- Raymond James upgraded Chipotle to outperform from market peform.
- Jefferies named BlackRock a favorite idea.
- Canaccord Genuity upgraded Tesla to buy from hold.
- Morgan Stanley named Deere a tactically positive idea.
- Cowen reiterated its outperform rating on Netflix.
- BTIG upgraded Match to buy from neutral.
- BTIG initiated Bumble as buy.
- Evercore ISI named Western Digital and Micron as best ideas.
- Morgan Stanley named McDonald's a top reopening play.
- Evercore ISI downgraded Qualcomm to in line from outperform.
- Loop raised its price target on Home Depot to $350 from $310.
- Morgan Stanley resumed Plug Power as equal weight.
- Citi named Honeywell as a top idea.
Here are the biggest calls on Wall Street on Monday: Raymond James upgraded Chipotle to outperform from market peform Raymond James said in its upgrade of the Mexican chain restaurant that it saw "significant upside." "We are upgrading CMG shares to Outperform from Market Perform and establishing a 12-month price target of $1,800. We believe the company's sales have fully participated in strengthening industry trends over the last four weeks, likely pushing recent average weekly sales in excess of $50K." Jefferies named BlackRock a favorite idea Jefferies named the asset management company a top pick and said fundamentals "continue to improve." "Active managers saw some positive developments during the quarter, which included improved equity investment performance and generally stronger-than-expected flows. The majority of inflows are skewed toward taxable bonds, passive strategies and to a lesser extent international equity." Canaccord Genuity upgraded Tesla to buy from hold Canaccord upgraded the auto company and said it was bullish on the company's battery and storage opportunity. The firm also raised its price target to $1,071 from $419. " TSLA 's successful transition to mass-market EVs and strong investments in battery manufacturing expertise and production capacity give us confidence they will attack and conquer another trillion-dollar market in energy generation and storage." Read more about this call here. Morgan Stanley named Deere a tactically positive idea Morgan Stanley said it was tactically positive on the machinery company and that it saw "supply chain resilience" in stock's like Deere . "With recoveries materializing across the Machinery end market mix at a sharper and faster rate than expected, supply chain stability and operating leverage represent the two key variables entering 1Q21 EPS season." Cowen reiterated its outperform rating on Netflix Cowen reiterated its outperform rating on shares of Netflix ahead of the company's earnings report on April 20 and said the streaming giant was still the leader in consumer's living rooms. "We expect paid net adds to be in line with guide, helped in part by ongoing COVID shutdowns in some markets. Our view is supported by our positive 1Q survey data, which implies NFLX continues to lead living room TV apps. We also view the ~45% of survey respondents who share passwords as a LT opp'ty for incremental subs." BTIG upgraded Match to buy from neutral BTIG upgraded the internet and tech company and said investors should buy the pullback in the stock. "We upgrade MTCH from Neutral to Buy and initiate a $175 PT. The YTD pullback is our immediate catalyst, but we also see upside to 2H21 and 2022-2025 numbers via re-opening tailwinds, new products, Hyperconnect acquisition and emerging brand/live streaming opportunities." BTIG initiated Bumble as buy BTIG initiated the online dating app company and said it sees "strong secular growth." "The playbook for BMBL is oriented around geographic expansion and new products, which should net out to long-term revenue growth of 15-20% with EBITDA margin approaching 40%; Zooming in, we see a strong set-up for BMBL in 2021 with a pricing tailwind tied to Bumble Premium and likely rising propensity to pay in a post-vaccine environment." Evercore ISI named Western Digital and Micron as best ideas Evercore named Western Digital and Micron as top ideas and said it sees a "stronger for longer" cycle in semis. "Our best ideas focus on companies that a) have immediate pricing power in the current shortage environment, b) are least affected by supply constraints, c) are aligned with the right product cycles and/or idiosyncratic situations, and d) can benefit from strategic nationalistic investments." Morgan Stanley named McDonald's a top reopening play Morgan Stanley named McDonald's a top reopening play and said it was bullish on the company's chicken sandwich line rollout among other things. "The new chicken sandwich line was launched during 1Q, a new integrated digital app is being tested for major market rollout later this year, and other digital and marketing initiatives remain a focus for MCD. All of these are likely to drive strength in the US as mobility improves and we believe MCD can generally lead peers in the Covid recovery and we will watch for evidence of this with quarterly reporting this year." Evercore ISI downgraded Qualcomm to in line from outperform Evercore said in its downgrade of the stock that it sees a more "balanced" risk/reward. "While Qualcomm has had a good run, up 146% since before the Apple settlement and 59% since our addition to Top Picks in June 2020, we now believe the lion's share of the 5G smartphone upcycle is priced into shares." Loop raised its price target on Home Depot to $350 from $310 Loop raised its price target on shares of Home Depot to a Street high and said the do-it-yourself movement would continue. "We believe consumers are building a DIY skill set and reprioritizing home improvement projects. We believe consumers are likely to be spending more time at home than they normally would for a few more quarters, and the work-from-home crowd is likely to grow over the long-term." Morgan Stanley resumed Plug Power as equal weight Morgan Stanley resumed coverage of the hydrogen fuel cell company and said it sees "modest" stock price upside. " PLUG' s product advantages, strong balance sheet, and strategic partnerships position the company well for the transition to a hydrogen economy. Even after forecasting double-digit revenue growth and strong margin expansion, we see modest stock price upside — driving our resumption at Equal-weight." Citi named Honeywell as a top idea Citi named Honeywell a top idea heading into earnings and said it sees "good upside potential over time" "We do expect some transitory price vs. cost and broader supply chain challenges to contribute to potentially balanced outlooks/commentary, but with channel checks and macro indicators reflective of generally improving demand trends across much of our coverage universe we continue to view most Multis end markets as in the early stages of post-pandemic recovery with good potential '21/'22 EPS upside."
Customers wait outside of a Chipotle restaurant as they wait to enter in order to place an order as Florida continues with its Phase 1 of reopening the state during the Coronavirus (COVID-19) pandemic on May 19, 2020, in Aventura, FL.
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Here are the biggest calls on Wall Street on Monday: