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Here are the biggest calls on Wall Street on Tuesday:
JMP upgraded Tesla to 'outperform' from 'market perform'
JMP said in its upgrade of Tesla that the stock should be more "highly valued" on the 2021 outlook than it is now.
"The recent market-driven pullback provides investors with a good opportunity to enter the stock in our opinion, and a perusal of offerings from competitors suggests that TSLA's market position should continue to be dominant. Interestingly enough, revisions to our 2021 model put us only moderately above consensus, but a look at the longer-term potential for TSLA's growth suggests the stock should be more highly valued on the 2021 outlook than it currently is."
Deutsche Bank upgraded UPS to 'buy' from 'hold'
Deutsche Bank said UPS was one of the most compelling names in its coverage and said the company had significant upside.
"We also note that the spread between UPS's dividend yield and 10yr treasury yield has never been wider at 330bps (vs. 90bps spread average since 2015). At the risk of stating the obvious, we don't know how coronavirus will evolve; but we do know that periods of difficulty and challenge can create dislocations and long-term opportunity. In this context we view UPS as one of the most compelling ideas in our coverage following the recent correction and forecast significant upside as focus eventually moves from transitory headwinds to structural earnings power, with above-mentioned dividend yield providing strong support for equity value."