Here are Thursday's biggest analyst calls of the day: Qualcomm, Apple, Disney & more

Published Thu, May 28 20208:24 AM EDTUpdated Thu, May 28 20208:52 AM EDT

Key Points

KeyBanc upgraded Qualcomm to overweight from sector weight.
Imperial downgraded Disney to underperform from in-line.
JPMorgan raised its price target on Apple to $365 from $350.
Credit Suisse initiated KB Home and DR Horton as outperform.
Credit Suisse downgraded Boston Beer to neutral from outperform.
Goldman Sachs initiated Six Flags as sell.
JPMorgan downgraded HP to neutral from overweight.
Citi opened a 90 Day Positive Catalyst Watch on Stanley Black & Decker.
Argus downgraded Tyson Foods to hold from buy.
William Blair upgraded Deere to outperform from market perform.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Thursday: KeyBanc upgraded Qualcomm to 'overweight' from 'sector weight' KeyBanc said in its upgrade that it believes the company will benefit from export restrictions on Huawei's HiSilicon chip unit. "With Huawei unable to procure new silicon internally, we expect QCOM' s Snapdragon chipset will be designed into its flagship 2021 smartphones. While this will require QCOM to obtain a license, we anticipate this will be granted and consistent with the framework the Bureau of Industry and Security outlined protecting national security. Additionally, we anticipate this agreement would be accompanied by a license agreement." Imperial downgraded Disney to 'underperform' from 'in-line' Imperial said in its downgrade of the stock that it has risen "too far too fast" due to "excitement" over the prospects of the theme parks opening. "We are cutting our rating on Disney to Underperform from In-Line and lowering our target price to $105, from a previous target of $107. With DIS shares rising 21.2% over the last four weeks, we think that based on our experience, the stock has risen too far too fast and the performance is due simply to excitement around the prospects of the domestic theme parks re-opening, for which DIS submitted a plan to Orange County (Florida) government officials just yesterday. The stock also saw a notable leg higher on 5/15/20 on the official re-opening of 'Disney Springs' in Florida, which is a small shopping complex and immaterial to the income statement." JPMorgan raised its price target on Apple to $365 from $350 JPMorgan raised its price target on the stock and said it thinks the company's new iPhones are on track to launch in September. "The recent launch of the iPhone SE, with a strong value positioning, is set to expand Apple 's addressable opportunity in emerging markets, particularly in markets like India. In this report, we take a closer look at Apple's opportunity in India, including with the iPhone SE as well as other levers available to the company. In conjunction with this report, we are raising our forecast for iPhone SE volumes led by feedback from the supply chain of stronger traction, which still largely excludes India given recent restrictions on nonessential goods sales in the region, presenting further upside risk to our forecast." Credit Suisse initiated KB Home and D.R. Horton as 'outperform' Credit Suisse said in its initiation of KB Home and D.R. Horton that the builders with the "best entry level positioning" should "outperform" peers in its sector. "We launch with an overall positive view on the US Homebuilding sector as demographic trends such as millennial household formation and net migration patterns, combined with affordability constraints and underbuilding across the US, has created a significant level of pent up demand for affordable single family homes. Builders with the best entry level positioning, most effective strategy to mitigate affordability constraints, and least on-balance sheet land risk will have the most success capturing entry level demand and should outperform the rest of the peer group." Credit Suisse downgraded Boston Beer to 'neutral' from 'outperform' Credit Suisse downgraded Boston Beer mainly on valuation and changed its top pick to Coca-Cola. "We remain positive on the growth outlook for Boston Beer, but believe it to be reflected in today's $6.5bn valuation. SAM shares are up +40% vs. XLP -7% YTD. We no longer expect share outperformance vs. our coverage. We replace it as our top pick with Outperform rated Coca-Cola , $57 TP/ 25% upside. SAM shares historically trade at a 20% EV/EBITDA premium to the XLP. Today, shares trade at an 80% premium. Similarly, SAM shares historically trade at a 60% P/E premium to the XLP – today the premium is 150%." Goldman Sachs initiated Six Flags as 'sell' & Cedar Fair as 'buy' Goldman said "social distancing measures" would "weigh" on "amusement parks' fundamentals for the foreseeable future." "However, we continue to expect a prolonged economic impact on consumer spending which combined with social distancing measures likely weigh on Amusement Parks' fundamentals for the foreseeable future. Within the context of our Gaming, Lodging & Leisure coverage universe, which faces similar uncertainty, amusement parks' positioning is more balanced near-term: they should see relative benefits from being more exposed to drive-to leisure demand, but consumer concerns and social distancing requirements may have a bigger impact based on Google Trends and smartphone application downloads. To capture alpha in the group amidst such uncertainty, we take a balanced near-term approach, favoring share gainers with exposure to markets more likely to open first (Buy FUN ) relative to those seeing share losses and undergoing new strategic direction (Sell SIX , Neutral SEAS). JPMorgan downgraded HP to 'neutral' from 'overweight' JPMorgan said in its downgrade that it saw a "lack of catalysts" for the stock. "In the context of unprecedented uncertainty it is understandable that the company will delay the planned leveraged buybacks, but absent this catalyst, in our view, there isn't much reason to add to positions in this stock through year-end given tough second half y/y comps for the PS segment, and ongoing declines in the Printer segment. There should be some downside support owing to strong cash-flow prospects and a ~4% dividend yield, and the planned expense containment warrants attention, but for now we think HPQ is stranded in value territory. Price target goes to $20." Citi opened a '90 Day Positive Catalyst Watch' on Stanley Black & Decker Citi opened a positive catalyst watch on the stock and said it saw "possible" upgraded guidance from the company. "We find SWK mgt is scheduled to participate in 4 investor conference events for May-June, vs only 7 for the whole of last year. Mgt highlighted in a recent investor conf that shipment dropped only 25% in the first 7 weeks of the current quarter, vs down 40% during the first 4 weeks. In other words, the sales decline rate narrowed to around 10-20% during the first 3 weeks in May, in our estimation. SWK previously guided sales would fall 35-45% in 2Q20 and 15-30% for full-year 2020. We don't rule out the company possibly upgrading its base-case sales guidance during its 2Q20 results in July." Argus downgraded Tyson Foods to 'hold' from 'buy' Argus downgraded the meat and poultry company and said it expects the company's results to be "hurt" by the coronavirus crisis. "We expect Tyson's FY20 results to be hurt by COVID-19. In response to the virus, TSN will incur costs to reduce volumes, shutdown plants and protect its employees' health and safety. Meanwhile food service sales (about 40% of revenue), which include restaurants, plant and school cafeterias have been hurt by closures. On a more positive note, retail sales (i.e., grocers, convenience stores) are benefiting from the spike in demand that has accompanied shelter-in-place guidelines in the United States." William Blair upgraded Deere to 'outperform' from 'market perform' William Blair said in its upgrade of the stock that it sees earnings doubling in the next "two to three years." "We are upgrading Deere to Outperform from Market Perform, based on our belief that the company should double its earnings over the next two to three years. We believe this will be driven by: 1) a recovery in regional end-markets, specifically for ag from a 2020 COVID-19-driven production trough; 2) benefits from lower cost structure and ongoing programs such as Wirtgen synergies; 3) replacement demand driven by an aging fleet and new product cycles; and 4) AgTech upgrades."

