUM to the Conviction List given our expectation of meaningful upward estimate revisions to consensus estimates for 2021 and beyond that we expect will occur due to the recent repeal of the health insurer industry fee (HIF), signed into law by President Trump on 12/20/2019." BMO downgraded Bank of America to 'market perform' from 'outperform' BMO downgraded Bank of America mainly on valuation. "We downgrade BAC to Mkt perform from OP on the basis of valuation exclusively; following a valuation re-rating for U.S. large-cap banks over the past three months (which had been long-overdue, in our view), BAC shares now trade at a premium to their long-term historical average. In contrast, C and MS shares still trade at a discount; while the economic backdrop remains supportive for U.S. large-cap banks, we encourage investors to stick with these discounted stocks during the current 'cyclicals rally'." Bank of America upgraded L Brands to 'buy' from 'neutral' Bank of America upgraded the fashion retailer and said it had an inexpensive valuation among other things. "We are upgrading LB from Neutral to Buy; we think its inexpensive valuation, a high dividend yield (6.5%), a strong and growing Bath & Body Works business and the potential for stabilization at Victoria's Secret (VS) make this a compelling investment. BBW is arguably one of the best stories in retail, in our view, with 5-year sales and EBIT CAGRs of 9% and 10%." Wedbush upgraded Wingstop to 'outperform' from 'neutral' Wedbush said it saw outperformance in 2020 from the chicken wings restaurant chain. "We are upgrading shares of Wingstop to OUTPERFORM from NEUTRAL based on our belief that drivers exist to deliver outperformance relative to current expectations in 2020 and beyond. We expect WING's January 16th Investor Day to bring many of these drivers, including non-delivery drivers, into focus. Moreover, we view yesterday's share price weakness due to the announcement of the resignation of COO [Larry] Kruguer as unwarranted."

Brian Moynihan, CEO of Bank of America.

Heidi Gutman | CNBC

Here are the biggest calls on Wall Street on Friday:

Bank of America raised its price target on Apple to $330 from $290

Bank of America raised its price target on the company and pointed to ongoing strength in revenue growth.

"Current data points suggest continued revenue strength for Apple including continued double digit y/y App store revenue growth, and positive revenue trends suggested by inputs to our proprietary Apple indicator. In our view iPhone demand remains strong and in Oct and Nov Apple increased iPhone channel inventory by about 0.5mn units. We see F1Q20 as a strong quarter and maintain our estimates for F2Q. Longer-term Apple benefits from (1) 5G adoption, (2) strong wearables portfolio, and (3) continued y/y gross profit dollar growth which is favorable for stock price trend."

RBC raised its price target on Apple to $330 from $295

RBC Capital raised its price target on the stock and said it sees higher customer interest and satisfaction with current iPhones as well as increasing interest in Wearables.

"We raise our near-term estimates, as our social media webscraping analysis, through RBC Elements, indicates higher customer interest and satisfaction with the current-year iPhone lineup, as well as sustained and increasing interest in Wearables (AirPods). In addition, we believe better customer reception and our outlook for the FY21 (5G) lineup warrant a higher multiple, and we raise our price target accordingly."