Wall Street analysts see upside in stocks like Amazon ahead of earnings

Key Points
  • Goldman Sachs raised its price target on Amazon to $2,900 from $2,600.
  • BMO upgraded Chipotle to market perform from underperform.
  • Evercore ISI named Disney a top pick.
  • Raymond James downgraded Biogen to underperform from market perform.
  • Citi downgraded Biogen to sell from neutral.
  • Barclays downgraded L Brands to equal weight from overweight.
  • Craig-Hallum upgraded Seagate to buy from hold.
  • Morgan Stanley upgraded Gap to equal weight from underweight.
Jeff Bezos, head of Amazon, can be seen on the fringes of the company's novelties event.
Andrej Sokolow | picture alliance | Getty Images

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Wall Street analysts told clients on Thursday there's still plenty of time to buy stocks like Amazon ahead of earnings. Other calls of the day include Chipotle, Disney, Seagate and more.

Here are the biggest calls on Wall Street on Thursday:

Goldman Sachs raised its price target on Amazon to $2,900 from $2,600

Goldman raised its price target on the stock to a Street high and said the company represents the best risk/reward in the internet sector.

"While the stock has outperformed significantly, we believe the market continues to underestimate the long term value of the Amazon platform as the leader in both the movement of retail online and compute into the cloud, the realization of which is being accelerated by the current crisis along with consumer and enterprise adoption. Therefore, we continue to believe Amazon represents the best risk/reward in the Internet sector and remain Buy-rated (CL)."

Read more about this call here.

BMO upgraded Chipotle to 'market perform' from 'underperform'

BMO upgraded Chipotle and said the risk/reward appears balanced.

"As we shift focus to "re-opening" environment, we provide a plausible range of 2021 (and in select cases FY22) sales/earnings scenarios, as well as revised price targets based on updated valuation thoughts. We upgrade CHUY, CMG, DRI, EAT, and TXRH to Market Perform as our analysis suggests balanced risk/rewards, though, for casual diners, we are not incrementally positive on fundamentals and believe the perception of meaningful incremental upside after the outsized pullbacks is overstated. We believe fast food offers the greatest upside, with WEN increasingly standing out, and prefer WING in fast casual despite resilient performance."

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