Apple CEO Tim Cook arrives for Apples "The Morning Show" global premiere at Lincoln Center- David Geffen Hall on October 28, 2019 in New York.

Angela Weiss | AFP | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Thursday:

KeyBanc upgraded Qualcomm to 'overweight' from 'sector weight'

KeyBanc said in its upgrade that it believes the company will benefit from export restrictions on Huawei's HiSilicon chip unit.

"With Huawei unable to procure new silicon internally, we expect QCOM's Snapdragon chipset will be designed into its flagship 2021 smartphones. While this will require QCOM to obtain a license, we anticipate this will be granted and consistent with the framework the Bureau of Industry and Security outlined protecting national security. Additionally, we anticipate this agreement would be accompanied by a license agreement."

Imperial downgraded Disney to 'underperform' from 'in-line'

Imperial said in its downgrade of the stock that it has risen "too far too fast" due to "excitement" over the prospects of the theme parks opening.

"We are cutting our rating on Disney to Underperform from In-Line and lowering our target price to $105, from a previous target of $107. With DIS shares rising 21.2% over the last four weeks, we think that based on our experience, the stock has risen too far too fast and the performance is due simply to excitement around the prospects of the domestic theme parks re-opening, for which DIS submitted a plan to Orange County (Florida) government officials just yesterday. The stock also saw a notable leg higher on 5/15/20 on the official re-opening of 'Disney Springs' in Florida, which is a small shopping complex and immaterial to the income statement."