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Wall Street's dramatic market turmoil has stock analysts revising their calls, highlighting companies set to benefit or decline from the coronavirus outbreak.
Oil companies, most notably, face downgrades not only from the public health crisis, but a price war between Saudi Arabia and Russia. Companies that provide cleaning solutions or help consumers who choose to stay at home, are getting upgrades.
Here are the biggest calls on Wall Street on Monday:
SunTrust downgraded Occidental due to the "collapse" in oil prices.
"We believe oil prices are set to collapse to potentially the $20's & stay in the range for a moderate period given a price war that started Saturday when Saudi responded to Russia who Friday balked not only on increasing OPEC+ supply cuts but even extending existing OPEC+ cuts that end in three weeks along with continued oil demand destruction due to COVID19."
Oppenheimer upgraded the food delivery service and said it sees a "tailwind" from the coronavirus as more people work and stay home.
"Upgrading GRUB shares to Perform from Underperform as we believe the impact from COVID-19 will provide a net tailwind. Given more people working from home and the potential to shy away from crowded restaurants, food delivery companies should benefit from an uptick in order frequency, assuming there are no city-wide quarantines (like those enacted in China). We could also see sustained industry-wide online delivery share gains after the impact of the virus subsides. Separately, we believe industry consolidation and capital discipline will be evolving themes for investors, which is bullish for valuations."