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Here are the biggest calls on Wall Street on Thursday:
"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 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)."