Here are Tuesday's biggest analyst calls of the day: Amazon, Square, PayPal, Teladoc & more

Key Points
  • DA Davidson initiated Teladoc as buy.
  • KBW upgraded Allstate to outperform from  market perform.
  • Bernstein upgraded Amazon to outperform from market perform.
  • Loop initiated Square and PayPal as buy.
  • Goldman Sachs upgraded Carvana to buy from neutral.
A sign is posted outside of the PayPal headquarters in San Jose, California.
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Here are the biggest calls on Wall Street on Tuesday

DA Davidson initiated Teladoc as buy

DA Davidson initiated the online telehealth company and said the company is growing at a rapid rate and expanding markets due to the coronavirus pandemic.

"We are initiating coverage of Teladoc Health with BUY rating a $250 price target. This is a pure play software company directly benefiting from COVID-19. As a result the company is growing over 60% organically, and the additions of acquisitions have further expanded markets and provided leverage to popular direct to consumer (DTC) markets. Lastly, relatively conservative guidance for 3Q20 (Sept) sets the company up for a likely beat."

KBW upgraded Allstate to outperform from  market perform

KBW upgraded the auto insurance company and said it sees "profitable growth prospects" in its independent agency channels.

"Although we're cautious overall on personal auto insurers, within the sector, we think the current multiple gap underestimates the strategic benefits of ALL's increasing focus on the independent agency channel and overestimates PGR's 2021E earnings potential as it lowers personal auto rates."