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Here are the biggest calls on Wall Street on Tuesday:
Seaport initiated Mondelez and Kellogg as buy and said it was focused on companies that will come through stronger after the coronavirus crisis passes.
"We are initiating coverage of seven food companies, including ADM, K, MDLZ, and SMPL with a Buy rating; and ANDE, BGS, and TSN with a Neutral rating. The food industry landscape changed dramatically with COVID-19 last March, and there is no recent historical period to even begin comparing how the industry may fare over the next 1-2 years. Therefore, we are focused on companies where earnings projections may appear either significantly under or overstated, and companies that should come through the back end of COVID-19 as stronger entities."
Raymond James said in its initiation of the pharmaceutical company that Bristol Myers has several clininal trial updates coming later this year which could improve the "current growth story."
"Our analysis of the drug portfolio suggests that clinical updates during 2H 2020 could improve sentiment around the current growth story, but may not resolve structural questions regarding long-term growth. Our thesis is predicated on the following key points: 1) pivotal read-out for BMS-986165 in psoriasis during 2H 2020 could set a positive outlook for the potential of the TYK2 franchise to differentiate against the JAK class;"