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Here are the biggest calls on Wall Street on Thursday:
Deutsche Bank initiated the cybersecurity company and said it thought that firewall demand would remain "resilient" despite the coronavirus and cloud adoption.
"In our view, the Street is overly pessimistic on the trajectory for Palo Alto Networks' product revenue. We believe Palo Alto Networks has remedied its sales execution issues in firewall that plagued the business in 1H FY20 – n.b. in 1Q FY19 the company altered its compensation plan by offering (an almost unheard of) 3x accelerators for sales of its cloud portfolio over firewall product sales. More broadly, firewall demand is remaining resilient despite cloud adoption and COVID-19, with Check Point and Fortinet's recent 2Q product sales both solid."
JPMorgan reinstated coverage of the lab instrument healthcare company and said it had a portfolio that was "resilient" with coronavirus tailwinds.
"TMO has delivered exceedingly strong performance in 2Q20 that again demonstrates the resiliency of its portfolio and ability to scale up quickly to address COVID-19 opportunities, and we see both durability (given TMO's leading position in PCR and ramping OUS testing demand) and upside (once vaccines/therapeutics start to ramp in 2021/2022) in the COVID-19 tailwinds."