Here are Thursday's biggest analyst calls of the day: Netflix, Royal Caribbean, Disney & more

Published Thu, Jun 17 20218:10 AM EDTUpdated Thu, Jun 17 20219:37 AM EDT

Key Points

Cowen names Farfetch a top conviction stock.
JPMorgan reiterates Disney as overweight.
Guggenheim downgrades Honest Company to neutral from buy.
RBC initiates Jack In The Box as outperform.
JPMorgan reiterates Royal Caribbean as overweight.
JPMorgan reiterates Amazon as overweight.
Citi upgrades Boot Barn to buy from neutral.
Jefferies reiterates Calloway Golf as a top pick.
Cowen names Alaska Air as a top idea.
Raymond James reiterates Coinbase as underperform.
KeyBanc reiterates Netflix as overweight.
KBW upgrades Bank of New York Mellon to outperform from market perform.
Citi downgrades Voya Financial to neutral from buy.
Northcoast downgrades Winnebago to neutral from buy.

Here are the biggest calls on Wall Street on Thursday: Cowen names Farfetch a top conviction stock Cowen named the luxury fashion retail platform company as a top idea and said it saw more "share gains." " FTCH is one of our top 3 conviction stocks as we appreciate the structural benefit from increased adoption of online shopping in luxury combined with FTCH's wide array of e-comm operating solutions driving share gains. JPMorgan reiterates Disney as overweight JPMorgan kept its overweight rating on shares of Disney and said it was bullish on the company's direct-to-consumer sports business. "We reiterate our Overweight rating on DIS shares and see the company as best positioned in media for longer-term success, driven by a rapid recovery in its legacy businesses following COVID-19 and its industry-leading transition to developing prominent global streaming platforms." Guggenheim downgrades Honest Company to neutral from buy Guggenheim downgraded the stock mainly on valuation after its earnings report on Wednesday. " Honest reported solid 1Q results – the first quarter since becoming a public company – with top-line growth of 12% against a strong year-ago comparison of 36% that benefited from Covid-related stock ups, and normalized EBITDA of -$2M. Although we remain positive on the underlying fundamental outlook, we are downgrading the shares to NEUTRAL given the more balanced riskreward and lack of an apparent catalyst, in our view, to materially increase our top-line expectations or valuation multiple." RBC initiates Jack In The Box as outperform RBC said in its initiation of the fast food chain that it had a "compelling" valuation. "We view JACK as attractively valued (currently trading at a ~6x turn discount to highly-franchised fast food peers on CY22E EBITDA, and ~in-line with its own historical average), particularly as the company is poised to reaccelerate net new restaurant growth for the first time in years." Read more about this call here. JPMorgan reiterates Royal Caribbean as overweight JPMorgan raised its price target on the cruise company to $123 per share from $112 and said it saw "pricing momentum." "Of the three, we continue to prefer RCL , based on comparatively impressive restart momentum, recent share underperformance, and longer term operational/pricing momentum that we expect to continue post-COVID-19." JPMorgan reiterates Amazon as overweight JPMorgan kept its overweight rating and top pick rating on Amazon and said it was bullish on the company's Prime day next week. " AMZN' s 7th annual Prime Day is next week on June 21-22 w/the 48-hour event featuring 2M+ items across 20 countries. We project total Prime Day revenue of ~$8.4B this year, up 12% from our estimated ~$7.5B in 2020 when the event was in October & pulled forward holiday demand." Citi upgrades Boot Barn to buy from neutral Citi upgraded the shoe retailer and it was a unique way to play the recovery in oil. "We believe BOOT is an attractive way to play the economic re-opening over the near-to-medium term based on appealing assortment dynamics & catalysts, a continued margin expansion path led by increasing exclusive brand penetration, and beneficial exposure to the recovery in oil/gas regions." Read more about this call here . Jefferies reiterates Calloway Golf as a top pick Jefferies named the golfing company as a top pick and said it saw "outsized" share growth as the reopening continues. "Our data work shows that golf remains an outperformer among the Rec. & Leisure group, with our #1 pick ELY the natural beneficiary. Not only do we like ELY's positioning within core golf due to the potential to capture outsized share of beginner spend, but expectations for Topgolf also remain conservative, particularly in the face of strong reopening trends." Cowen names Alaska Air as a top idea Cowen named the airline as a top idea, saying it was underappreciated and had an "attractive" balance sheet. " Alaska Air Group is our top SMID idea for 2021 as the company has a strong lineup of catalysts, attractive balance sheet to leverage for domestic growth, and is trading at a discount to peers and its own history." Raymond James reiterates Coinbase as underperform Raymond James reiterated its underperform rating on the stock and said it was concerned about lower trading volumes. "As the largest U.S. based crypto trading venue, Coinbase has not been immune to the recent cooler trading environment. Based on data from CryptoCompare, May volumes were quite robust, up ~100%m/m and the strongest month YTD. This monthly volume translated into average daily volume of $6.5 billion. However, halfway through June, volumes stand at only $37 billion, with average daily volume dropping ~62% m/m to $2.5 billion." KeyBanc reiterates Netflix as overweight KeyBanc reiterated its overweight rating on shares of the streaming giant and said it sees "light at the end of the tunnel" with the company's strong upcoming content slate. "We believe data suggest Netflix is tracking below our/Street 2Q21E net add estimates of 0.8M/1.0M. We attribute this to: 1) a lighter content slate and 2) more time spent outdoors. While we suspect this dynamic could lead to soft net add guidance for 3Q, we see light at the end of the tunnel with the return of Money Heist (3Q and 4Q) and Witcher (est. 4Q)." KBW upgrades Bank of New York Mellon to outperform from market perform KBW said in its upgrade of the investment banking company that the bad news is already priced in. " Bank of New York is a premier, diversified investment servicing firm, that has been contending with a very challenging operating and interest rate environment. Although these challenges will likely not abate near term, we believe the downside is well understood and the "bad news" is largely in the rear-view mirror." Citi downgrades Voya Financial to neutral from buy Citi said in its downgrade that the financial services company was too "reliant" on top-line growth. "That said, we do not see catalysts that helped the stock in the past as having the same degree of influence going forward. As such, we feel the VOYA story going forward will be more reliant on top-line growth, which could prove more challenging ahead given pressure on the Wealth Solutions and Investment Management units." Read more about this call here. Northcoast downgrades Winnebago to neutral from buy Northcoast downgraded the RV company and said it saw increasing competition impacting "market share dynamics" in 2022. "We are downgrading THO, WGO and CWH to NEUTRAL after our latest checks revealed (a) price increases are negatively impacting retail demand and (b) there are new formidable competitors entering the RV industry that may alter 2022 market share dynamics."

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Here are the biggest calls on Wall Street on Thursday: