- JPMorgan named Medtronic a top pick in 2021.
- Baird initiated The RealReal as outperform.
- Wells Fargo raised its price target on JPMorgan to $150 from $144.
- KeyBanc raised its price target on Peloton to $185 from $160.
- Oppenheimer upgraded T-Mobile to outperform from perform.
- Loop upgraded Rent-A-Center to buy from hold.
- Oppenheimer named Microsoft a top pick in 2021.
(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Tuesday: JPMorgan named Medtronic a top pick in 2021 JPMorgan named the medical device company as a top pick and said it was expecting a "strong" 2021 due to the company's "robust" pipeline among other things. "With a new CEO, new operating model, and a robust product pipeline, we think all the pieces are in place for Medtronic to deliver a strong 2021. At some point in 2021, we think investors will return to focusing on the key historical drivers of outperformance – accelerating organic sales growth, new product launches, and data catalysts – and Medtronic checks all those boxes." Baird initiated The RealReal as outperform Baird initiated the luxury consignment retailer and called RealReal a "compelling open-ended growth story." "We think shares are appropriately discounting elevated near-term risk factors (uncertain trajectory of supply recovery, lower demand for luxury), setting up attractive risk/reward as a recovery in luxury supply (and demand) unfolds, consumers/brands increasingly embrace secondhand markets (value, sustainability), and the company leverages investments in its differentiated platform." Wells Fargo raised its price target on JPMorgan to $150 from $144 Wells Fargo raised its price target on JPMorgan to a Street high and said it was expecting stock repurchases early next year as opposed to later. "We are updating 4Q20 and forward estimates to reflect estimated buybacks resuming in 1Q21 (6 months earlier than we had previously forecasted) following the Fed's mid-cycle stress test report (12/18), along with other adjustments." KeyBanc raised its price target on Peloton to $185 from $160 KeyBanc raised its price target on the stock to a Street high and said it was bullish on the company's acquisition of Precor, a fitness equipment manufacturer. "We think the Peloton acquisition of Precor is highly synergistic and supportive of long-term growth. PTON remains highly supply constrained and the addition of 625k sq feet of U.S. mfgr capacity should provide increased supply chain flexibility and increase CF device margins over time. Precor's strong position in commercial (multi-family, hospitality, etc.) should help reinforce PTON's early efforts." Oppenheimer upgraded T-Mobile to outperform from perform Oppenheimer upgraded the wireless carrier and said it was a leader in 5G and had "outperformed" the firm's expectations. "We had downgraded it in August 2019 after 8 years at Outperform, based on a risk of rising churn from network and customer migrations. TMUS has outperformed our expectations with limited competitive response as its peers seek to maximize FCF. " Loop upgraded Rent-A-Center to buy from hold Loop upgraded the furniture and electronics rental company after it said it was bullish on the company's pending acquisition of "fast growing" lease-to-own company, Acima. "We are upgrading Rent-A-Center to a Buy from a Hold rating while raising our price target to $50 from $34 based on the pending acquisition of fast-growing virtual lease-to-own (VLTO) provider Acima. We view this transaction as a 'game changer' that will allow Rent-A-Center to combine a vastly improved brick-and-mortar business with a robust VLTO platform that will be much better positioned to compete for 'white whale' large national accounts." Oppenheimer named Microsoft a top pick in 2021 Oppenheimer named the stock as a top pick in 2021 and said it sees a "strong decade of growth" due to the 5G cycle and Microsoft' s position in cloud computing. "One of the new services we are very excited about is MSFT's 'Cloud PC,' which is a culmination of advanced networking and cloud computing technologies and is likely to be launched in 1H21. This will enable high-quality compute from very low-cost devices to be accessed almost everywhere."
People walk by a T-Mobile store in San Francisco, California
Justin Sullivan | Getty Images
(This story is for CNBC PRO subscribers only.)
Here are the biggest calls on Wall Street on Tuesday: