- B Riley FBR upgraded Crocs to buy from neutral.
- Deutsche Bank initiated Jack in the Box as buy.
- Stifel upgraded Starbucks to buy from hold.
- Citi upgraded Gap to buy from neutral.
- Bernstein raised its price target on Chipotle to $1,600 from $1,300.
- MKM upgraded L Brands to buy from neutral.
- Cowen reinstated Smith & Wesson as outperform.
- Cowen raised its price target on Apple to $530 from $470.
- UBS raised its price target on Facebook to $330 from $242.
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Here are the biggest calls on Wall Street on Tuesday:
B. Riley FBR said in its upgrade of the clog shoe manufacturer that it thinks consumers will keep looking toward "value-oriented" footwear like Crocs as the coronavirus continues.
"Our store checks indicate expanded shelf space at retail, higher Y/Y search interest, and an increase on crocs.com web traffic. Our price target represents 20x our FY21 EPS estimate, which is still below the 5-year average of 24x which we believe is justified given the improving sales trends back to pre-COVID levels as we expect consumers continuing to prefer comfortable and value-oriented footwear for at-home learning and work.
Deutsche said in its initiation of the fast food chain that it sees more upside in the stock and that Jack in the Box has the right management team and is a beneficiary of the coronavirus crisis.
"Led by a new CEO, and potentially aided by COVID-related industry opportunities, the resumption of consistent domestic net unit growth represents a potential bull case scenario, but we don't think investors need to underwrite this at this time to participate in upside between now and when investors might have more clarity on the development front."