Here are Monday's biggest analyst calls of the day: Micron, Kroger, Nvidia, Gamestop & more

Published Mon, Sep 14 20208:21 AM EDTUpdated Mon, Sep 14 20209:45 AM EDT

Key Points

Goldman Sachs downgraded MGM to sell from neutral.
Needham initiated Overstock.com as buy.
Jefferies upgraded GameStop to buy from hold.
Morgan Stanley initiated Thermo Fisher as overweight.
Goldman Sachs upgraded Micron to buy from neutral.
Bank of America downgraded Kroger to neutral from buy.
Jefferies raised its price target on Nvidia to $680 from $570.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Monday: Goldman Sachs downgraded MGM to sell from neutral Goldman Sachs downgraded MGM and said it expects a "slower" Las Vegas recovery. "While MGM is re-rating off of lows, we see the rally as unwarranted given 1) lower exposure to the outperforming regional segment, 2) only partial ownership of digital, 3) higher exposure to group/convention mix, which we believe will recover slowly; and 4) lowest mobility metrics/highest COVID-19 case count over the past two weeks in areas surrounding its properties thereby increasing the likelihood of incremental restrictions." Needham initiated Overstock.com as buy Needham initiated the internet retailer as buy and said the company is benefiting from the shift to digital retail. "In our view, Overstock is benefiting from external and internal factors that are driving an acceleration in revenue growth and market share gains. The ongoing secular share shift towards digital commerce has accelerated this year, and the home category is benefiting from consumer nesting; we anticipate this will continue." Jefferies upgraded GameStop to buy from hold Jefferies upgraded the video game retailer and said it expects the company to be a big beneficiary of the upcoming "next gen console cycle." "We maintain a disciplined approach to our thesis as the story isn't without risk, but offers asymmetric reward in the near term. Q4 kick-starts the next gen console cycle and we expect GME to win big & early - financing & trade-in options, high attach rates, AAA title line-up, peripherals, CRM and digital value streams are all advantages; costs addressed & cash adequate." Morgan Stanley initiated Thermo Fisher as overweight Morgan Stanley initiated the scientific instrumentation provider and said it has a "best-in-class" resilience and the ability to "meaninfully" outpace peers. "Driven by end market strength and share gains in Biopharma and emerging markets, we expect TMO to meaningfully outpace peers, with diversification and scale embedding best- in-class resilience and flexibility. M & A optionality and durable COVID-19 upside further support our OW thesis." Goldman Sachs upgraded Micron to buy from neutral Goldman said in its upgrade of the stock that it's "well-positioned competitively" among other things. "We upgrade Micron from Neutral to Buy with a price target of $58 (26% potential upside) as we believe 1) ongoing weakness in DRAM and NAND pricing will be short-lived, 2) Micron is well-positioned competitively as it continues to execute on its tech transitions (i.e. 1anm in DRAM and 2nd-gen replacement gate in NAND), and 3) risk/reward on the stock skews positive with our upside case and downside case indicating +183% and -49% potential returns, respectively." Bank of America downgraded Kroger to neutral from buy Bank of America said in its downgrade of the grocery company that valuation is "not likely to expand" and that the Kroger's momentum is "slowing." "While we view KR as a beneficiary of cont'd online grocery gains, we believe momentum is slowing from KR's omni-channel initiatives, & the buildout & scaling of Ocado network is still likely a long way out in terms of proving the strategy's efficacy as a LT delivery solution in the US." Jefferies raised its price target on Nvidia to $680 from $570 Jefferies raised its price target on the stock to a Street high after the company announced it was acquiring Arm Holdings and said it views the deal as "transformative." " NVDA announced it signed a definitive agreement to acquire ARM, subject to regulatory approvals, and expects to close within 18 months. We view the deal as transformative, positioning NVDA not just to capture 80% of the ecosystem value in the data center, but also unify the compute ecosystem between the edge and data center."

Patrick T. Fallon | Bloomberg | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Monday:

Goldman Sachs downgraded MGM to sell from neutral

Goldman Sachs downgraded MGM and said it expects a "slower" Las Vegas recovery.

"While MGM is re-rating off of lows, we see the rally as unwarranted given 1) lower exposure to the outperforming regional segment, 2) only partial ownership of digital, 3) higher exposure to group/convention mix, which we believe will recover slowly; and 4) lowest mobility metrics/highest COVID-19 case count over the past two weeks in areas surrounding its properties thereby increasing the likelihood of incremental restrictions."

Needham initiated Overstock.com as buy

Needham initiated the internet retailer as buy and said the company is benefiting from the shift to digital retail.

"In our view, Overstock is benefiting from external and internal factors that are driving an acceleration in revenue growth and market share gains. The ongoing secular share shift towards digital commerce has accelerated this year, and the home category is benefiting from consumer nesting; we anticipate this will continue."