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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 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 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."