Here are Friday's biggest analyst calls of the day: Penn, Apple, Micron, Airbnb, DoorDash & more

Published Fri, Dec 18 20208:20 AM ESTUpdated Fri, Dec 18 20209:10 AM EST

Key Points

Bank of America raised its price target on Penn National Gaming to $101 from $85.
Susquehanna initiated Airbnb as positive.
Susquehanna initiated DoorDash as positive.
Jefferies upgraded Kohl's to buy from hold.
Jefferies upgraded Macy's to buy from hold.
Credit Suisse downgraded Palantir to underperform from neutral.
Bank of America downgraded Discovery and ViacomCBS to underperform from neutral.
Citi raised its price target on Apple to $150 from $125.
Wells Fargo named Micron a top pick in 2021.
JPMorgan named Broadcom a top pick in 2021.
Morgan Stanley named T-Mobile a top pick in 2021.
Morgan Stanley raised its price target on Microsoft to $260 from $249.
Barclays upgraded PulteGroup to overweight from equal weight and downgraded Lennar to equal weight from overweight.
Northcoast initiated McDonald's as buy.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Friday: Bank of America raised its price target on Penn National Gaming to $101 from $85 Bank of America raised its price target to a Street high on the operator of casinos and racetracks on the possibility of new states legalizing sports betting. "However, the launch and growth of new states (MI, VA, TN) and potential legislative progress in others ( NY, OH, MA, CT and Canada) provides an ongoing catalyst path and momentum. As a result, we raise our POs on Buy- rated PENN ." Susquehanna initiated Airbnb as positive Susquehanna initiated the stock with a positive rating and said it was the "category leader" in the "large and growing" short-term rental market. " ABNB created the short-term rental market and is the clear leader in the space. The strong brand has created a powerful flywheel for its two-sided marketplace (guests and hosts) and enables the company to generate the significant majority of its traffic directly, which is unparalleled in the online travel sector." Susquehanna initiated DoorDash as positive Susquehanna initiated the food delivery company and called it a "dominant player with enormous opportunity ahead." "Through its pioneering strategy of non-partner restaurant content, national chain contracts, heavy brand investments, and strong logistics with new vertical opportunities, DASH has taken the online food delivery market by storm." Jefferies upgraded Kohl's to buy from hold Jefferies upgraded the department store retail chain after a transfer of analyst coverage and said it sees "attractive" free cash flow among other things as consumers begin to return to shopping. "As shoppers return to stores in 2021, KSS has the opportunity to reengage & drive deeper loyalty with upgraded merchandising and partnerships; cost tightening in tandem would enable EBITDA recovery more quickly. Attractive FCF, Yield & buybacks as you wait." Jefferies upgraded Macy's to buy from hold Jefferies upgraded the retail department store company after a transfer of analyst coverage and said it sees higher consumer discretionary spending in 2021 among other things. "We believe forcing rotation from mature, low growth brands into a more growth-focused portfolio is a necessary catalyst and as a blue-sky scenario, Macy' s becomes a desirable partner for hyper growth direct-to-consumer brands seeking to roll-out immersive boutique experiences." Credit Suisse downgraded Palantir to underperform from neutral Credit Suisse downgraded the big data analytics company mainly on valuation. "That said, with the stock trading at ~46x EV/CY21 revenue, we see risk/reward skewed to the downside. We raise our TP to $17 from $13 as we tweak our out-year estimates higher to account for more durable Government sector growth, evidenced by a recent FDA contract that builds on Palantir' s works around COVID-19." Bank of America downgraded Discovery and ViacomCBS to underperform from neutral Bank of America downgraded the two media companies on concerns about streaming competition among other things. "We are downgrading VIAC to Underperform as: resumption of scripted content production will weigh on FCF, visibility remains limited on incremental marketing, tech and content spend with Paramount+ rebrand in early 2021, other major studios have accelerated streaming efforts. ... . we are downgrading shares to Underperform as: consumers' appetite for discovery+ remains uncertain and could create cannibalistic headwinds for DISCA channels, a fragmenting media landscape and elevated content budgets will likely make producing 'must-have' content more challenging." Citi raised its price target on Apple to $150 from $125 Citi raised its price target on the stock and said it expects the stock to continue to climb higher in 2021 due to iPhone and Wearables demand among other things. "Our estimate revisions are predicated on stronger-than-anticipated demand across several products including iPhones, Wearables and PCs/Tablets. While December quarter demand is constrained by supply, we believe stronger-for-longer demand for Apple 's products prevail through FY21E as the economy recovers." Wells Fargo named Micron a top pick in 2021 Wells Fargo named the computer memory and data storage company as a top semis pick for 2021 and said it was bullish on the company's opportunity in 5G among other things. "Although shares of MU have had a strong 4Q20 rally we see a deepening positive thesis in DRAM into 2021 driven by the server CPU cycle, 5G content expansion, new game console cycle, and the overall increasing importance of memory in AI/ML-optimized compute architectures." JPMorgan named Broadcom a top pick in 2021 JPMorgan named the semiconductor and infrastructure software products company as a top pick for 2021 and said it sees a strong dividend growth outlook among other things. "Our overall top pick in semis is Broadcom on underappreciated diversification (with datacenter networking/storage accounting for ~25% of revenues), strong FCF generation, and dividend growth outlook." Morgan Stanley named T-Mobile a top pick in 2021 Morgan Stanley named the wireless provider as a top pick and said the company has the right ingredients to be the leader in 5G. "The next year should see T-Mobile take full advantage of its spectrum holdings lead vs peers as it races to deploy a nationwide 2.5 GHz 5G network by the end of 2021, while peers will have to wait for C-Band spectrum to be cleared." Morgan Stanley raised its price target on Microsoft to $260 from $249 Morgan Stanley reiterated the stock as a top pick for 2021 and said it sees "potential outperformance" ahead. "With tough near-term compares already in consensus and the multiple having pulled back to 26X CY22 EPS, we see potential for outperformance in FY21. The durability of growth and margin expansion are underappreciated and keep us Overweight; we highlight MSFT as one of our top picks heading into 2021." Barclays upgraded PulteGroup to overweight from equal weight and downgraded Lennar to equal weight from overweight Barclays downgraded Lennar mainly on valuation but upgraded PulteGroup and said the firm likes the idea of owning home builders overall. "On the stocks, our LEN downgrade is entirely a relative call, as the company continues to fire on all cylinders, but we see less share upside relative to our new OWs, PHM and TMHC, where valuations simply do not reflect 2021 ROEs. Put simply, we like the idea of owning builders when sentiment is this mixed and the fundamentals this strong." Northcoast initiated McDonald's as buy Northcoast initiated the fast food chain as buy and said it sees "growing" consumer demand for "digital, delivery, and drive-thru." "Our bullish outlook focuses on the firm's growth strategy, outlined at last month's Virtual Investor Update. Creative marketing targeting core products and driving omni-channel sales to meet growing consumer demand for digital, delivery and drive-thru should return McDonald' s to global growth relative to 2019."

A view outside a Kohl's store in Miramar, Florida.

Johnny Louis | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Friday: