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Wall Street analysts bet on a bottom and upgrade more stocks, including Disney and Beyond Meat

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Key Points
  • Atlantic Equities upgraded Disney to overweight from neutral.
  • Morgan Stanley upgraded Bristol-Meyers to overweight from equal weight.
  • Barclays upgraded Unilever to equal weight from underweight.
  • Argus downgraded Exxon Mobil to hold from buy.
  • MKM upgraded Activision Blizzard to buy from hold.
  • Loop downgraded Wayfair to sell from hold.
  • JPMorgan resumed T-Mobile as overweight.
  • Guggenheim downgraded Disney to neutral from buy.
  • Goldman Sachs upgraded D.R. Horton to buy from sell.
  • DA Davidson upgraded Beyond Meat to neutral from underperform.
  • DA Davidson upgraded Bank of America to buy from neutral.
The Ultimate Disney Fan Event at the Anaheim Convention Center last August.
The Walt Disney Company | Image Group LA | Getty Images

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As investors search for a market bottom, Wall Street analyst continue to find stocks with upside. Thursday's upgrades include Disney, Beyond Meat, Bank of America, Activision Blizzard and more.

Here are the biggest calls on Wall Street on Thursday:

Atlantic Equities upgraded Disney to 'overweight' from 'neutral'

Atlantic Equities said in its upgrade of the stock that the "negative price action" was "overdone."

"Through reference to Disney's past performance during recessions, we are reducing 2021/2022 EPS from $5.91/$6.54 to $4.21/$4.61 respectively as we assume coronavirus issues ease towards the year end but are replaced by a recession. However, with the shares down around 35% since the crisis hit, and with DTC valuations largely unchanged over this period (Netflix is actually up), we believe the negative price action is overdone. We are reducing our 12 month PT from $153 to $119 but upgrading the shares from Neutral to Overweight."

Morgan Stanley upgraded Bristol-Myers to 'overweight' from 'equal weight'

Morgan Stanley upgraded the stock mainly on valuation.

"We view Major Pharma as relatively attractive given its defensive qualities. Companies continue to have solid financial prospects despite some impacts due to COVID-19, offer attractive dividend yields, and can capitalize on lower biotech industry valuations & enhance pipelines via M&A. Upgrading BMY from EW to OW given attractive valuation and pipeline optionality."

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