Here are Wednesday's biggest analyst calls of the day: Alphabet, Dick's, Morgan Stanley & more

Key Points
  • Cowen upgraded Dick's Sporting Goods to outperform from market perform.
  • Barclays raised its price target on PayPal to $199 from $169.
  • DA Davidson upgraded Columbia Sportswear to buy from neutral.
  • Oppenheimer initiated Baxter as outperform.
  • Citi upgraded Clear Channel to buy from neutral.
  • Deutsche Bank raised its price target on Square to $120 from $80.
  • BTIG downgraded PayPal to neutral from buy.
  • JPMorgan downgraded Cheesecake Factory to underweight from neutral.
  • Wedbush downgraded Nintendo to neutral from outperform.
  • DA Davidson upgraded Morgan Stanley to buy from neutral.
  • Barclays downgraded Royal Caribbean and Norwegian to equal weight from overweight.
  • Goldman Sachs raised its price target on Alphabet to $1,775 from $1,425.
Mannequins stand next to merchandise displayed for sale at a Dick's Sporting Goods Inc. store in West Nyack, New York.
Craig Warga | Bloomberg | Getty Images

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Here are the biggest calls on Wall Street on Wednesday:

Cowen upgraded Dick's Sporting Goods to outperform from market perform

Cowen said it sees shares of the stock accelerating as the company's inititiaves towards "customer acquisition and retention" remains above peers.

"Dick's is seeing accelerating share gain, improving allocations and adoption of its e-commerce platform, with e-commerce revenue modeled +150% in Q2:20. Our model is backstopped by consistently improving proprietary survey data. We model $3.90 in FY22E EPS and are raising our price target to $50 and model sustainable dividend growth."

Barclays raised its price target on PayPal to $199 from $169

Barclays raised its price target on the stock to a Street high and said the company is poised to take advantage of the changing of payment models due to the coronavirus crisis.

"COVID-19 is accelerating existing point of sale trends that were already supportive. While the point of sale was  already changing in ways favorable to PYPL, COVID-19 amplified existing trends by creating an  urgency on the part of both merchants and consumers to alter historical payments models  and behaviors. We believe PYPL rightly sees the current environment as a one-time  opportunity, which the company is set to begin capitalizing on sooner than investors expect (i.e., in a matter of months rather than years)."