Here are Friday's biggest analyst calls of the day: Apple, Spotify, Zoom, Snap, Tesla & more

Published Fri, Jan 15 20218:16 AM EST

Key Points

RBC upgraded Ralph Lauren to outperform from sector perform.
Loop raised its price target on Apple to $155 from $131.
Morgan Stanley named Amazon a top pick in 2021.
Wedbush raised its price target on Tesla to $950 from $715.
MoffettNathanson upgraded Snap to buy from neutral.
Citi downgraded Spotify to sell from neutral.
JPMorgan downgraded AutoNation to neutral from overweight.
Mizuho raised its price target on PayPal to $350 from $290.
Bernstein named Zoom a top pick in 2021.
B Riley upgraded Foot Lock to buy from neutral.
Evercore ISI added a tactical outperform on Dell.

Here are the biggest calls on Wall Street on Friday: RBC upgraded Ralph Lauren to outperform from sector perform RBC upgraded the fashion company retailer and said it was well positioned due to pent-up demand from the coronavirus among other things. "With shares among our biggest laggards in 2020 we see RL as poised for outperformance into 2021 as EPS revisions move higher from margin enhancing activities including lean inventories, pivoting the brand towards direct, and expense management." Loop raised its price target on Apple to $155 from $131 Loop raised its price target on the stock ahead of the company's earnings report at the end of the month and said it sees more upside to Street estimates. "We are raising our PT to $155 ahead of AAPL' s December quarter results on 1/27. We continue to see material upside to Street both near-term and through C2021 for iPhones and Mac (50% and 10%+ of revenue respectively). Additionally, we believe iPad, AirPod, Watch, and very potentially Services could all ultimately drive upside to Street through C2021 and into C2022." Morgan Stanley named Amazon a top pick in 2021 Morgan Stanley named Amazon a top pick in 2021 and said it sees greater Prime retention and more spending from customers. The firm also raised its price target to $3,900 from $3,750 per share. "Among the large caps, we remain bullish AMZN as strengthening Prime behavior (higher spend and retention) give us confidence in the sustainability of gross margin value growth...and improving unit economics (shipping and fulfillment) even through an assumed large build leave us ~25%above '21 street EBIT." Wedbush raised its price target on Tesla to $950 from $715 Wedbush raised its price target on the stock to a Street high and said electric vehicle demand continues to look "robust" in 2021. "As such, we have significantly raised our forecasts in our Wedbush Tesla Delivery Model with our expectations that Tesla now exceeds the 1 million delivery threshold in 2022 and could start to approach 5 million deliveries annually by the end of the decade if global EV demand continues at this pace." MoffettNathanson upgraded Snap to buy from neutral Moffett upgraded the camera and social media company and said it thinks the company's profits and revenue are "underappreciated." "Looking at 2021 with fresh eyes, despite their recent runs we think both Discovery and Snap have opportunities to accelerate their revenues and profits that are still underappreciated by the Street." Citi downgraded Spotify to sell from neutral Citi downgraded the media and music streaming company and said it had concerns about the company's pivot to podcasts. "Among four subscription based stocks – Spotify, Roku, Netflix and SiriusXM – Spotify is the only firm where the Street's long-terms forecasts (through 2023) do not comport to the prevailing valuation. We suspect this disconnect stems from recent enthusiasm around Spotify's recent podcast pivot." JPMorgan downgraded AutoNation to neutral from overweight JPMorgan downgraded AutoNation mainly on valuation. "We continue to see upside to estimates driven by solid execution on capital allocation as their under-levered balance sheet is deployed (buoyed further by their stake in VRM, and we see the capacity for ~$0.7 bn in buyback over the next two years." Mizuho raised its price target on PayPal to $350 from $290 Mizuho raised its price target on the stock to a Street high and said it sees more upside for PayPal as Bitcoin volumes surge. " PayPal 's Bitcoin volumes are surging. But what is the long-term upside to PayPal's revenue from Bitcoin? We see nearly $2bn, or about 10%, potential upside to our previous 2023 adj. net revenue estimate. Both our survey and management commentary unveil a dramatic increase in engagement due to crypto." Bernstein named Zoom a top pick in 2021 Bernstein named the teleconferencing company a high conviction top pick and said it saw strong growth in 2021. " Zoom Phone should contribute substantial revenue in a shorter time frame than many investors expect. The ~500k new Phone users added in the last 6 months is roughly double the run rate of additions in the prior year." B Riley upgraded Foot Lock to buy from neutral B Riley upgraded the athletic footwear company and said it would benefit from any new stimulus. "We are upgrading FL from Neutral to Buy based on the benefits we see coming from the significant stimulus in 1H21, easy same store sales and gross margin compares in 1H21, and its investment in the growing GOAT format now adding materially to FL's valuation." Evercore ISI added Dell to the tactical outperform list Evercore ISI added the multinational computer technology company to the tactical outperform list and said the recent sell-off in shares was overdone. "A more simplified corporate structure with a stronger balance sheet wouldl resonate with investors and enable further multiple expansion. Our SOTP conservatively pegs the value ~$85. Near-term, we see a return of uplift in infrastructure spend (servers, storage, etc.) that will provide some positive momentum to the name."

Apple CEO Tim Cook speaks during a special event at the company's headquarters of Apple Park in a still image from video taken in Cupertino, California, September 15, 2020.

Apple Inc. | Reuters

Here are the biggest calls on Wall Street on Friday: