Analysts continue to upgrade stocks on market rebound, including Intel, Micron, Goldman Sachs & more

Key Points
  • Bank of America upgraded Micron to buy from underperform.
  • Berenberg upgraded Goldman Sachs and Wells Fargo to hold from sell.
  • Bernstein upgraded Intel to market perform from underperform.
  • Goldman Sachs downgraded Beyond Meat to sell from neutral.
  • Atlantic Equities initiated Walmart as overweight.
  • KeyBanc initiated DuPont as overweight.
  • Argus upgraded Procter & Gamble to buy from hold.
A customer pays for her groceries after shopping at a Walmart store ahead of the Thanksgiving holiday in Chicago.
Kamil Krzaczynski | Reuters

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Wall Street analysts upgraded a bunch of stocks on Thursday as the market continued its rally for the third straight day. The upgraded stocks include Goldman Sachs, Intel, Procter & Gamble and more.

Here are the biggest calls on Wall Street on Thursday:

Bank of America upgraded Micron to 'buy' from 'underperform'

Bank of America double upgraded the stock after its strong earnings report and said it sees new growth opportunities for Micron after the coronavirus crisis passes.

"The post-COVID-19 earnings turnaround could be much stronger than our estimate/consensus if 1H missing 5G phone demand could occur in 4Q20. We tentatively assume the COVID-19 situation will start improving from mid to late April  vs already well controlled in China/Korea.

Berenberg upgraded Goldman Sachs and Wells Fargo to 'hold' from 'sell'

Berenberg upgraded Goldman and Wells Fargo and said it sees "little absolute downside."

"However, with many economies are in lockdown, we expect revenues to fall as rates remain lower for longer and demand for credit and fee-based products declines.  Commensurate with the material reduction in our EPS expectations, we have reduced our price targets across our coverage, on average by 33%. In most instances, this reflects both lower expectations for earnings as well as a higher assumed cost of equity. Despite these material reductions, our ratings remain largely unchanged. In particular, we upgrade our ratings for Goldman Sachs and Wells Fargo to Hold (from Sell)."

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