- Citi opening a negative catalyst watch on Micron.
- KeyBanc upgraded UPS to overweight from sector weight.
- Deutsche Bank upgraded FedEx to buy from hold.
- RBC downgraded Expedia to sector perform from outperform.
- Guggenheim initiated Pinterest as buy.
- Bank of America initiated Virgin Galactic as buy.
- Guggenheim upgraded Snap to buy from neutral.
- Susquehanna initiated Virgin Galactic as positive.
- Bank of America upgraded Chevron to buy from neutral.
(This story is for CNBC PRO subscribers only.)
Here are the biggest calls on Wall Street on Monday:
Citi reiterated its sell rating on the stock ahead of the company's earnings report on Tuesday and said it expects lowered guidance.
"Micron will release F4Q20 results September 29 after market close. We expect the company to report results below guidance of $6.0 billion but in line with our $5.50 billion estimate due to the double dip in DRAM we have written about. As a result, we expect the stock to trade lower and we maintain our Sell rating."
KeyBanc upgraded the shipping company and said it's "uniquely positioned" under its new CEO.
"We upgrade UPS to OW as our preferred way to have parcel/ e-commerce exposure, with a $190 price target. We expect a steady cadence of favorable commentary around yield, efficiency, and capital deployment initiatives from new CEO Carol Tomé, which, combined with secular trends supporting domestic package growth, should aid margins and returns."