- Goldman Sachs initiated Coinbase as buy.
- Wells Fargo initiated Tesla as equal weight.
- HSBC downgraded Mosaic to hold from buy.
- MoffettNathanson downgraded Discovery to neutral from buy.
- Bernstein upgraded Beyond Meat to outperform from underperform.
- Citi upgraded Hewlett-Packard to buy from neutral.
- Jefferies downgraded Campbell Soup to hold from buy.
- Deutsche Bank initiated Endeavour Group as buy.
- Bank of America downgraded Dollar General to underperform from neutral.
- Bernstein raised its price target on Virgin Galactic to $27 from $18.
- Alembic Global Advisors upgraded Virgin Galactic to overweight from neutral.
- Barclays reiterated its overweight rating on Best Buy.
Here are the biggest calls on Wall Street on Monday: Goldman Sachs initiated Coinbase as buy Goldman said in its initiation of the crypto exchange platform company that it had a "robust and rapidly growing" business. "We believe COIN brings 1) leverage to an ecosystem that has seen strong growth driven by increasing adoption of digital currencies, 2) a leading consumer platform with strong customer acquisition trends as well as a robust and rapidly growing institutional business." Read more about this call here. Wells Fargo initiated Tesla as equal weight Wells Fargo initiated the electric vehicle company with an equal weight rating and said it was concerned about the cost of raw materials, Model Y and Model 3 capacity, and regulatory risks. "There is US regulatory risk around Autopilot, the failure to add driver monitoring heightens the risk of US regulators mandating changes. In a worst case, TSLA could be forced to disable the system." Read more about this call here. HSBC downgraded Mosaic to hold from buy HSBC downgraded the phosphate mining company mainly on valuation. "Upgrade Nutrien to Buy, downgrade Mosaic to Hold. ... In our view, the impact of the increase in phosphate and potash prices will be greater than higher input and freight costs, contributing to solid earnings growth through the forecast years. However, we think the positive outlook is priced in and we downgrade the stock to Hold from Buy on valuation." MoffettNathanson downgraded Discovery to neutral from buy Moffett downgraded the media company and said it thought the stock would be "stuck" after its merger with WarnerMedia. "We give high marks to Discovery for the boldness of their action and the long-term value creation that could be HBO Max. However, after further digesting the WarnerMedia deal, it also appears likely that Discovery's stock will be stuck over the near-term." Bernstein upgraded Beyond Meat to outperform from underperform Bernstein double upgraded the alternative meat company and said it saw "meaningful momentum" as the economy reopens. "Overall, we believe that Beyond Meat should be recognized as a reopening play that stands to regain meaningful momentum over the coming quarters; as such we are upgrading the company from Underperform to Outperform with a target price of $130." Read more about this call here. Citi upgraded Hewlett-Packard to buy from neutral Citi upgraded the computer tech company and said it sees "resilient pc demand" among other things. "We do not expect PC shipments to roll off to pre pandemic levels once supply chain constraints ease. Given our view of more resilient PC demand, as well as comments on underlying print demand improvements (Canon), we are upgrading shares of HPQ to Buy from Neutral." Read more about this call here. Jefferies downgraded Campbell Soup to hold from buy Jefferies said in its downgrade of Campbell Soup that it sees a more balanced risk/reward. "With elevated at-home house hold penetration sustainability a risk, away-from-home exposure lower vs. peers, and brand investment/promotional needs potentially more probable (due to long-term margin share shifts) amidst an inflating cost environment, we find upward revisions more challenging from here and the risk/reward more balanced." Deutsche Bank initiated Endeavour Group as buy Deutsche Bank initiated the talent and media company and owner of Ultimate Fighting Championship and said Endeavor was well positioned. "We believe that Endeavor is attractively positioned to benefit from growth in the value of live sports through Ultimate Fighting Championship, the continued growth in industry video content investment, the cyclical recovery and secular expansion of the experiential economy, and the 'platform effect' across the firm's businesses enabled by the unique culture and organizational capabilities that management has cultivated." Bank of America downgraded Dollar General to underperform from neutral Bank of America downgraded the discount retailer and said it was concerned about rising gas prices affecting the stock among other things. "Higher gas prices could pressure Dollar General (DG) shares as the stock has historically been negatively correlated with retail gasoline prices." Bernstein raised its price target on Virgin Galactic to $27 from $18 Bernstein raised its price target on the space flight company, but reiterated its market perform rating and said Virgin Galactic' s business is "attractive" if "risks can be managed." "We have reset our valuation model to our prior base case. The likelihood has increased that the next three flights (prior to commercial flight), will be completed close to plan. The next flight will be a full test of the experience, followed by the Richard Branson flight and a flight of Italian astronauts." Barclays reiterated its overweight rating on Best Buy Barclays reiterated its overweight rating on shares of the stock ahead of its earnings report and said it was one of the "best names to own." "We continue to believe Best Buy' s stock could re-rate. The pushback from investors is that a re-rating is 'tough' for any stock with difficult comparisons and – in BBY's case – unit declines. However, as stated above, to the extent there is more of a recent investor preference for value stocks, we believe BBY is arguably one of the best names to own with respect to valuation – currently trading at just ~6.5x our FY23e." Alembic Global Advisors upgraded Virgin Galactic to overweight from neutral Alembic said in its upgrade of the space flight company that the company's successful test flight this past weekend could serve as a "catalyst" for the stock. "We are raising our rating on shares of SPCE from Neutral to Overweight following this past weekend's (Saturday) successful spaceflight for the firm. While the firm still must analyze data from this weekend's flight, we believe the flight is likely to keep the test schedule on track, providing catalyst for the shares, to include the remaining three test flights before the first regular consumer revenue-generating flight in early 2022."
Can of Campbell's soup are displayed on a shelf at a grocery store on June 05, 2019 in Richmond, California.
Justin Sullivan | Getty Images
Here are the biggest calls on Wall Street on Monday: