Here are Tuesday's biggest analyst calls of the day: Tesla, Micron, Nvidia & more

Key Points
  • Jefferies downgraded Tesla to hold from buy.
  • Nomura Instinet downgraded Nvidia to reduce from neutral.
  • Citi raised its price target on Tesla to $312 from $222.
  • Bank of America downgraded Micron to underperform from buy.
  • Goldman Sachs initiated Reynolds Consumer Products as buy.
  • Stephens downgraded Wayfair to equal weight from overweight.
  • HSBC downgraded Anheuser-Busch Inbev to reduce from buy.
  • Loop upgraded HP to buy from hold.
A booth of Micron Technology at an industrial fair in Frankfurt, Germany.
Kai Pfaffenbach | Reuters

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Here are the biggest calls on Wall Street on Tuesday:

Jefferies downgraded Tesla to 'hold' from 'buy'

Jefferies downgraded the stock mainly on valuation and said it wanted a "clearer" view of the company's battery business model.

"However convinced we are about the Tesla equity opportunity, we still need valuation to be grounded into some visibility on market size and potential profitability. We raise our PT to $800 but neutralize our rating pending a clearer view on the upcoming battery business model. We continue to see Tesla as uniquely engaged in a positive sum-game in the EV transition against legacy original equipment manufacturers facing more severe strategic choices."

Read more about this call here.

Nomura Instinet downgraded Nvidia to 'reduce' from 'neutral'

Nomura downgraded Nvidia and said companies and investors may have underestimated the coronavirus risk.

"While there has been a lot of attention on the supply chain disruptions associated with COVID-19, we think many investors and companies may have underestimated the risk of the current issues impacting electronics end market demand through 2020. ... We think the economic dislocations resulting from the COVID-19 outbreak pose risk to demand in most electronic end markets, though we believe the end markets associated with consumer purchases might have the most potential downside."

Read more about this call here.

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