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Here are the biggest calls on Wall Street on Tuesday:
Goldman initiated Visa and Mastercard and said it had a "highly favorable" view of payment companies with expandable addressable markets among other things. The firm also added Mastercard to its conviction buy list.
"The companies in the space represent a heterogeneous mix or roughly ﬁve sub-sectors, including payments networks (V, MA), acquirer/processors (FISV, FIS, GPN, FOUR, EVTC, EVOP), ﬂeet/B2B (FLT, WEX), payroll/HCM (ADP, PAYX), and remittance (WU, EEFT). Ultimately, we have a highly favorable view of payments companies broadly, particularly those beneﬁting from secular growth, scale, expanding addressable markets, and those who may ultimately beneﬁt from behavioral changes as a result of the COVID-19 pandemic."
Credit Suisse upgraded the clothing company and said it had "weathered" the coronavirus pandemic better than many of its peers in the sector.
"We think HBI weathered COVID-19 retail closures better than peers—with 50% of its store distribution remaining open during quarantine and new $300m+ masks biz to offset factory deleverage in 2Q. Importantly, our broad based checks suggest basic apparel has been among strongest categories as retail has started to re-open."