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Earnings are starting to reflect the effects of the coronavirus shutdown but Wall Street analysts are still finding stocks to buy. Wednesday's calls of the day include Tesla, Netflix and more.
Here are the biggest calls on Wall Street on Wednesday:
Goldman Sachs said in its initiation of the stock that it sees a "long-term secular growth" story in electric vehicle companies.
"We expect 2020 fundamentals to be very challenging cyclically. While we believe that the companies are generally much better positioned in terms of balance sheets and cash ﬂow than the 2008/2009 downturn, we see broad-based downside to Street estimates for 2020. We therefore suggest that investors be selective with the group and own stocks that we expect to beneﬁt from key long-term secular growth areas like EVs and are now more reasonably valued on an absolute basis. We initiate coverage of TSLA, APTV at Buy and GNTX, VC at Sell."
Read more about this call here.
Pivotal raised its price target on Netflix to a Street high and said the company is cementing its position as the dominant streaming service during the coronavirus pandemic.
"We raised our Netflix global subscriber forecasts materially on likely higher gross subscribers and lower subscriber churn boosted by global consumer "stay at home" orders around COVID-19, which combined with an increase in our terminal year target EBITDA multiple (from 18 to 20X) led to a $65 increase in our YE'20 target price to a Street high $490. We believe the unfortunate COVID-19 situation is cementing NFLX's global DTC dominance partly driven by the incremental content spend that is enabled by their massive and growing subscriber base."