Here are Tuesday's biggest analyst calls of the day: Lululemon, Microsoft, Goldman Sachs & more

Key Points
  • Wells Fargo downgraded Lululemon to equal weight from overweight.
  • Cowen initiated Slack as outperform.
  • Deutsche Bank reinstated LabCorp and Quest Diagnostics as buy.
  • Wells Fargo raised its price target on Goldman Sachs to $230 from $198.
  • JPMorgan named Sirius XM a top pick.
  • Deutsche Bank raised its price target on PayPal to $183 from $147.
  • Wells Fargo raised its price target on Microsoft to $250 from $205.
  • Odeon Capital upgraded Citi to buy from hold
A Goldman Sachs sign is seen on at the company's post on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters

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Here are the biggest calls on Wall Street on Tuesday:

Wells Fargo raised its price target on Microsoft to $250 from $205

Wells Fargo raised its price target on the stock and said it thinks the company's market cap can top $2 trillion in the next few years as the coronavirus pandemic accelerates a move to the cloud.

"We believe the COVID-19 pandemic has created a Zeitgeist moment for the cloud as a whole— changing CIOs' cloud strategies forever (i.e., a 'no-cloud' strategy has officially become a 'no-go')—from which we expect Microsoft Azure to disproportionately benefit as the 'enterprise cloud.' Our thesis on Azure remains that Microsoft is narrowing the dollar revenue gap to #1 Amazon Web Services (AWS) and widening the gap to #3 Google Cloud."

Read more about this call here.

Cowen initiated Slack as outperform

Cowen said in its initiation of the business online messaging company that the coronavirus and work from home environment are a "major catalyst to accelerate adoption."

"We are modeling 26% billings growth, above consensus at 22%, but we see significant upside potential to our forecasts. Our checks suggest WORK has seen a material uplift in new customer generation & expansion activity, and against a conservative guide, we think a more robust beat & raise will buck recent trends and demonstrate acceleration in market adoption and help drive a re-rate in the stock."