Here are Wednesday's biggest analyst calls of the day: Roku, Target, Ferrari, Deere & more

Key Points
  • Guggenheim upgraded AutoNation to buy from neutral.
  • JPMorgan added Target to the focus list.
  • Deutsche Bank initiated Roku as buy.
  • Deutsche Bank downgraded Deere to hold from buy.
  • JPMorgan upgraded American Eagle Outfitters to overweight from neutral.
  • Morgan Stanley raised its price target on Ferrari to $265 from $180.
Ferrari Roma
Source: Ferrari

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Here are the biggest calls on Wall Street on Wednesday:

Guggenheim upgraded AutoNation to buy from neutral 

Guggenheim upgraded the new and pre-owned auto retailer on valuation and earnings upside among other things.

"Our positive view is supported by: 1) an attractive valuation, with shares trading at ~8.5x our FY21 EPS, a discount to long-term averages and pre-COVID levels, despite our 2021 EPS forecast being ~40% above 2019 and a much better balance sheet emerging from the crisis (second lowest net leverage position in group after Lithia Motors); 2) earnings upside from capital deployment (buybacks and AutoNation USA standalone used car store expansion), with visibility to $7+ in 2021 EPS (vs $5.78 consensus)"

Deutsche Bank initiated Roku as buy

Deutsche Bank said in its initiation of the digital media player streaming company that it had done an "impressive" job of building out its consumer base.

"Roku is the market leader in the connected TV market, with close to 50% market share of global CTV streaming hours, and is seeing strong growth opportunities as more consumers and advertisers spend time and money on streaming content. The company has done an impressive job building out the largest installed base in the industry and monetizing it through its Platform business, helping transition the company from a lower margin hardware company to a higher margin software/media company."  

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