Here are Monday's biggest analyst calls of the day: Intel, Netflix, Tesla, Zoom & more

Published Mon, Jul 6 20208:27 AM EDTUpdated Mon, Jul 6 20209:11 AM EDT

Key Points

Goldman Sachs downgraded Intel to sell from neutral.
Imperial downgraded Netflix to in line from outperform.
Bernstein downgraded Spotify to underperform from market perform.
JMP raised its price target on Tesla to $1,500 from $1,050.
Citi initiated Harley-Davidson as buy.
Baird raised its price target on Zoom to $300 from $230.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Monday Goldman Sachs downgraded Intel to sell from neutral Goldman said in its downgrade of Intel that it thought the company would be a beneficiary of the work from home environment but recent checks show a "slowdown" in the PC market. "We upgraded the stock from Sell to Neutral on 3/24, as we believed the company would be an outsized beneﬁciary of WFH through its exposure to the PC and server end-markets. With our recent industry checks indicating a slowdown in PC builds in 2H20 and continued share loss for Intel in the client and server CPU markets, we reduce our 2021/2022 earnings estimates to below Street levels and return to a more cautious investment stance." Imperial downgraded Netflix to in line from outperform Imperial downgraded the stock mainly on valuation. "We are lowering our rating on NFLX shares from Outperform to In-Line for the simple reason that the stock has performed consistent with our Outperform rating as measured by pretty much any standard time unit. For the 1Q20 quarter, NFLX shares finished up 14.8%, versus the S & P which finished down 20.6%. Thus far, for 2020, NFLX shares have risen 50.2%, versus the S & P 500, which is down 3.3%. In the last 18 months, shares of NFLX are up 81.6%, versus the S & P 500 which is up 26.1%. The stock is also trading just short of an all-time high, and at a mere 2.5% discount to our price target of $489." Bernstein downgraded Spotify to underperform from market perform Bernstein said in its downgrade of the stock that it didn't think the "The market has added ~$20bn of value to Spotify since the Joe Rogan announcement. We continue to believe it's unlikely Spotify will generate much earnings from podcasts. What we failed to previously appreciate is the logic that, if Spotify succeeds in securing exclusivity on popular podcasts, it may naturally lead to increased share of paid music streaming, if consumers choose to consolidate their listening into one app." JMP raised its price target on Tesla to $1,500 from $1,050 JMP raised its price target on the stock to a Street high and said it thinks Tesla will be a $100 billion company by 2025. "The stock looks expensive on intermediate-term measures. We believe that the question to be considered is not whether the stock is expensive on current valuation measures, but what the company's growth and competitive position signal about the stock's potential for the next several years. We believe that it is reasonable to expect TSLA to be a $100bn company by 2025, shipping ~2.5 million units a year, with our 2021 EBITDA margin estimate of 18% expanding slightly to 20%. It important to note that 2.5 million units is still a small portion of the global auto market, in a world where electrification is accelerating." Read more about this call here . Citi initiated Harley-Davidson as buy Citi initiated the stock as buy and said it sees turnaround "potential" due to the company's new CEO among other things. " Harley is an iconic American brand but even before Covid the company faced headwinds in the US market (65% Sales), including five years of declining sales driven by demographic headwinds and increased competition. The recent stock price collapse reflects a likely further near-term collapse in volumes and margins but gives no credit for the significant turnaround potential under a new CEO. We expect further details at the next earnings report in July. The new CEO, Jochen Zeitz's track record and marketing acumen as CEO of PUMA sporting goods (Germany) augurs well." Baird raised its price target on Zoom to $300 from $230 Baird raised its price target on the stock to a Street high and said its survery checks showed that only a "single-digit" percentage of free users would upgrade to the company's paid service but that it would still be a "boost" to the teleconferencing company. "We surveyed 3,000 consumers in the U.S. to gauge current penetration and the likelihood of converting from free to paid plans. Roughly 45% of respondents claim to have used Zoom , and while only a single-digit percent of free users plan to convert to paid, that could still provide a meaningful boost to enterprise Meetings and Phone revenue, particularly when adding international."

A remote control is seen being held in front of a television running the Netflix application

Jaap Arriens | NurPhoto | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Monday

Goldman Sachs downgraded Intel to sell from neutral

Goldman said in its downgrade of Intel that it thought the company would be a beneficiary of the work from home environment but recent checks show a "slowdown" in the PC market.

"We upgraded the stock from Sell to Neutral on 3/24, as we believed the company would be an outsized beneﬁciary of WFH through its exposure to the PC and server end-markets. With our recent industry checks indicating a slowdown in PC builds in 2H20 and continued share loss for Intel in the client and server CPU markets, we reduce our 2021/2022 earnings estimates to below Street levels and return to a more cautious investment stance."

Imperial downgraded Netflix to in line from outperform

Imperial downgraded the stock mainly on valuation.

"We are lowering our rating on NFLX shares from Outperform to In-Line for the simple reason that the stock has performed consistent with our Outperform rating as measured by pretty much any standard time unit. For the 1Q20 quarter, NFLX shares finished up 14.8%, versus the S&P which finished down 20.6%. Thus far, for 2020, NFLX shares have risen 50.2%, versus the S&P 500, which is down 3.3%. In the last 18 months, shares of NFLX are up 81.6%, versus the S&P 500 which is up 26.1%. The stock is also trading just short of an all-time high, and at a mere 2.5% discount to our price target of $489."