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Here are the biggest calls on Wall Street on Thursday:
Berenberg said in its upgrade of FedEx that it sees the company's free cash flow startingto "improve." The firm also downgraded UPS and said the market is getting too "overexuberant" about e-commerce growth at the shipper.
"We see a divergence in the risk/reward across the sector. We upgrade FedEx to Buy as margins finally reach an inflection point and FCF generation starts to improve, and we remain positive on Deutsche Post (raising our price target again) as we think the pandemic can help close the valuation gap with its US peers. However, we think the market has got overexuberant about e-commerce growth at UPS and so downgrade the stock to Sell.
Baird began coverage of the alternative meat company with an outperform rating and said it was "constructive" on Beyond Meat's growth prospects.
"We model substantial revenue growth over the next several years, driven by increasing distribution (domestically + internationally), increasing velocity per point of distribution, and introduction of new products. We are constructive on BYND's growth prospects given the company's rapidly growing brand equity and large addressable market."