Here are Wednesday's biggest analyst calls of the day: UPS, Amazon, Microsoft, Tilray & more

Published Wed, Apr 28 20218:16 AM EDT

Key Points

UBS upgraded Credit Suisse to buy from neutral.
Citi upgraded Viacom to buy from neutral.
Morgan Stanley reiterated its buy rating on Microsoft.
Raymond James downgraded Fastly to market perform from outperform.
Bank of America reinstated Tilray as buy.
Jefferies reiterated Amazon as a favorite name.
Bank of America reinstated Canopy Growth as buy.
BMO upgraded UPS to market perform from underperform.
Cowen upgraded Ralph Lauren to outperform from market perform.
Bank of America reiterated Alphabet as a favorite name.
Evercore ISI downgraded Spirit to in line from outperform.

Here are the biggest calls on Wall Street on Wednesday: UBS upgraded Credit Suisse to buy from neutral UBS upgraded the banking giant and said it sees an "attractive" risk/reward. "With multiples now close to historic lows, capital fixed in a base case, a new chairman adding some strategic optionality and CS ' core businesses earning return to tangible equity above cost of equity we regard risk/reward as attractive and upgrade CS to Buy." Citi upgraded Viacom to buy from neutral Citi said in its upgrade of ViacomCBS that it was bullish on the company's streaming business. "We are constructive for three reasons: 1) The firm will likely have up to $4.6 billion of capital to accelerate the digital pivot. 2) When we benchmark total content spend vs digital subs, there may be scope for the firm to exceed the Street's streaming net add estimates. 3) The firm's prevailing multiple is not demanding..." Read more about this call here. Morgan Stanley reiterated Microsoft as a top pick Morgan Stanley reiterated Microsoft as a top pick after its earnings report on Tuesday and said it sees revenues continuing to grow. "Increased confidence in the durability of growth has our EPS forecasts moving higher, despite ramping investment behind that growth. Our PT moves to $300 and MSFT remains a top pick." Read more about this call here. Raymond James downgraded Fastly to market perform from outperform Raymond James downgraded the cloud computing platform mainly on valuation. "From here on; we expect traffic trends to get tougher as COVID vaccination increases, cities reopen and consumers head outside creating a hard environment for Fastly to achieve current Q2/Q3 revenue expectations. Long term, we remain enthusiastic about product differentiation, share gains and optionality around security/Compute@Edge." Bank of America reinstated Tilray as buy Bank of America reinstated Tilray with a buy rating and said it sees "multiple expansion" among other things for the cannabis company. "We anticipate multiple expansion as this potential merger is likely to enable the combined company to build scale, gain efficiencies, combine their cash position, and deliver consistent positive EBITDA. For our full cannabis coverage, we also expect multiple expansion as the U.S. reaches milestones along the path to federal legalization." Jefferies reiterated Amazon as a favorite name Jefferies said it was "most positive" on the e-commerce giant heading in to its earnings report on Wednesday after the bell and that the company should "return to outperformance once the market gains clarity." " AMZN 's stock has underperformed YTD in large part due to uncertainty about the trajectory of core Retail in the face of ~46% growth on average in the past four quarters. That said, we expect AMZN will return to outperformance once the market gains clarity on near-term growth in core Retail, driven by continued attractive momentum at higher margin businesses." Bank of America reinstated Canopy Growth as buy Bank of America reinstated coverage of the cannabis company and said the stock price doesn't capture the company's "long-term potential." "We are resuming coverage of Canopy Growth with a Buy and C $45/U.S. $36[price objective]. CGC is a producer of cannabis and related products with distribution in Canada, Europe, and the U.S.. In our view, the current stock price does not fully value its long-term potential." BMO upgraded UPS to market perform from underperform BMO upgraded the shipping giant after its earnings report on Tuesday and said it sees "cyclical tailwinds" among other things. " UPS has benefited from both constrained transportation markets and revenue quality/productivity initiatives. While market conditions are likely at peak levels, we believe that UPS will continue to benefit from tailwinds and self-help opportunities in the coming quarters." Cowen upgraded Ralph Lauren to outperform from market perform Cowen said in its upgrade of the stock that consensus models are "too conservative." "We believe Ralph Lauren has multiple initiatives in place that could elevate the brand and reaccelerate growth longer term, including improving quality of sales and distribution; evolving product, marketing investments and enhanced customer experience to reach new customers, including Gen Z and Millennials." Read more about this call here. Bank of America reiterated Alphabet as a favorite name Bank of America reiterated the internet giant as a top idea after the company's strong earnings report on Tuesday. "Top FANG given cyclical benefit, less 2H slowdown. We are encouraged controlled 1Q hiring/opex and core Google margin upside, while execution on a new $50bn buyback authorization should aid EPS growth. We remain constructive on the growing value of adjacent businesses (Waymo, Cloud, YouTube), and think Cloud disclosure will elevate the importance of sum-of-parts valuations." Read more about this call here . Evercore ISI downgraded Spirit to in line from outperform Evercore downgraded the discount airline mainly on valuation. "We are lowering our rating on Spirit to In-line From Outperform given strong YTD outperformance and significant enterprise value expansion vs. pre-pandemic levels. Our 'hope trade' journey with Spirit over the last year has been fun. Very dilutive (panicky) financings early on in the pandemic provided our first opportunity."

A United Parcel Service worker delivers packages in New York City.

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Here are the biggest calls on Wall Street on Wednesday: