Here are Thursday's biggest analyst calls of the day: Carnival, Coinbase, Netflix, GE, Exxon & more

Published Thu, Jul 1 20218:27 AM EDTUpdated Thu, Jul 1 20219:16 AM EDT

Here are the biggest calls on Wall Street on Thursday: Credit Suisse upgraded AGCO to outpeform from neutral Credit Suisse said in its upgrade of the agricultural machinery company that it sees margin potential upside for AGCO . "We believe the recent multiple contraction represents fears we are at peak, which we disagree with, and see limited downside to the multiple from current levels, in particular with the self-help story. We believe market concerns of limited upside to 2021, despite strong demand, reflecting continued supplier constraints and mat cost headwinds are reflected in the stock." JPMorgan reiterates Chevron as overweight JPMorgan reiterated its overweight on the oil and gas company ahead of its earnings report and said it sees "all businesses improving." "We mark our CVX model to market headed into 2Q earnings, and our EPS estimate remains unchanged at $1.70. Relative to 1Q, we see all businesses improving, with Upstream bolstered by higher pricing and Downstream helped by better Chemicals margins/volumes, marketing, and cracks/utilization. Below we walk through some of the moving pieces on earnings and cash flows." Goldman Sachs names ConocoPhillips a top idea Goldman Sachs called the oil company a top idea and said it sees "robust" capital returns among other things. "The company reiterated its focus on shareholder returns and improving return on capital employed, where we see material improvement and robust capital returns at our above consensus oil price deck. While we acknowledge 2022+ capital spend guidance came in above our initial estimates, we also note COP' s production outlook came in above our initial estimates driving a largely neutral impact to our valuation." Read more about this call here. B. Riley initiates Bed Bath & Beyond as buy B Riley initiated the retail store with a buy rating and said it was optimistic about the company's turnaround after its earnings report on Wednesday. "We believe BBBY' s new management team has made significant improvements to reduce the cost structure and make necessary investments to elevate BBBY into a top omni-channel retailer in the bed, bath, and home space." Read more about this call here. Longbow downgrades Polaris to neutral from buy Longbow said in its downgrade of the motorcycle and ATV manufacturer that it was concerned about "product availability" for Polaris. "Our downgrade is based on a view that 2H risk is developing around the negative fallout from reduced product availability. Given the recent rally in the shares, we are no longer confident putting new money to work ahead of some type of de-risking." Bank of America reiterates Exxon as buy Bank of America reiterated its buy rating on shares of the oil and gas company and said it had "capital flexibility." "We continue to believe XOM' s outsize, counter cyclical investment and acquisitions at the bottom of the cycle sets up long-term visibility to expand free cashflow at a pace that can support sustained dividend growth." Wells Fargo reiterates Gap as overweight Wells Fargo raised its price target on shares of the clothing retailer to a Street high $45 a share from $40 and said it sees more upside in the stock driven by the company's collaboration with Kanye West's Yeezy brand. "We see potential for $900M to $1.0B in Yeezy driven revenue at GPS in 2022 By our math, this should yield ~$250M in incremental EBITDA." Read more about this call here. Cowen reiterates Netflix as outperform Cowen kept its buy rating on shares of Netflix and said it sees bookings growth "led by mobility and delivery." " UBER shares are roughly flat YTD, following the ~70% gain in '20, as the slower than expected recovery of Mobility and driver supply challenges have weighed on strong Delivery performance. However, our survey indicates US Rideshare monthly active user's accelerated each month in 2Q21, tracking well ahead of 1Q21 levels as US consumer mobility ramps on reopening." Read more about this call here . Citi upgrades Thor Industries to buy from neutral Citi said in its upgrade of the RV maker that it sees the outdoor vehicle "craze" continuing. "We move off the sidelines with our rating on THO , going from Neutral to Buy. ... .Outdoor Rec trends remain robust as we wrap up 1H21 – RVs, boats, motorcycles, and powersports retail sales are up +25% or more. Specifically, RV retail sales are up an unprecedented +68% thru April." Barclays initiates ZipRecruiter as overweight Barclays said in its initiation of the online job website that it was bullish on the company's ability to take market share. " ZIP is a leading online recruiting marketplace that is gaining share in the $13bn US online recruiting industry. ZIP is differentiated from online peers by its AI-based matching, resulting in faster/better quality candidate recommendations and faster time-to-hire, alleviating key pain points for employer-customers." Mizuho reiterates Coinbase as neutral Mizuho kept its neutral rating on shares of Coinbase and said "meager crypto volumes" bode "poorly" for the rest of 2021. "Following outsized trading volumes in April and May, the crypto winter that began in June still reigns as 3Q knocks on the door. While 2Q volumes should be elevated, meager crypto volumes lingering bodes poorly for the remainder of 2021." Morgan Stanley reiterates Micron as overweight Morgan Stanley reiterated its overweight rating on shares of Micron after its earnings report on Wednesday and said it had a "confident" outlook. " Micron' s quarter was largely as previewed, with upside to consensus and a confident view of end demand and inventory conditions in all markets. We continue to see mixed conditions near term, especially in pc/server DRAM, but we anticipate the market improving during seasonal strength and remain OW." Morgan Stanley reiterates Carnival as underweight Morgan Stanley reiterated its underweight rating on the cruise company and said cruising is resuming at a "slower than expected" pace. "While cruising has recently resumed in the US, our resumption tracker suggests CCL will operate only 18% of its capacity in 3Q21 and 45% in 4Q21, and we model 85% in 1H22 as the company believes it may not be fully operating until spring 2022." Citi reiterates General Electric as buy Citi said General Electric's long term turnaround was progressing. "We met with GE and continue to view the company as making ongoing progress in its long-term turnaround and broad simplification efforts that should support solid share price gains." Bank of America reiterates First Solar as buy Bank of America raised its target price on the solar company to $111 from $95 and said it sees "bookings momentum." "We emphasize a series of positive catalysts ahead for FSLR supporting our constructive view. Into the 2Q update, we expect positive updates around bookings momentum and average selling price's into '23 to support upward rerating." BMO raises its price target on Nvidia to $1000 from $750 BMO raised its price target on shares of Nvidia to a Street high $1000 from $750 and said the multiple was "reasonable" and that it was bullish on the company's data center business. "For NVDA , we are raising our target price to $1,000 from $750, based on our confidence in the data center business as it continues to evolve from hardware to a hardware with a meaningful software component further out."

Travelers trying to board the Carnival Panorama cruise ship for a 7 day trip were met with a delay in Long Beach on Saturday, March 7, 2020. The ship sent a letter to passengers explaining a non specific medical issue is preventing them from disembarking the ship and allowing new passengers aboard. Carnival employees were informing passengers that it could be a long wait and they should use restaurants and bathrooms aboard the Queen Mary.

MediaNews Group/Long Beach Press-Telegram via Getty Images | MediaNews Group | Getty Images

Here are the biggest calls on Wall Street on Thursday: