Here are Monday's biggest analyst calls of the day: Goldman Sachs, Apple, GE, Delta & more

Published Mon, Nov 30 20208:00 AM EST

Key Points

Barclays downgraded Slack to equal weight from overweight.
Morgan Stanley downgraded JPMorgan to underweight from overweight.
Morgan Stanley downgraded Bank of America to underweight from overweight.
Morgan Stanley downgraded Goldman Sachs to underweight from equal weight.
Raymond James downgraded Delta to market perform from outperform and Southwest to outperform from strong buy.
Loop upgraded Apple to buy from hold.
Barclays named General Electric a top pick.
Raymond James upgraded United Airlines to outperform from market perform.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Monday: Barclays downgraded Slack to equal weight from overweight Barclays downgraded the online business messaging service and said it sees limited upside for the stock after reports last week that the company could be acquired by Salesforce. "Following the press discussion about a potential Salesforce bid for Slack and the subsequent share price appreciation, we now see limited upside for the shares. We are also mindful of the risk for meaningful downside in case a bid does not materialize. Hence, we feel an Equal Weight rating is a better reflection of the current risk/reward set up." Morgan Stanley downgraded JPMorgan to underweight from overweight Morgan Stanley said the banking giant's conservative financials may limit its gains coming out of a recession relative to other financials. " JPM 's fortress balance sheet and careful credit extension limit both their downside going into a recession and their relative upside coming out of one.Our price target of $142 is based on a 12.5x P/E on our 2023 EPS of $12.47, discounted back one year by 10%, implying 17% upside from here." Morgan Stanley downgraded Bank of America to underweight from overweight Morgan Stanley said in its downgrade of the stock that short term interest rates are a negative catalyst for the big bank. " BAC 's tighter underwriting standards post crisis limit both their downside going into a recession and their relative upside coming out of one. Additionally, lower for longer short term rates imply fewer catalysts near term for BAC, the most rate sensitive name in the group." Morgan Stanley downgraded Goldman Sachs to underweight from equal weight Morgan Stanley said in its downgrade of the investment bank that it sees lower revenue surrounding capital raising activity in 2021. "As market volatility and the urgency around capital raising activity (both equity and debt) subside in 2021, we expect total revenues decline 11% y/y from a strong 2020. GS is already optimized for its current capital requirements driving less excess capital relative to peers." Raymond James downgraded Delta to market perform from outperform and Southwest to outperform from strong buy Raymond James downgraded the two airlines mainly on valuation. "Moreover, unlike its large airline peers, Delta did not dilute shareholders during the current crisis. However, we believe this relative advantage is mostly reflected in shares and see more compelling valuation risk-reward in our Outperform and Strong Buy-rated stocks. ... . Southwest' s relative advantage is further supported by its predominantly U.S. exposure and lower cost structure vs. its larger peers." Loop upgraded Apple to buy from hold Loop upgraded the tech giant and said it sees "upside to consensus" due to the iPhone build and shipment forecasts. " AAPL 's shares have historically outperformed in scenarios of consistent upside to Street forecasts or as negative trends, principally iPhone shipments, stop worsening. Currently, we see a scenario of upside to consensus in near-term iPhone build and shipment forecasts (iPhone 13 build forecasts also look positive relative to consensus) as well as upside to Mac, iPad, and likely AirPod, Watch, and Services sales well into CY21." Barclays named General Electric a top pick Barclays named General Electric a top pick and said it sees the company's free cash flow improving over the next few years. "We estimate Industrial FCF approaches $4bn in 2021/ $6bn in 2022, after outflows in 2020. EBITDA has fallen by ~$6bn in 2020, and we think should rebound in 2021 (~$2bn) alongside a better macro and fixed cost reductions; this should help drive up FCF exc-WK, aside from other items." Raymond James upgraded United Airlines to outperform from market perform Raymond James said in its upgrade of the airline that it sees a compelling risk/reward. " United appears to be taking a different approach from its legacy peers, creating flexibility (e.g., pilot agreement spanning towards the end of 2022 that provides more cost variability, no permanent fleet retirements) to be ready for a faster than anticipated recovery that could lead to market share gains."

David M. Solomon, Chairman and CEO of Goldman Sachs, speaks during the Milken Institute's 22nd annual Global Conference in Beverly Hills, April 29, 2019

Mike Blake | Reuters

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Monday: