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Wall Street analysts upgraded a bunch of stocks on Monday as the market continued its rebound. Upgraded stocks include Tesla, eBay, Planet Fitness, Southwest Airlines and more.
Here are the biggest calls on Wall Street on Monday:
Jefferies said in its upgrade of the stock that it thinks the company's earnings and free cash flow will be supported by "better productivity."
"We upgrade Tesla with $650PT ($800) as the only auto OEM 1) legacy-free, 2) engaged in a +ve EV sum-game, 3) ~doubling market coverage with Model Y and 4) leading the industry's technological transformation. US demand at risk near term from low gas prices but EVs mandated elsewhere and storage critical. Post est. cut (industry scenario), we see Tesla growing volume 25+%, with earnings and FCF supported by better productivity, stable ASPs and ZEV income."
Read more about this call here.
Guggenheim said in its upgrade of eBay that it sees a favorable risk/reward and says the time to buy the stock is now.
"Shares are down 19% YTD and trade at ~8.5x our 2021E EPS; at these levels, and in this environment, we believe the risk/reward is favorable and see both defensive traits and positive catalysts over the next 12 months. Defensive traits include 1) a strong balance sheet, 2) robust cash flow, and 3) ~no inventory risk. Potential catalysts are 1) small business expansion, 2) monetization of Classifieds, 3) a new CEO, and 4) operational enhancements (payments, promoted listings, cost controls).