- Wells Fargo initiated Slack as overweight.
- JPMorgan downgraded Beyond Meat to neutral from overweight.
- Baird upgraded Wells Fargo to neutral from underperform.
- Telsey downgraded Foot Locker to market perform from outperform.
- Evercore ISI upgraded PulteGroup to outperform from in line.
- Deutsche Bank added a catalyst call buy idea on Charles Schwab.
- UBS initiated Uber as buy.
Here are the biggest calls on Wall Street on Tuesday:
Wells Fargo said in its initiation of the instant messaging platform company that shares were at a favorable entry point for investors.
"WORK shares have fallen flat post the company's direct listing and are now down -47% from prior highs vs. the NASDAQ, up 16%. We think bearish sentiment around competition with Microsoft Teams and billings trajectory is now overdone and that even with tough comps ahead, the current setup is favorably skewed, given what we view as reasonable expectations, short interest >20% of current float, and shares now trading at, with Slack still growing revenue >60% YTD."
JPMorgan downgraded the alternative meat company and said it no longer sees a "compelling" valuation.
"We are downgrading the BYND shares to Neutral from Overweight to reflect the more balanced risk/reward outlook in the stock. When the stock was <$75/share just three weeks ago we felt confident in upside potential. But now, with a variety of optimistic news stories baked in and the stock outperforming the SPX by 65% this month, we think it is prudent to head for the sideline once again. We continue to believe Street estimates for 2020-21 are too conservative, but with only 7% upside to our Dec-2020 price target, we no longer see a compelling valuation argument."
Read more about this call here.