Here are Wednesday's biggest analyst calls of the day: Apple, Boeing, Delta, Eli Lilly & more

Published Wed, Mar 11 20209:33 AM EDT

Key Points

Goldman Sachs added Eli Lilly to its conviction buy list.
Bank of America lowered its price target on Apple to $320 from $350.
Rosenblatt initiated Go Daddy as buy.
Wedbush upgraded American Eagle Outfitters to outperform from neutral.
Wedbush upgraded Abercrombie & Fitch to outperform from neutral.
Argus downgraded Delta Air Lines to hold from buy.
Goldman Sachs lowered its price target on Boeing to $256 from $302.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Goldman Sachs added Eli Lilly to its 'conviction buy list' Goldman Sachs added the drug maker to its conviction buy list and said the company's profile is among the strongest in the U.S. large cap biopharma sector. " LLY 's growth profile is among the strongest in US large cap biopharma, driven by exposure to high growth categories (i.e., GLPs for diabetes) and a number of new product cycles, which coupled with significant margin expansion, limited exposure to near-term LOEs, a favorable US channel mix and a 2.2% dividend yield, positions the stock for continued outperformance this year , in our view." Bank of America lowered its price target on Apple to $320 from $350 Bank of America lowered its price target on Apple and said it now sees a possible delay in the launch of a 5G iPhone. "Our recent call on the impact of Covid-19 highlighted the possibility of a delay in the launch of iPhone SE2 (now likely in C2Q). Our model now assumes zero units of iPhone SE2 for the Mar quarter. The call also highlighted the possibility of a month delay in the launch of the 5G iPhone; however, for now, we continue to model the launch in Sep. The actual launch timing will depend on how production ramps back up in Apr and May." Read more about this call here . Rosenblatt initiated Go Daddy as 'buy' Rosenblatt initiated the internet domain registrar and web hosting company and said it sees a buying opportunity after a 20% correction in the stock over the last month. "Following a 20%+ correction this past month, we see GDDY shares attractively-priced in both absolute and relative terms. While early, we see a platform evolution underway leveraging marketing as a core strategic function for micro businesses and entrepreneurs, which we suspect becomes a strategic business unit for the company longer-term. These initiatives and a refreshed global brand, open GoDaddy to more and deeper customer engagements with high margin products, and growing its mix away from lower margin legacy domain business. We initiate with a Buy rating and DCF-based $88 PT." Wedbush upgraded American Eagle Outfitters to 'outperform' from 'neutral' Wedbush upgraded the lifestyle clothing and accessories retailer and said the stock is "attractive." "We are upgrading shares of American Eagle Outfitters to OUTPERFORM from NEUTRAL and maintaining our price target of $14, which now represents upside of roughly 30% given the market firesale. In our view, negative headlines affecting retail stocks are likely not yet over, but with shares now trading near trough valuation 2008 levels, we see the dynamic teen retailer as an attractive pick." Wedbush upgraded Abercrombie & Fitch to 'outperform' from 'neutral' Wedbush upgraded the lifestyle retailer mainly on valuation. "We are upgrading shares of Abercrombie & Fitch to OUTPERFORM from NEUTRAL and are raising our price target to $16 from $14, which now represents upside of roughly 40% given the recent selloff. In our view, negative headlines affecting retail stocks are likely not yet over, but with shares now trading near trough valuation 2008 levels, we see Abercrombie as an attractive pick, especially considering the recent strong comp sales to start the year with momentum." Argus downgraded Delta Air Lines to 'hold' from 'buy' Argus downgraded Delta and said the airline is unlikely to "recover" until the coronavirus threat passes. "Demand for air travel has plunged due to the coronavirus outbreak, and is unlikely to recover while the virus remains a threat. Delta has suspended all flights to and from China through April 30, and is also cutting service on other international and domestic routes. We are lowering our 2020 EPS estimate to $6.70 from $7.78. Our estimate is below the low end of management's guidance range of $6.75-$7.75. We are also lowering our 2021 estimate to $7.10 from $7.80." Goldman Sachs lowered its price target on Boeing to $256 from $302 Goldman Sachs lowered its price target on Boeing due to the coronavirus outbreak effect on global travel. "While we take no view on the development of COVID-19, we now forecast negative (7.1)% air traffic growth in 2020 reflecting its global impact. We assume 4-5 months of negative air traffic growth in all regions following meaningful growth in confirmed cases, with 1-2 months of little to no growth, before returning to near-trend growth of 5% for the remainder of the year, illustrated in Exhibit 2. We base the decline on a combination of prior demand shocks (primarily SARS, also 9/11 and the financial crisis), reports of traffic growth in China and Asia Pacific and announced capacity rate cuts from global airlines. This results in a sharper peak rate of decline from COVID-19 than each of SARS, 9/11 and '08/'09."

A Delta Airlines Airbus A350 aircraft waits to take off at Beijing airport.

Greg Baker | AFP | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday:

Goldman Sachs added Eli Lilly to its 'conviction buy list'

Goldman Sachs added the drug maker to its conviction buy list and said the company's profile is among the strongest in the U.S. large cap biopharma sector.

"LLY's growth profile is among the strongest in US large cap biopharma, driven by exposure to high growth categories (i.e., GLPs for diabetes) and a number of new product cycles, which coupled with significant margin expansion, limited exposure to near-term LOEs, a favorable US channel mix and a 2.2% dividend yield, positions the stock for continued outperformance this year , in our view."

Bank of America lowered its price target on Apple to $320 from $350

Bank of America lowered its price target on Apple and said it now sees a possible delay in the launch of a 5G iPhone.

"Our recent call on the impact of Covid-19 highlighted the possibility of a delay in the launch of iPhone SE2 (now likely in C2Q). Our model now assumes zero units of iPhone SE2 for the Mar quarter. The call also highlighted the possibility of a month delay in the launch of the 5G iPhone; however, for now, we continue to model the launch in Sep. The actual launch timing will depend on how production ramps back up in Apr and May."