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The coronavirus continues to cause economic unrest, but Wall Street analysts said on Tuesday that there are several companies poised to take advantage. Calls of the day include Amazon, Walmart, Lyft and more.
Here are the biggest calls on Wall Street on Tuesday:
Jefferies raised its price target on Amazon to a Street high and said the company continues to benefit from the coronavirus crisis and is seeing more rapid growth at its higher margin businesses.
"We believe AMZN is a potential beneficiary of COVID-19, as consumers limit exposure to crowded places and order more in nascent categories like grocery, positively influencing long-term purchase behavior. This is supported by our survey work, which shows AMZN is the only e-commerce retailer we cover seeing a step up in spending from the outbreak (see Take 2 of Survey Reinforces AMZN's Favorable Positioning). In addition, we see long-term op income upside from faster growth at AMZN's higher-margin businesses and continued retail share gains from one-day."
Read more about this call here.
Oppenheimer raised its price target on the retail giant to a Street high and said it should benefit from the coronavirus pandemic as smaller retailers will likely "fold."
"We expect leading players including DG, COST, and WMT to benefit in discretionary categories following the coronavirus as weaker retailers likely fold. Department store and other retailer challenges have been discussed in the marketplace lately. Retail bankruptcies should help to drive more market share transfer over time to the winning platforms and could lead to new brands selling at COST and WMT."