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Markets rebounded big this week and analysts see more buying opportunities, including Starbucks and Raytheon

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Key Points
  • Citi resumed Starbucks as buy.
  • JPMorgan upgraded Big Lots to neutral from underweight.
  • Bank of America downgraded Starbucks to neutral from buy.
  • Jefferies downgraded Anthem to hold from buy.
  • Citi resumed coverage of Xerox as sell from buy.
  • UBS downgraded UPS to neutral from buy.
  • Morgan Stanley downgraded Eli Lilly to equal weight from overweight.
  • Nomura raised its price target on Apple to $240 from $225.
  • UBS resumed coverage of Raytheon as buy.
The United Parcel Service Inc. (UPS) logo is displayed on a truck parked in New York.
Michael Nagle | Bloomberg | Getty Images

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Wall Street analysts upgraded a bunch of stocks on Thursday as markets looked to finish off a big week of gains. Thursday's calls of the day include Starbucks, Big Lots, Raytheon and more.

Here are the biggest calls on Wall Street on Thursday:

Citi resumed Starbucks as 'buy'

Citi resumed Starbucks as buy and said it is optimistic that the company can return to growth next year.

"There is no question that COVID-19 has meaningfully pressured SBUX's business on a global basis in recent months. While the company has not updated its guidance to reflect the pandemic, our best estimate at this time is to forecast a 5% drop in FY20 revenues (year-end September) and a ~19% drop in FY20 EPS.  However, we are optimistic that SBUX will return to growth next year, as we forecast 16% revenue growth and 32% EPS growth in FY21. With this note, we are assuming coverage of Starbucks with a Buy rating and an $82 target price.

JPMorgan upgraded Big Lots to 'neutral' from 'underweight'

JPMorgan upgraded the discount retailer on a valuation and on the easing of liquidity concerns.

"With shares off 45% YTD (relative to SPX -15%) trading at 1.1x our FY21 EBITDA (or cheapest in coverage universe), liquidity concerns quelled post transaction with debt-free balance sheet and cash on hand at ~68% of today's market-cap (coverage high), and near-term relative coverage beneficiary of $290B government stimulus - we upgrade BIG to Neutral raising our price target to $21 based on 2.0x our FY21 EBITDA or a 150bps haircut to our "Distressed Retail" valuation bucket."

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