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Here are the biggest calls on Wall Street on Thursday:
New Street said in its upgrade of the company that it sees "several strong catalysts" for the stock and that expectations for next year are "at least 20% too low."
"We have done a ton of work on Tesla in recent weeks, to the point that we felt the need to "re-initiate" on the name. We have given it a fresh look from multiple angles: the addressable market, the competitive landscape and its upcoming evolution, both from incumbents and new entrants, price, cost and margin trajectories for Tesla, quantifying the energy storage opportunity, understanding how the street will value the stock going forward, etc."
Cowen initiated the fantasty sports betting operator as market perform mainly on valuation and said there is "little room" for regulatory risks.
"The U.S. online sports betting and iGaming opportunity for DraftKings is sizeable and we acknowledge the company's business model carries structural advantages vs. competitors. However, valuation discounts market share leadership at maturity and leaves little room for operational/regulatory risks."