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Analysts are starting to say it's time to buy defensive stocks like Walmart, P&G & more in Tuesday's calls of the day

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Key Points
  • Oppenheimer upgraded Walmart to outperform from perform.
  • Deutsche Bank upgraded Procter & Gamble to buy from hold.
  • Needham initiated Zoom as buy.
  • Evercore ISI upgraded Pepsi to outperform from in line.
  • Bernstein upgraded JD.com to outperform from market perform.
  • MKM upgraded Boston Beer to buy from neutral.
  • MKM upgraded Electronic Arts to buy from neutral.
  • Cowen upgraded Square to outperform from market perform.
  • Bank of America downgraded Royal Caribbean to underperform from neutral.
  • Wedbush added Facebook, Amazon and Peloton to the best ideas list.
A customer pays for her groceries after shopping at a Walmart store ahead of the Thanksgiving holiday in Chicago.
Kamil Krzaczynski | Reuters

(This story is for CNBC PRO subscribers only.)

Wall Street analysts are recommending staple stocks as uncertainty from the coronavirus pandemic continues to grip the market. A slew of companies received upgrades on Tuesday including Walmart, Procter & Gamble and more.

Here are the biggest calls on Wall Street on Tuesday:

Oppenheimer upgraded Walmart to 'outperform' from 'perform'

Oppenheimer said the company is well-positioned in an uncertain economic backdrop.

"Given shares now pulling back 11% since March 10th (vs. a 17% decline in the S&P 500), we view a slightly more accommodative valuation coupled with the potential for still attractive relative financial delivery to drive outperformance from here. As we look forward, we believe the company is well positioned to still deliver on financial targets, and shares could benefit from money flows shorter-term as investors likely continue to seek safety in a more uncertain global economic backdrop. As we have written about previously, grocers have clearly benefited from consumer stock-up activities lately. In our updated food retailing/discounter coverage, we rank COST and DG as our top picks followed by WMT."

Deutsche Bank upgraded Procter & Gamble to 'buy' from 'hold'

Deutsche upgraded the stock and said it's attractively defensive.

"We upgrade PG to Buy today (estimates and price target of $130 unchanged— noting multiple prior EPS tweaks over the past month1 ) for several reasons. For one thing, the stock remains attractively defensive in a still-volatile and uncertain market (PG down -14% over the past month vs. the S&P 500 -29%). However, we also see PG as highly capable of outperforming investors' fundamental expectations over the next 12 months—driving compelling absolute upside (+20% base case)."

Needham initiated Zoom as 'buy'

Needham initiated the teleconferencing company as a buy said the coronavirus is driving an "enduring acceleration" towards working from home.

"We think Zoom's exceptionally easy to use Meetings product has both enabled and benefited from a LT secular shift towards WFH. We think COVID-19 is driving an enduring acceleration of this shift. In the near-term, our checks confirm significant increases in business activity, esp. in COVID hotspots, which admittedly could be mitigated by delays in closing larger enterprise deals. Independent of COVID, we foresee an inflection in ZM's Phone business in F'21, as ZM embraces the channel and standalone sales of Phone. Net, we think ZM will see upside results throughout the COVID-driven downturn, while being a meaningful beneficiary longer term."

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