Analysts continue to upgrade stocks like Tesla and eBay on hopes the rebound is for real

Key Points
  • Jefferies upgraded Tesla to buy from hold.
  • Guggenheim upgraded eBay to buy from neutral.
  • Credit Suisse downgraded Zoom to underperform from neutral.
  • Raymond James upgraded Intel to market perform from underperform.
  • Raymond James downgraded Spotify to market perform from strong buy.
  • UBS upgraded Walgreens Boots Alliance to neutral from sell.
  • JPMorgan upgraded Southwest Airlines to neutral from underweight.
  • Wedbush upgraded GoDaddy to outperform from neutral.
  • JPMorgan upgraded Planet Fitness to overweight from neutral and downgraded Starbucks to neutral from overweight.
  • JPMorgan added Ulta to its focus list.
Tesla CEO Elon Musk poses on the red carpet as he arrives for the 43rd "Golden Steering Wheel" awards on November 12, 2019 in Berlin.
Tobias Schwarz | AFP via Getty Images

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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 upgraded Tesla to 'buy' from 'hold'

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 upgraded eBay to 'buy' from 'neutral'

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).