Here are Thursday's biggest analyst calls of the day: Penn, Spotify, Bed Bath & Beyond, RH & more

Key Points
  • Goldman Sachs upgraded Sanderson Farms to buy from neutral.
  • Jefferies downgraded Churchill Downs to hold from buy.
  • Telsey upgraded RH to outperform from market perform.
  • Credit Suisse upgraded Spotify to outperform from neutral.
  • Rosenblatt initiated Penn National Gaming as buy.
  • Wedbush added Bed Bath & Beyond to the best ideas list.
  • DA Davidson initiated Ulta as buy.
  • MKM initiated Exxon as buy.
The Spotify app on an iPhone.
Fabian Sommer | picture alliance | Getty Images

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Here are the biggest calls on Wall Street on Thursday:

Goldman Sachs upgraded Sanderson Farms to buy from neutral

Goldman said in its upgrade of the poultry producing company that it saw an "increasingly attractive" valuation.

"We upgrade shares of SAFM to Buy from Neutral, with 14% implied upside to our revised $139, 6-month price target ($127 prior). Following notable YTD underperformance , we see increasingly attractive valuation for SAFM in light of near-term poultry market expectations that have already been reset lower, while our above-consensus FY21 EPS estimate suggests a return to a more normalized operating environment in the year ahead."

Jefferies downgraded Churchill Downs to hold from buy

Jefferies downgraded the race track operator and said its valuation is "stretched" among other things.

"CHDN to Hold from Buy, new target $191 vs $161 prior, 1) Some growth opportunities in IL and KY less certain in terms of timing post-COVID, while others remain in our model/target, 2) Digital strategies are more measured and still formative as sports and iGaming activate, 3) Valuation is relevant and stretched, given the growth is in lower value casinos vs Churchill Downs/Derby franchise and digital."