Here are Thursday's biggest analyst calls of the day: Netflix, Chipotle, Best Buy, Wendy's & more

Key Points
  • Jefferies initiated Netflix as buy.
  • Credit Suisse upgraded CVS to outperform from neutral.
  • Evercore ISI upgraded Best Buy to outperform from in line and downgraded Lowe's to in line from outperform.
  • Piper Sandler raised its price target on Chipotle to $1,100 from $850.
  • Stephens upgraded Rent-A-Center to overweight from equal weight.
  • Citi added a positive catalyst watch on LabCorp and Quest Diagnostics.
  • Bank of America downgraded SmileDirectClub to underperform from buy.
  • Evercore ISI upgraded Wendy's to outperform from in line.
  • Susquehanna initiated DraftKings as positive.
  • Needham initiated SurveyMonkey as buy.
A driver unloads merchandise from a delivery truck outside a CVS Health Corp. location in New Rochelle, New York, U.S., on Monday, March 16, 2020.
Angus Mordant | Bloomberg | Getty Images

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Here are the biggest calls on Wall Street on Thursday:

Jefferies initiated Netflix as 'buy'

Jefferies initiated the streaming service and said shares were compelling, among other things.

"We see 3 reasons to Buy NFLX today. 1) Addressable market is vastly underappreciated, providing significant runway for continued double digit sub growth. 2) Improving margins with path to sustained positive FCF. 3) Proven ability to create value under evolving landscape. Near-term choppiness is expected, but we advise buying dips and owning shares LT. $520 PT implies ~40x 21E EBITDA, compelling relative to its growth and well below its peak historical multiple."

Credit Suisse upgraded CVS to 'outperform' from 'neutral'

Credit Suisse said CVS had low valuation and defensive business characteristics.

"We believe Aetna's increasing exposure to the fast-growing MA business and greater than market growth in MA provides support to its valuation. In fact, Aetna's MA market share has increased by 300 bps since the end of 2017 to roughly 11% which compares to market share increases for the two largest MA plans (UNH and HUM, which increased 140 bps and 150 bps, respectively). Further, CVS has remained on track-to-ahead of its synergies, modernization, and transformation initiatives, which could provide future upside."