- JPMorgan downgraded JetBlue to underweight from neutral and United Airlines to neutral from overweight.
- Jefferies upgraded Etsy to buy from hold.
- Baird downgraded Cisco to neutral from outperform.
- RBC downgraded Chevron to underperform from sector perform.
- Wedbush downgraded Micron to neutral from outperform.
- Wedbush raised its price target on Tesla to $1000 from $800.
- Bank of America raised its price target on Alphabet to $1,610 from $1,420.
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Here are the biggest calls on Wall Street on Wednesday:
JPMorgan downgraded JetBlue to underweight from neutral and United Airlines to neutral from overweight
JPMorgan said in its downgrade of JetBlue and United that it didn't think the pace of the current rally in airline stocks could last much longer.
"First, TSA recovery rates are likely to moderate this fall as corporate demand inadequately backfills pent-up summer leisure travel. Second, valuations beginning to stretch for some. Third, Treasury loan decisions are believed to be imminent, and may prove the last easily identifiable near-term catalyst, potentially followed by dilutive equity raises. Lastly, to the extent that bolstered summer schedules helped stoke the recent rally, we worry as to the market's reaction should airlines begin trimming autumnal schedules once they become responsible for labor costs and furlough activity crescendoes."
Read more about this call here.
Jefferies upgraded Etsy to buy from hold
Jefferies upgraded the e-commerce website as more consumers flock to online shopping and "nesting" at home.
"We see home nesting dynamics and repeat purchases from face mask sales driving higher long-term gross merchandise sales growth. This additional demand boosts ETSY's importance to sellers and enhances its ability to pursue another fee increase, a tailwind we now incorporate into our Base Case valuation framework. We also believe the benefits of Offsite Ads are not adequately captured by consensus estimates."