Here are Wednesday's biggest analyst calls of the day: Netflix, Amazon, JetBlue, Foot Locker & more

Published Wed, Oct 7 20208:18 AM EDTUpdated Wed, Oct 7 20209:28 AM EDT

Key Points

Jefferies upgraded Anheuser-Busch InBev to buy from hold.
Gordon Haskett upgraded 3M to hold from underperform.
Barclays upgraded American Eagle, Foot Locker, Urban Outfitters and Gap to overweight from equal weight.
Pivotal raised its price target on Netflix to $650 from $600.
Credit Suisse upgraded SiriusXM to outperform from neutral.
JPMorgan upgraded JetBlue to overweight from underweight and United Airlines to overweight from neutral.
Guggenheim named Molson Coors a best idea.
JPM downgraded Southwest to underweight from neutral.
Benchmark raised its price target on Amazon to $3,800 from $3,675.
Citi upgraded Philip Morris to buy from neutral.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Jefferies upgraded Anheuser-Busch InBev to buy from hold Jefferies said in its upgrade of the beverage giant that it sees "market share momentum." "Whilst the crisis is not over given the risk of second waves / further restrictions, we see the world as nearer to the end of the pandemic than the beginning. In our sector note published today, ABI screens favourably with the shares pricing in very limited recovery. ABI is our top pick in bevs with > 30% upside. Bull case could offer 60% upside if growth and deleveraging become visible." Gordon Haskett upgraded 3M to hold from underperform Gordon Haskett said in its upgrade of the stock that it sees a "catch-up" trade as the company's fundamentals improve. "Over the past several months (ie, during the pandemic), 3M 's share price has underperformed vs. several other Multi-Industry names. Our Underperform thesis was predicated on MMM lagging peers in a recovery from peer share price lows earlier in the year, which has played out. In turn, we would not be surprised to see something of a 'catch-up' trade as the company begins to report out better fundamental results." Barclays upgraded American Eagle, Foot Locker, Urban Outfitters and Gap to overweight from equal weight Barclays upgraded a handful of retail stocks on Wednesday and said it sees the companies "materially benefiting" from the sales recovery. "We upgrade four omnichannel retailers and one apparel manufacturer to Overweight: AEO , FL , GPS , URBN , KTB. Using the premise of fixed-cost leverage, we upgrade four omnichannel retailers we believe will materially benefit from sales recovery, as well as KTB, which is both a defensive play on a COVID surge and an offensive play on global growth." Pivotal raised its price target on Netflix to $650 from $600 Pivotal raised its price target on the stock to a Street high and said the compay will remain the "dominant" global player in the video on-demand space for the foreseeable future. "While clearly in 1H'20, NFLX benefited massively from global Covid-19 stay-at-home orders (highlighted by 1H net subscriber additions rising +110% y/y to nearly +26M), our view remains that the unfortunate Covid-19 situation simply accelerated trends already in place (PayTV declines with SVOD benefiting) and NFLX is likely to remain as the dominant global subscription video on-demand player for the foreseeable future." Credit Suisse upgraded SiriusXM to outperform from neutral Credit Suisse upgraded the satellite radio provider and said it sees an "attractive" risk/reward despite looming uncertainty over the Howard Stern contract among other things. "Despite this, shares have underperformed (-21% YTD), as competition fears manifested in the form of Spotify signing Joe Rogan, SIRI acquiring podcast network Stitcher, and the looming Dec 31 end of Howard Stern's contract, while an unexpected management changeover added uncertainty. We now believe shares have absorbed much of these concerns and see an attractive risk/reward opportunity from current levels." JPMorgan upgraded JetBlue to overweight from underweight and United Airlines to overweight from neutral JPMorgan said in its upgrade of JetBlue and United that it sees "upside potential" of 40% in its 2022 recovery forecast. "Based on our significantly-revised earnings forecasts and recent equity performance, four ratings changes emerge. While we wouldn't extrapolate these changes to mean a renewed bullishness for 2021 fundamentals (quite the opposite, in fact), our 2022 recovery forecasts do portend upside potential in excess of 40% for our Overweight-rated names." Read more about this call here . Guggenheim named Molson Coors a best idea Guggenheim named the beverage maker its best idea and said it sees a "favorable" risk/reward for Molson among other things. "We're adjusting our model to incorporate revised 3Q assumptions and the impact on FY21-22 of the recently announced launch of Topo Chico Hard Seltzer and the US expansion of Yuengling. We reiterate our BUY and raise to our Best Idea given 1) we estimate seltzer, including Topo Chico, and Yuengling will add 3-4%top-line growth and 2) the favorable risk-reward. Finally, we expect the board to reinstate the dividend starting 2Q next year with a path to deleveraging below 3x by mid-2021." JPM downgraded Southwest to underweight from neutral JPMorgan downgraded the stock mainly on valuation but said it was still bullish on the airline over the long term. " Southwest remains the airline we can most easily envision emerging from the crisis better positioned than it went in. Attributes include the lack of a meaningful international franchise, an avoidance of hubs, a shorter-haul domestic network than others, and the domestic industry's one true fortress balance sheet. Management's pass on a government loan also portends an earlier return to share repurchases and dividends than for others, in our view. Benchmark raised its price target on Amazon to $3,800 from $3,675 Benchmark raised its price target on the stock and said it thinks the company will be a "material share gainer" during the holiday period and that it also sees an "excellent" entry point. "Even with Target running Target Days simultaneously with the relocated Prime Day(s), we expect Amazon to be a material share gainer this holiday period, while also spreading out/front running some early holiday demand to avoid shipping shortages and incrementally costly last mile delivery methods. We get that timing is challenging but see the recent pullback as an excellent entry point into what we believe is still a multi-year story." Citi upgraded Philip Morris to buy from neutral Citi upgraded the tobacco maker and said it expects the company to beat third-quarter results when it reports on October 16. " PM has said it expects 3Q EPS of $1.36. It doesn't often given quarterly guidance, but in the past when it has, it has always beaten, on average by 12%+. We suspect it will have been especially conservative as COVID-19 has made this quarter especially hard to predict."

Co-founder and CEO of Netflix Reed Hastings attends a red carpet for the Netflix launch at Palazzo Del Ghiaccio on October 22, 2015 in Milan, Italy.

Jacopo Raule | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday:

Jefferies upgraded Anheuser-Busch InBev to buy from hold

Jefferies said in its upgrade of the beverage giant that it sees "market share momentum."

"Whilst the crisis is not over given the risk of second waves / further restrictions, we see the world as nearer to the end of the pandemic than the beginning. In our sector note published today, ABI screens favourably with the shares pricing in very limited recovery. ABI is our top pick in bevs with >30% upside. Bull case could offer 60% upside if growth and deleveraging become visible."

Gordon Haskett upgraded 3M to hold from underperform

Gordon Haskett said in its upgrade of the stock that it sees a "catch-up" trade as the company's fundamentals improve.

"Over the past several months (ie, during the pandemic), 3M's share price has underperformed vs. several other Multi-Industry names. Our Underperform thesis was predicated on MMM lagging peers in a recovery from peer share price lows earlier in the year, which has played out. In turn, we would not be surprised to see something of a 'catch-up' trade as the company begins to report out better fundamental results."

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