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Here are the biggest calls on Wall Street on Tuesday:
Evercore ISI added a tactical outperform call on Twitter and said it thinks the company will see user growth momentum that will surprise to the upside.
"At this point, nearly every TWTR investor we speak with is braced for a poor revenue result relative to peers in the 2Q. However, we think user growth momentum will be enough to move shares higher. Tactically, our view is that hedge fund'ss close out shorts and long-only investors prove to be the marginal buyers, as a user growth beat is enough to offset concerns on near-term revenue headwinds. Better than expected users should compound on perceptions of the platform's existing strategic value and lift long-term models following the 2Q print."
Deutsche added a short-term buy on the stock and said it expects the company's inventory position to "improve meaningfully."
"Our channel checks and FL peer and vendor commentary have been favorable on the athletic sector, particularly footwear, as consumers work (giving rise to the sweatpants casual work attire) and workout from home and utilize stimulus (or reallocated entertainment & travel) dollars to purchase the latest fashions. In addition, we believe FL's inventory position will improve meaningfully (was up 20.4% at the end of 1Q) as vendors step in to assist clearing the channel and we also believe FL will be able to speak to progress lowering fixed costs through rent negotiations and other actions on expenses."