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

Published Tue, Sep 22 20207:57 AM EDTUpdated Tue, Sep 22 202010:01 AM EDT

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.

(This story is for CNBC PRO subscribers only.) 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." Bernstein upgraded Amazon to outperform from market perform Bernstein said in its upgrade of the e-commerce giant that it sees an "attractive" entry point after missing the rally since the beginning of the coronavirus crisis. "We undervalued the power of being the sole eCommerce demand aggregator. eCommerce has permanently inflected and everyone is being treated like a winner, but we conclude in our recent work on the sustainability of the shift that Amazon is positioned to increase their dominant share position when the return to physical stores occurs." Read more about this call here . Loop initiated Square and PayPal as buy Loop said in its initiation of Square and PayPal that the companies are poised to benefit due to the "robust growth" in the digital payment markets. "We view this high-growth payment group more favorably than the acquirer space, leaning into a multi-faceted opportunity set across consumers and merchants. ... .Ecommerce has been the 'it' business in the payments space. Even before the crisis began, ecommerce and mobile were expected to be a tailwind for payments companies. We looked for robust growth in both areas, making up an increasingly larger portion of retail sales and providing a growing revenue opportunity for payment processors. Goldman Sachs upgraded Carvana to buy from neutral Goldman said in its upgrade of the online used card retailer that it should benefit in the shift to digital shopping in a "highly fragmented" market. "We see a long runway for growth in this category, and believe valuations have over-corrected for VRM and CVNA as our gross proﬁt estimates have moved higher. We continue to see dynamics surrounding COVID-19 accelerating the shift online in used autos, but beyond that we expect Carvana and Vroom to drive the shift online by leveraging national scale to aggregate demand in a highly fragmented market and take share from the long-tail of small dealers and peer-to-peer market."

A sign is posted outside of the PayPal headquarters in San Jose, California.

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(This story is for CNBC PRO subscribers only.)

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."