Here are Wednesday's biggest analyst calls of the day: Dave & Buster's, Snap, Slack, Peloton & more

Published Wed, Oct 21 20208:08 AM EDT

Key Points

Bank of America upgraded Pinterest to buy from neutral.
KeyBanc raised its price target on Peloton to $160 from $120.
Morgan Stanley downgraded Slack to underweight from equal weight.
Truist upgraded Snap to buy from hold.
Raymond James upgraded Dave and Buster's to strong buy from outperform.
Goldman Sachs upgraded Pinterest to buy from neutral.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday Bank of America upgraded Pinterest to buy from neutral Bank of America upgraded Pinterest after Snap's robust earnings on Tuesday and said it's another sign of "strong" online ad demand and should portend well for Pinterest earnings next week. " Snap announced 3Q results with revenues significantly above the Street, another sign of a strong Online advertising rebound, and suggesting traction for self-serve ad platforms with eCommerce exposure. While we have been bullish on 3Q Online ad sector upside, we have been hesitant on Pinterest's valuation and uneven growth. However, with ad checks highlighting confidence in Pinterest 's strong user intent and ad platform innovation, we are upgrading to Buy." KeyBanc raised its price target on Peloton to $160 from $120 KeyBanc raised its price target on the stock to a Street high and said the company will remain a beneficiary of the coronavirus due to "contraction" in the gym space. "Gym closures/bankruptcies likely improve PTON 's LT secular outlook; we raise our PT to $160. We think investor attention will focus on companies leveraged to a post-COVID-19 reopening, but PTON will remain a beneficiary due to the contraction in the traditional fitness space." Morgan Stanley downgraded Slack to underweight from equal weight Morgan Stanley downgraded the business messaging company due to "heightened" competition among other things. "With CIO survey showing a fading positioning versus an intensifying competitive landscape, Slack remains challenged in proving its differentiation for information worker use cases, while Microsoft Teams/Zoom win an outsized share of the Covid spending rush, risk/reward skews negative." Trusit upgraded Snap to buy from hold Truist upgrade the social media company after the company's strong third-quarter earnings . " SNAP seems to have made it to the other side of the pandemic earlier than thought. 3Q20 results beating on all metrics, led by strength in user growth and monetization (with record number of advertisers + returning advertisers spending more) show that improvements in the app infrastructure and accelerated product cadence for consumers and advertisers over the last two years are bearing fruit." Raymond James upgraded Dave and Buster's to strong buy from outperform Raymond James said in its upgrade of the entertainment and restaurant company that it sees a more "compelling " risk/reward. "We are upgrading PLAY to Strong Buy from Outperform as the company's recently completed high yield note offering effectively shelves (in our view) liquidity and covenant concerns well into 2022. Combined with the company's encouraging sales and business update from last week , we believe this creates an even more compelling risk/reward." Goldman Sachs upgraded Pinterest to buy from neutral Goldman upgraded the stock to buy and said Snap's third-quarter results suggest advertiser demand is strengthening. "We upgrade Pinterest to Buy from Neutral on strong user growth continuing through 3Q, based on current app download data, and expectations for continued monetization improvement. Our field checks, along with Snap's 3Q results, suggest that advertiser demand strengthened over the course of the quarter, particularly for smaller platforms like Pinterest, Twitter, and Snap."

Roberto Machado Noa

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday

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