Here are Tuesday's biggest analyst calls of the day: Apple, Micron, Peloton & more

Published Tue, Jun 23 20208:39 AM EDT

Key Points

UBS raised its price target on Apple to $400 from $325.
Cowen raised its price target on Peloton to $70 from $54.
BMO downgraded Micron to market perform from outperform.
Oppenheimer downgraded Mastercard to perform from outperform.
KeyBanc upgraded J.B. Hunt to overweight from sector weight.
Atlantic Equities upgraded AbbVie to outperform from equal weight.
Berenberg initiated Aaron's as buy.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Tuesday: UBS raised its price target on Apple to $400 from $325 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 Peloton to $70 from $54 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." BMO downgraded Micron to market perform from outperform BMO said in its downgrade of Micron that it sees a more balanced risk/reward. "We are lowering our estimates and are also lowering our target price to $55 from $60. From levels close to book value for the shares, where we saw an opportunity for an out-sized return vs. limited downside, bask-stopped by book value, for a thesis based on positive FCF through the downturn, we now see the risk/reward as a lot more balanced." Oppenheimer downgraded Mastercard to perform from outperform Oppenheimer downgraded the stock and said Visa is more likely to take market share from Mastercard , particularly in Europe. "With V's Europe integration shifting attention from contract adjustments to offense, V is more likely to take market share/ accelerate growth in Europe as momentum builds. Price outperformance at MA vs. V has tracked MA YoY Europe 'local' volume growth. The difference in 'local' cross-border volume growth between MA and V has tracked MA minus V Europe 'local' volume growth. If V can win back share, it stands ready to also accelerate domestic and cross-border spend, a very profitable part of its business." KeyBanc upgraded J.B. Hunt to overweight from sector weight KeyBanc upgraded the shipping company and said it's seeing an increase in import activity. "Our proprietary Ship-to-Shore data projects a notable sequential uptick in June container import volumes at the Port of Los Angeles, which we expect to translate into improved truckload and intermodal volumes through late summer. Further, recent retail sales strength should support re-stocking activity as non-essential business activity resumes. Combined with sustained improvement in spot rates and minimal incremental capacity, we maintain our OW ratings on WERN, KNX, HTLD and MRTN. Indications of increased import activity make us incrementally more constructive on intermodal; we reiterate our OW on HUBG and upgrade JBHT to OW with a $135 price target." Atlantic Equities upgraded AbbVie to outperform from equal weight Atlantic Equities upgraded the biopharmaceutical company and said it sees increased earnings visibility following the company's Allergan acquisition among other things. "Following the AGN acquisition and amid multiple new product cycles, we see increasing post-Humira earnings visibility for ABBV. This, coupled with the lowest government insurance exposure coverage leaves ABBV well-positioned ahead of the US election. At just 8.2x FY21, we see the shares as meaningfully undervalued. We increase our DCF-derived price target to $115 and raise to Overweight." Berenberg initiated Aaron's as buy Berenberg initiated the rent-to-own retail company and said it is well-positioned to outpace growth in the rent-to-own industry. " Aaron's rents electronics, furniture, appliances, and more through its national store footprint. Additionally, the company's Progressive Leasing business works with other retailers to offer lease-to-own solutions. Aaron's has been focusing less on its brick-and-mortar business and more on the higher margin Progressive business in order to drive top-line and bottom-line growth. Overall, we believe Aaron's is in a position to widely outpace growth in the overall rent-to-own industry, while its high margins and strong balance sheet should allow it to return cash to shareholders going forward."

Tim Cook, CEO of Apple, smiles during a demonstration of the newly released Apple products following the launch event at the Steve Jobs Theater in Cupertino, California, September 12, 2018.

Stephen Lam | Reuters

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Tuesday:

UBS raised its price target on Apple to $400 from $325

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."

Cowen raised its price target on Peloton to $70 from $54

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."