- HSBC upgraded Carnival Cruise Line to buy from hold.
- Stifel downgraded Lyft to hold from buy.
- SunTrust downgraded Conagra Brands to hold from buy.
- Citi downgraded Monster Beverage to neutral from buy.
- BMO downgraded Yelp to market perform from outperform.
- Morgan Stanley resumed AbbVie as overweight.
- Susquehanna downgraded Redfin to neutral from positive.
- Needham raised its price target on Nvidia to $360 from $270.
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Here are the biggest calls on Wall Street on Monday:
HSBC upgraded the cruise company and said it's seeing early "positive" booking trends when the company returns to service in August.
"Carnival's recent USD6.25bn debt and equity raise will allow it to maintain its cUSD1.2bn monthly cash burn till Nov-20. However, Carnival will likely need covenant waivers/ additional financing (as they themselves comment) as return to cruising is pushed out to August. On our analysis, CCL may breach covenants in Q3-20. However, given the recent positive peer data on booking trends (albeit early days and small numbers) and Carnival aiming for a phased return of service from August, we think these factors could improve their booking and customer deposit outlook."
Stifel said in its downgrade of the ride sharing company that it sees a more "balanced" risk/reward.
"In reviewing our investment case for Lyft, we are challenged to continue to recommend shares at this time given the likely slow and uncertain path to recovery for the domestic ridehailing market. We think Lyft is managing as best as possible through this current period and do believe the company can emerge on the other side of this environment as a stronger, leaner company. We continue to support the company given secular growth trends, profit generation potential, and an innovation-focused team, however view shares are more fairly balanced on a risk / reward basis given significant near-term headwinds."