Here are Thursday's biggest analyst calls of the day: Alphabet, Penn, FedEx, Nikola, Goldman & more

Key Points
  • MKM initiated Chevron as buy.
  • Wedbush downgraded Nikola to underperform from neutral.
  • Baird named Wells Fargo a fresh pick.
  • UBS upgraded Goldman Sachs to buy from neutral.
  • Stifel upgraded FedEx to buy from hold.
  • Baird upgraded Bed Bath & Beyond to outperform from neutral.
  • Macquarie downgraded Penn National Gaming to neutral from outperform.
  • Macquarie initiated DraftKings as outperform.
  • Morgan Stanley raised its price target on Alphabet to $1,800 from $1,760.
  • Oppenheimer upgraded Square to outperform from perform.
  • Needham initiated Tencent Music Entertainment as buy.
Shoppers enter a building housing a Bed Bath & Beyond Inc. store in New York.
Mark Kauzlarich | Bloomberg | Getty Images

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Here are the biggest calls on Wall Street on Thursday:

MKM initiated Chevron as buy

MKM initiated the multinational energy company and said it was bullish on the Chevron's acquistion of Noble Energy which is expected to close in October and expand the company's footprint.

"Cyclically opportunistic, value accretive acquisition of Noble Energy. Chevron is acquiring Noble in an all-stock transaction with NBL shareholders receiving 0.1191 CVX shares for each NBL share. ... .The acquisition should close in early October. The acquisition provides complementary assets in the Delaware Basin and internationally, while establishing a leasehold in the Denver Basin."

Stifel upgraded FedEx to buy from hold

Stifel upgraded the shipper and said it was a "winner" during the pandemic and that its parcel demand outlook was "healthy."

"The big move in FDX off the lows earlier this year has been warranted, in our view, as the world didn't come to an end, and FedEx has shown it is a 'winner' from this odd "pandemic" period. The company reported last week a strong fiscal first quarter- well ahead of Street expectations due to better volume, pricing, and margins. So, here we sit today - international airfreight capacity remains tight, UPS is saying it will be more focused on pricing, and the outlook is healthy for parcel demand. Is it too late to hop on the FDX bandwagon."