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Here are the biggest calls on Wall Street on Tuesday:
UBS raised its price target on the stock and that Apple's fall launch is shaping up to be strong.
"Our supply chain work and UBS' Asia team's procurement model suggests June may be tracking better as strong iPhone SE2 is more than offsetting channel bleed for older models ahead of builds for Fall launch, so we increase our June iPhone estimate from 30MM to 34MM units. For launch, the supply chain is preparing for late Sept launch. ... .We also believe Wearables demand should recover strongly post COVID-19 as consumer discretionary spend shifts from leisure/retail to technology. Lastly, the stock has rallied significantly, but history suggests the stock has consistently outperformed the S&P500 on a 3mo forward basis through the entirely of the summer months."
Read more about this call here.
Cowen raised its price target on the stock to a Street high and said the company is benefiting from the coronavirus pandemic and "marketing & logistics efficiencies."
"PTON is our best 'SMIDCAP' idea despite shares up >75% YTD, as Connected Fitness subs and engagement ramp, further helped by the pandemic, alongside marketing & logistics efficiencies. PTON also benefits from multi-year secular tailwinds behind the connected home fitness trend that PTON is pioneering. We raised FY20 to FY30 estimates and rolled DCF to '21; PT to $70 from $54, maintain Outperform."