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Here are the biggest calls on Wall Street on Friday:
Wells Fargo upgraded the tech giant and said it sees a "compelling" risk/reward.
"We're upgrading Apple to Overweight; maintain PT at $315 (19x EV/EBIT on C2022 est.) While it is still admittedly difficult (impossible) to gauge the fundamental impact Apple may realize from the COVID-19 outbreak, at current levels we think shares offer a compelling risk / reward for long-term patient investors (see risk / reward scenario on pg. 3). Put simply, over the next 12-24 months (i.e., valuation based on C2022 est.) we think Apple can drive EPS back to $15/sh.+ (we now model C2022 EPS at $15.87/sh.) and sustain +$40B/annum FCF."
Read more about this call here.
UBS downgraded the two stocks as the coronavirus are causing airlines to cut capacity.
"Following the latest round of updates by airlines execs and incremental overnight transatlantic restrictions announced, we updated our estimates/price targets and also lowered our Buy ratings on JBLU and UAL to Neutral. Capacity cut commentary by airline CEOs was welcomed as grounding for some assumptions, but the true grounding seems impossible with govt restrictions for containment incremental to their commentary less than 48hours later. (We are looking for 2Q industry capacity down 10%+.) We remain in the early days of fundamental pressures being built into estimates."