Here are Friday's biggest analyst calls: Uber, World Wrestling, Amgen and more

Published Fri, Jan 31 20208:13 AM ESTUpdated Fri, Jan 31 20209:38 AM EST

Key Points

Evercore ISI downgraded World Wrestling Entertainment to in line from outperform.
JPMorgan initiated Uber as overweight.
Guggenheim upgraded PayPal to buy from neutral.
Baird downgraded Amgen to underperform to neutral.
Wells Fargo downgraded Sherwin-Williams to equal weight from overweight.
Jefferies upgraded Deckers to buy from hold.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Friday: Evercore ISI downgraded World Wrestling Entertainment to 'in line' from 'outperform' Evercore cut the stock on uncertainty surrounding management changes announced Thursday after the bell. " WWE unexpectedly announced management changes today after the close, following months of uncertainty surrounding several key strategic and financial initiatives. Specifically, Co-Presidents George Barrios and Michelle Wilson have left the company and the Board of Directors, and CRO / CFO searches have commenced. The press release announcing the changes was vague, with Chairman / CEO Vince McMahon citing "different views on how to best achieve strategic priorities moving forward" as reason for the changes." JPMorgan initiated Uber as 'overweight' JPMorgan said in its view of the ridesharing company that it sees it "driving" towards profitability. " Uber occupies a leadership position in Rideshare and Food delivery in most parts of the world and has rapidly increased its gross bookings from ~$34B in 2017 to an estimated $65B in 2019. We expect upside in Uber shares to be driven by 1) continued US Rideshare rationalization as well as stability in international rideshare markets; 2) product focus as Uber rolls out loyalty products to amplify engagement on the platform; 3) decisive steps being taken to achieve 2021 profitability; and 4) investments in autonomous and other offerings (incl. freight), which provide optionality. With key events like the lock-up behind us, we believe Uber looks attractive at ~3.3x our 2020E Adj. net revenue." Guggenheim upgraded PayPal to 'buy' from 'neutral' Guggenheim said it boosted the stock due to the company's "China initiatives" and PayPal's business strengths. "The reaction to PYPL' s 4Q results and updated outlook was rather muted creating an opportunity for investors, in our view, as we were focused on positive developments that we believe improve the company's outlook. Specifically, we heard about: 1) a transformative acquisition (Honey); 2) a L-T bull case for PYPL as it expands operations in a sizable new market (China); and 3) a strengthening outlook in PYPL's underlying (core) business. Bottom line: risk/reward now looks favorable, valuation looks reasonable, and we expect further share price appreciation from here." Baird downgraded Amgen to 'underperform' from 'neutral' Baird cut the biopharmaceutical company mainly on valuation. " Amgen is a great company and the strong execution in the face of some serious headwinds has been more than reflected in the stock, as the share price recently blew through all time highs. The current premium reflects a level of enthusiasm that just isn't warranted, in our opinion, given the company's stage of maturity." Wells Fargo downgraded Sherwin-Williams to 'equal weight' from 'overweight' Wells Fargo lowered the building materials company on valuation. "Over the past year, we have been buyers of SHW' s equity as we believed the rebound in Housing, company pricing and a significant decline in Raw Materials would drive outsized earnings growth versus the group. Despite an elevated valuation, we believed the company was setting up for a beat and raise 2020 EPS scenario, thereby allowing SHW to grow into its lofty valuation." Jefferies upgraded Deckers to 'buy' from 'hold' Jefferies lifted the footwear designer and distributor and said investors were underestimating the company's Ugg's brand. "After a strong F3Q in which UGG bucked the weather trend and HOKA continued its stellar growth path, we upgrade DECK to Buy. We think investors are still underestimating UGG's growth path, with our data suggesting significant traction among young consumers/men."

WWE SmackDown World Tour

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(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Friday:

Evercore ISI downgraded World Wrestling Entertainment to 'in line' from 'outperform'

Evercore cut the stock on uncertainty surrounding management changes announced Thursday after the bell.

"WWE unexpectedly announced management changes today after the close, following months of uncertainty surrounding several key strategic and financial initiatives. Specifically, Co-Presidents George Barrios and Michelle Wilson have left the company and the Board of Directors, and CRO / CFO searches have commenced. The press release announcing the changes was vague, with Chairman / CEO Vince McMahon citing "different views on how to best achieve strategic priorities moving forward" as reason for the changes."

JPMorgan initiated Uber as 'overweight'

JPMorgan said in its view of the ridesharing company that it sees it "driving" towards profitability.

"Uber occupies a leadership position in Rideshare and Food delivery in most parts of the world and has rapidly increased its gross bookings from ~$34B in 2017 to an estimated $65B in 2019. We expect upside in Uber shares to be driven by 1) continued US Rideshare rationalization as well as stability in international rideshare markets; 2) product focus as Uber rolls out loyalty products to amplify engagement on the platform; 3) decisive steps being taken to achieve 2021 profitability; and 4) investments in autonomous and other offerings (incl. freight), which provide optionality. With key events like the lock-up behind us, we believe Uber looks attractive at ~3.3x our 2020E Adj. net revenue."