Analysts just upgraded a ton of stocks in the wake of the market plunge. Here are the details

Key Points
  • Oppenheimer upgraded Apple to outperform from perform.
  • JPMorgan upgraded General Electric to neutral from underweight.
  • Cowen upgraded Verizon to outperform from market perform.
  • Baird upgraded Western Digital to outperform from underperform.
  • Stifel upgraded Western Digital to buy from hold.
  • Piper Sandler upgraded JPMorgan to overweight from neutral.
  • Guggenheim initiated Casper Sleep as buy.
  • Stephens named Activision Blizzard as a top pick.
  • Argus upgraded American Express to buy from hold.
  • UBS downgraded SmileDirectClub to neutral from buy.
  • Evercore ISI upgraded Southwest Airlines to outperform from in line.
  • Evercore ISI upgraded Twitter to in line from underperform.
Tim Cook, CEO of Apple, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 10, 2019.
Brendan McDermid | REUTERS

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The ongoing fear and market uncertainty is not stopping several Wall Street analysts from stepping in and picking a bottom in their stocks for clients. Analysts upgraded a slew of stocks on Monday morning including Western Digital, JPMorgan, American Express, Southwest Airlines and others.

Here are the biggest calls on Wall Street on Monday:

Oppenheimer upgraded Apple to 'outperform' from 'perform'

Oppenheimer said in its upgrade of the stock that clients should buy the weakness and called the company a "recurring revenue machine."

"Apple has mastered the art to turn technology into deeply personal and indispensable everyday objects from phones to Watch to AirPods. We believe Apple products and services will prove more resilient than competitive products in uncertain times. Additionally, Apple's strong balance sheet offers the company tremendous flexibility to keep the supply chain nimble as well as continuing to support its capital return plan. Given the late stage smartphone adoption and Apple's stronger resistance to competition, we expect temporary shifts of iPhone shipment between product cycles to have an immaterial impact on the stock."

Read more about this call here.

JPMorgan upgraded General Electric to 'neutral' from 'underweight'

JPMogran upgraded the stock and admitted that its previous call was "wrong" saying that free cash flow was higher than the firm expected.

"We are upgrading GE as the spread between our FCF estimate and consensus is narrower after a better than expected '19, helped by less de-risking at GECS than we had thought around which it would take a recession to influence, not our base case. The floor on FCF is higher than we expected, mostly timing, but we also see a ceiling set by simple EBIT, which missed, and where the trend is less positive. Lastly is variable risk, with every ~10% market move and 25 bps move down in rates adding >$10 B to net liabilities. We raise our PT to $8 with our estimates, and we upgrade to Neutral."

Read more about this call here.

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