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Here are the biggest calls on Wall Street on Monday
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 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."