- Cowen reiterated its outperform rating on Apple.
- Truist raised its price target on Alphabet to $2,400 from $2,250.
- Evercore ISI raised its price target on McDonald's to $260 from $240.
- Bank of America upgraded Discover to buy from neutral.
- Evercore ISI upgraded Simon Property to outperform from in line.
- KeyBanc downgraded Etsy to equal weight from overweight.
- Cowen initiated Frontier as outperform.
- Wedbush upgraded Casper Sleep to outperform from neutral.
- Wedbush downgraded Best Buy to neutral from outperform.
- Citi downgraded Polaris to neutral from buy.
- Barclays reiterated its overweight ratings on Ford and General Motors.
- Goldman Sachs initiated Compass as buy.
- Citi initiated Brunswick as buy.
- Janney initiated Toll Brothers as buy.
- MoffettNathanson upgraded ViacomCBS to neutral from sell.
- UBS reiterated UPS and FedEx as buy.
- Citi downgraded Boston Beer to neutral from buy.
Here are the biggest calls on Wall Street on Monday: Cowen reiterated its outperform rating on Apple Cowen reiterated its outperform rating on shares of the tech giant ahead of its earnings report on Wednesday and said it sees further upside. "We forecast AAPL to report Mar Q results above consensus driven by solid iPhone & Mac demand. We model Jun Q sales down Q/Q with iPhone units +20% Y/Y & Mac ~15%, Services flat. Even as the hardware business starts to face tough comps, we think potential for "long & strong" growth cycles can provide more uplift to CY22 estimates." Truist raised its price target on Alphabet to $2,400 from $2,250 Truist raised its price target on shares of the internet giant and said it sees a stronger digital ad recovery. "We're raising our ests and PT on GOOGL going into 1Q21 results, which we believe will show strong signs of recovery, especially for Google sites. We believe the digital ad market has bounced back strongly based on intra-quarter conversations we've had with marketers and agencies, and given last week's performance from Snap." Evercore ISI raised its price target on McDonald's to $260 from $240 Evercore raised its price target on shares of the fast food giant and said it sees the company as an international reopening play. "We believe McDonald's leadership gap to international competitors—that often lack drive-thru—may have widened while social safety nets and economic data imply a strong reopen. Later in 2021 and in 2022, we anticipate McDonald's technology advantages to become increasingly evident." Read more about this call here. Bank of America upgraded Discover Financial to buy from neutral Bank of America upgraded the financial company after its "strong' earnings report last week and said it sees 17% upside. "We are upgrading DFS to Buy and raising our PO to $120 following its strong 1Q print last week. 1Q beat on most key metrics and DFS materially improved its credit and capital return outlook. Read more about this call here . Evercore ISI upgraded Simon Property to outperform from in line Evercore said in its upgrade of the real estate investment trust company that it sees "upside" due to "lower tenant fallout" for Simon . "We believe there is little downside risk to numbers for the mall companies given that the focus has shifted to the economic recovery as a result of government stimulus and pent-up consumer demand." Read more about this call here. KeyBanc downgraded Etsy to equal weight from overweight KeyBanc downgraded the stock mainly on valuation. "We believe that Etsy remains one of the best long-term growth opportunities in our coverage. ETSY posted some of the best financial results across our coverage in 2020. ... .However, we move to Sector Weight given what we view as a fair valuation and lower likelihood of near-term earnings beats." Read more about this call here. Cowen initiated Frontier as outperform Cowen initiated the discount airline company and said it has "market expansion in its headlights." " Frontier is an ultra low-cost carrier looking to extend its relative cost advantage through continued transition to more efficient, high density aircraft. The company has market expansion in its headlights and the order book to support it." Wedbush upgraded Casper Sleep to outperform from neutral Wedbush said in its upgrade of the mattress and bedding company that it sees a "better path forward." " CSPR shares have matched the performance of the Russell 2000 year-to-date, increasing 15% since the beginning of the year. With an attractive relative valuation and a clear and balanced path forward between revenue growth and profitability, we see opportunity." Wedbush downgraded Best Buy to neutral from outperform Wedbush said in its downgrade of the electronics giant that there were "better opportunities elsewhere." "While we are raising near-term estimates for BBY above consensus based on consumer electronics category strength, we believe that the category will continue to trail home improvement and home furnishings category growth in 2021." Read more about this call here . Citi downgraded Polaris to neutral from buy Citi downgraded the manufacturer of motorcycles and snowmobiles mainly on valuation. "Given PII' s healthy stock price increase, we downshift our rating, with the stock moving down our preferred list of names within our coverage portfolio." Barclays reiterated its overweight ratings on Ford and General Motors Barclays reiterated its overweight ratings on shares of the auto companies and said it was bullish on the company's long term strategies. "As we noted in our upgrade of Ford last month, we see Ford's upcoming Spring investor day as a catalyst for the shares, with Ford likely to announce a broader dedicated battery electric vehicle strategy. We also reiterate our OW on GM as the company continues to make progress securing its role in a future world of Disruptive Mobility (shared autonomous driving)." Goldman Sachs initiated Compass as buy Goldman initiated the real estate brokerage company and said it sees more share gains for Compass among other things. "In our view, the company should beneﬁt from a strong macro backdrop, with existing home sale volumes and home price growth at multi-year highs; an aggressive market expansion and agent acquisition strategy, supported by the value of the company's technology offering, allowing the company to compound recent share gains." Citi initiated Brunswick as buy Citi initiated the recreational boating company and said it was a "top player." "With its strategic realignment behind it, Brunswick is flourishing on the top-line and from a margin perspective. We are encouraged by robust marine industry conditions, the inventory restocking cycle (2-3 years), leading margins, and valuation levels in-line with other leisure names rather than at a premium." Janney initiated Toll Brothers as buy Janney initiated the home builder company and said it saw "continued" pricing growth for Toll among other things. "We think the company is well positioned given its exposure to the luxury and move up segments of the industry. We also expect continued pricing growth, gross margin expansion, and consistent community count growth." MoffettNathanson upgraded ViacomCBS to neutral from sell Moffett upgraded the media company mainly on valuation. "After its recent implosion, we are upgrading ViacomCBS from Sell to Neutral. This is a call on near-term news flow and the risk/reward on valuation." UBS reiterated UPS and FedEx as buy UBS reiterated its buy ratings on UPS and FedEx and said it the upside potential is "compelling." "The backdrop of strong demand and rising pricing is favorable across the freight transportation group. However, the outlook for the stocks is more mixed with some groups already reflecting high expectations and little debate while valuation expansion may be more challenging for the most cyclical areas." Citi downgraded Boston Beer to neutral from buy Citi downgraded the stock mainly on valuation. " SAM' s stock was up 163% in 2020, making it the best performing consumer staples stock we cover. The stock is up another 29% YTD in 2021 (vs. flat for SPX). As such, the stock is now trading at ~38x our 2022 EPS estimate, or an 87% premium to the market. At this point, it feels to us as if the stock is priced for perfection."
Here are the biggest calls on Wall Street on Monday: