Here are Tuesday's biggest analyst calls of the day: Chipotle, Chevron, Walmart, Home Depot & more

Published Tue, May 11 20218:42 AM EDTUpdated Tue, May 11 20219:39 AM EDT

Key Points

Oppenheimer initiated Coinbase as outperform.
Morgan Stanley upgraded U.S. Steel to overweight from equal weight.
Piper Sandler downgraded Tyson Foods to neutral from overweight.
Loop upgraded Shopify to buy from hold.
BTIG downgraded Real Real to neutral from buy.
Stephens initiated Porch Group as overweight.
Cowen reiterated Chipotle as a top pick.
Stephens upgraded Centene to overweight from equal weight.
Citi upgraded Wynn to neutral from sell.
BMO upgraded Activision Blizzard to outperform from market perform.
Morgan Stanley reiterated its overweight rating on Home Depot and Walmart.
Cowen resumed Tilray as outperform.
Bank of America reiterated its buy rating on Citi.
Jefferies upgraded Nike to buy from hold.
Morgan Stanley reiterated its overweight rating on Roblox.
Goldman Sachs upgraded DuPont to buy from hold.
Morgan Stanley reiterated its overweight rating on Chevron.
Truist upgraded The Trade Desk to buy from hold.
Morgan Stanley reiterated its overweight rating on Boeing.

Here are the biggest calls on Wall Street on Tuesday: Oppenheimer initiated Coinbase as outperform Oppenheimer initiated coverage on the crypto exchange site and said it was a "platform for digital asset innovation." "We view COIN as an enabler of crypto innovation which solves some pain points in the existing financial system while leveraging its trading arm to monetize the success." Read more about this call here. Morgan Stanley upgraded U.S. Steel to overweight from equal weight Morgan Stanley said in its upgrade of U.S. Steel that it sees "outsized" cash flow. "Softening steel prices may become a temporary headwind to the equities, but cash generated this year will have a material impact on balance sheets." Read more about this call here. Piper Sandler downgraded Tyson Foods to neutral from overweight Piper downgraded Tyson mainly valuation. "We expect strong near-term momentum to continue in the Beef segment, but also expect further near-term headwinds and uncertainty (e.g. input costs, trajectory of Chicken recovery), and valuation does not appear to reflect near-term risks." Loop upgraded Shopify to buy from hold Loop upgraded the online website company that helps small businesses and said it had a "compelling merchant value proposition. "We are upgrading Shopify to a Buy from a Hold rating while maintaining our $1,400 price target. We continue to believe Shopify has a compelling merchant value proposition, which is further bolstered by the company's growing ecosystem." Read more about this call here. BTIG downgraded RealReal to neutral from buy BTIG downgraded RealReal after its earnings report and said it sees "fewer" catalysts going forward for the the luxury consignment retailer. "Gross merchandise value beats as re-opening thesis plays out, but with fewer catalysts going forward and stubbornly high EBITDA losses, we move to the sidelines; downgrading to neutral from buy." Stephens initiated Porch Group as overweight Stephens initiated coverage on the online home services platform company and named it a best idea. "We see several growth levers on the way to $2 bil. in rev. at 25% EBITDA margin. We are launching coverage of PRCH with an Overweight rating and $27 PT as well as making PRCH our new 2021 Best Idea replacing CNNE." Cowen reiterated Chipotle as a top pick Cowen reiterated the restaurant chain as a top pick and said the company's bran had "superior value perception." "We fine tune 2021E EPS & raise 2022E following CMG 's plan to raise hourly wages to $15/hour & offset with two price increases. Proprietary survey data indicates superior value perceptions that suggests to us a muted risk of traffic erosion to the upcoming price increases." Stephens upgraded Centene to overweight from equal weight Stephens upgraded the healthcare company and said it sees a "better" risk/reward. "CNC shares have significantly underperformed managed care operator peers over past two years, driven by compression in relative P/E, even while CNC's overall sales and adjusted EPS growth outpaced competitors." Citi upgraded Wynn to neutral from sell Citi said in its upgrade of the casino company that the stock was "relatively inexpensive." "With its increasing dedication to the premium mass segment, Wynn , which offers some of the highest quality non-gaming amenities in Macau, will generate more EBITDA from premium mass and improve its earnings quality, in our opinion." BMO upgraded Activision Blizzard to outperform from market perform BMO upgraded the video game company and said it shares were "poised to outperform." "We think the market has digested ATVI' s 2020 gains, sellers have taken their profits, and 'sell the COVID winners' bears have shaken out. Meanwhile, we admire the company's long-term strategy, and have more confirmation the company is on the right path after recent strong performances of Call of Duty and World of Warcraft." Read more about this call here . Morgan Stanley reiterated its overweight rating on Home Depot and Walmart Morgan Stanley reiterated its overweight rating on shares of Home Depot and Walmart and said it sees a favorable set-up into earnings. "A critical quarter for these COVID beneficiaries with demanding-ish multiples. For HD, it's all about margins and flow through, of which we predict expansion. For WMT, low expectations make for a favorable set-up." Cowen resumed Tilray as outperform Cowen resumed coverage of the cannabis company and said it was bullish on its merger with Aphria. "We resume coverage of TLRY with an Outperform rating and a $20 PT, following the completion of its merger with APHA. On a combined basis, the company is the clear scale and market share leader in Canada, with best-in-class profitability." Bank of America reiterated its buy rating on Citi Bank of America reiterated its buy rating on the banking giant and said it continues to be bullish on the company's new management. "We reiterate C as our top large cap pick as we believe its makeover under new CEO Jane Fraser provides a unique catalyst, and valuation at 1.0x TBV suggests there is still room for macro good news to be priced in, unlike peers." Jefferies upgraded Nike to buy from hold Jefferies said in its upgrade of Nike that it sees a favorable risk/reward. "We are upgrading NKE to Buy as we have grown increasingly confident in the med-term growth and profitability trajectory of the biz underpinned by: 1) Fav. industry backdrop, 2) Ongoing success of the modern digitally-enabled customer-led strategy, and 3) Shift to higher growth and margin channels & regions." Read more about this call here. Morgan Stanley reiterated its overweight rating on Roblox Morgan Stanley reiterated its overweight rating on the digital game company after its earnings report and said Roblox was adding more users even as the economy continues to reopen. " RBLX delivered more users, bookings, and EBITDA and April is trending materially ahead of previous estimates through re-opening. Users/engagement among older cohorts is also growing faster and China has launched 6-12 months earlier than expected." Goldman Sachs upgraded DuPont to buy from hold Goldman upgraded the chemical company and said it sees "earnings momentum" among other things. "In our opinion, DD 's portfolio can offer meaningful leverage to the recovering economy, but as a downstream high-margin specialty chemical company that is undertaking several noteworthy secular themes, investors are likely to see this earnings momentum as more sustainable than more cyclical companies in the basic materials universe." Morgan Stanley reiterated its overweight rating on Chevron Morgan Stanley reiterated its overweight rating on Chevron after meeting with the company's management and said it saw "strong" free cash flow generation. "CVX offers resilience through the cycle with attractive leverage to higher oil prices; remain Overweight. Yesterday, we hosted Chevron's CFO, Pierre Breber, and head of Investor Relations, Roderick Green, for virtual investor meetings. With the macro environment improving, last year's cost and capex cuts underpin strong free cash flow generation for the base business." Truist upgraded The Trade Desk to buy from hold Truist upgraded the digital ad platform company and said it sees an "attractive" risk/reward. "We upgrade TTD to Buy from Hold post solid 1Q21 results and a 2Q guide, which while above consensus failed to impress, driving the stock down 26% yesterday." Morgan Stanley reiterated its overweight rating on Boeing Morgan Stanley reiterated its overweight rating on shares of the aerospace company and said it saw an "attractive" buying opportunity. "Our base case assumes that the 737 MAX electrical grounding issue is resolved by mid-summer 2021 and China recertifies the 737 MAX by 1H2022. We view the pullback of Boeing 's stock since the grounding of some 737 MAX as a particularly attractive buying opportunity."

A sign is posted in front of a Chevron gas station on July 31, 2020 in Novato, California.

Justin Sullivan | Getty Images

Here are the biggest calls on Wall Street on Tuesday: