Here are Tuesday's biggest analyst calls of the day: Tesla, Eli Lilly, Amazon, Apple & more

Published Tue, Jun 15 20218:05 AM EDTUpdated Wed, Jun 16 202110:52 AM EDT

Key Points

JPMorgan reiterates Eli Lilly as a top pick.
Cowen names Boot Barn a top idea.
JPMorgan reiterates Amazon as a top pick.
Citi upgrades Spirit Airlines to buy from neutral.
Deutsche Bank reiterates Air Products as buy.
Morgan Stanley downgrades Fastenal to underweight from equal weight.
Bank of America reiterates Exxon as buy.
Credit Suisse reiterates Coca-Cola as outperform.
Mizuho reiterates Tesla as buy.
HSBC reiterates Apple as hold.
Deutsche Bank initiates a catalyst call sell idea on Cree.

Here are the biggest calls on Wall Street on Tuesday: JPMorgan reiterates Eli Lilly as a top pick JPMorgan reiterated its overweight rating and top pick status on shares of Eli Lilly and said it saw a "favorable" risk/reward. The firm also raised its price target on the stock to $240 per share from $220. "More broadly on Lilly, we see the company as the best-positioned growth story in our coverage and the stock remains one of our top picks. Healthy base business growth combined with a portfolio of recent launches, several next-generation pipeline assets, and significant margin expansion story should translate to an 8-9% top line and at least a mid-teens EPS CAGR over the next five years with the Alzheimer's opportunity potentially extending this level of growth out through the remainder of this decade." Cowen names Boot Barn a top idea Cowen named the shoe retailer as a top idea and said the company's "fundamental qualities should support a premium multiple." " BOOT is our top Smidcap pick as its moat should drive long-term leading EPS growth of 20%+, expand an already dominant market share, & support store growth. A growing exclusive business should drive loyalty & margins. Physical to remain the dominant channel & encouraged by e-comm margin improvement." JPMorgan reiterates Amazon as a top pick JPMorgan reiterated the e-commerce giant as a top pick and said it sees Amazon passing Walmart as soon as next year to be the largest U.S. retailer. "Amazon's share of US e-commerce increased to 39% in 2020 and AMZN should surpass WMT as the largest US retailer in 2022. AMZN's US gross merchandise volume reached an estimated $316B in 2020, accelerating from +22% in 2019, driving 39% share of US e-commerce and almost 8% of total adj. retail sales." Read more about this call here. Citi upgrades Spirit Airlines to buy from neutral Citi said in its upgrade of the discount airline that it sees a "tactical" opportunity. "Citi upgrades the shares of ultra-low-cost-carrier Spirit Airlines from Neutral to Buy, on the back of Monday afternoon's solid 2Q investor update, which now calls for the carrier's first positive EBITDA margin since the pandemic's onset, along with an 8% share price decline since the end of March." Read more about this call here. Deutsche Bank reiterates Air Products as buy Deutsche Bank restated its buy rating on shares of the chemical company and said it was bullish on the company's net-zero hydrogen complex in Canada. The firm said the project "strengthens' the company's status as a "clean hydrogen play." " Air Products has announced a multi-billion dollar plan to build a net-zero hydrogen energy complex in Edmonton, Alberta. The project will begin with a $1.3B (CAD) (US$1.07B) net-zero hydrogen production and liquefaction facility expected on-stream in 2024. Morgan Stanley downgrades Fastenal to underweight from equal weight Morgan Stanley said in its downgrade of the stock that it sees a "negative" risk/reward and that shares are overvalued. "We see a challenging medium-term catalyst path for FAST as cyclical transition, personal protective equipment headwinds, a lull in new customer acquisition and a strategic pivot coincide with all-time high valuation. The business model is enduring, but the next ~12 months aren't supportive." Read more about this call here. Bank of America reiterates Exxon as buy Bank of America restated its buy rating on shares of the oil and gas giant and said the recent boardroom battles were more about the dividend than climate. The firm said it expects shares to continue their trajectory higher. "Two of three XOM businesses stand at the strongest levels since 2019; with an expected rebound in clean products demand refining is a laggard we expect to provide incremental tailwinds from 2022." Read more about this call here. Credit Suisse reiterates Coca-Cola as outperform Credit Suisse reconfirmed its outperform rating on shares of the beverage giant and said it sees a faster-than-expected recovery for Coca-Cola as vaccinations continue. "Given vaccination rates, the recovery should be earlier and faster than planned. Our above consensus numbers are becoming realistic to the market. We moderately raise our target price to $62 (prior $60) based on a 27x multiple." HSBC reiterates Apple as hold HSBC restated its hold rating on Apple and said the iPhone would continue to outperform other smartphone brands. "The iPhone product line is relatively concentrated and other Apple products are also more backed-up through re-allocation of resources than other smartphone brands. Thus, we think the iPhone could outperform other smartphone brands at least while supply chain tensions continue." Mizuho reiterates Tesla as buy Mizuho reiterated its buy rating on shares of Tesla and said the automaker was still the battery electric vehicle leader around the globe. "We believe TSLA remains the battery electric vehicle market share leader globally, with ~24% market share in the MarQ. Total BEV penetration is at 7.4% in Europe and 6.8% in China, while the U.S. lags at 1.9%. ... .We believe U.S. adoption could begin more significant ramps as we believe the Biden Administration Infrastructure plan could include a higher $10,000 EV incentive vs. current $7,500 or move the credit to point of sale instead of a tax credit." Deutsche Bank initiates a catalyst call sell idea on Cree Deutsche Bank initiated a catalyst call sell idea on shares of the semiconductor manufacturer and said the company would be likely miss its sales target. The firm also reiterated its long-term hold rating. "We also continue to believe Cree will be a year late in achieving its $1.5bn sales target while we expect it will not meet its > 50% gross margin target at all. We initiate a short-term Sell call hedged against the Russell 1000 Value index."

The Eli Lilly logo is shown on one of the company's offices in San Diego, California, Sept. 17, 2020.

Mike Blake | Reuters

Here are the biggest calls on Wall Street on Tuesday: