Here are Tuesday's biggest analyst calls of the day: Tesla, Apple, Domino's, Coinbase, Nvidia & more

Published Tue, Jul 6 20218:09 AM EDT

Here are the biggest calls on Wall Street on Tuesday: Goldman Sachs upgrades American Express to buy from neutral Goldman Sachs said in its upgrade of the credit company that it has a more "constructive" outlook on the stock. "Lastly, since the middle of last year we have been very positive on lending focused card companies given how much downside risk had been priced in and more recently the stocks were very cheap relative to our views of the normalized earnings proﬁles. However, with valuations not as dislocated and given the improving outlook for spend and consumer travel and entertainment we are incrementally more constructive on the outlook for AXP and are upgrading shares to Buy." Read more about this call here. Goldman Sachs initiates Frontier as buy Goldman initiated the telecommunications cable company with a buy rating and said it had "material value." "Our positive outlook on Frontier reﬂects a view that the telco has an opportunity to create material value as it deploys and drives penetration of its ﬁber network." UBS downgrades Virgin Galactic to neutral from buy UBS downgraded Virgin Galactic mainly on valuation. "Going into our May upgrade, the stock had fallen on fears of flight delays and competitive pressures, but both of which are now fully receded. We remain optimistic in the event path ahead supported by the recent FAA operator license update, paving the way for another powered flight, just announced, for July 11th. Though we view this catalyst chain as appealing, at the stock's current levels, we do see a lot priced in." Read more about this call here. JPMorgan raises price target on Tesla to $160 from $155 JPMorgan raised its price target on the automaker and said last week's global deliveries came in slightly ahead of the firm's model. "Beyond the now known trend in deliveries, we expect Tesla's upcoming earnings report will also provide investors a status update on the trend in sales in China (following several high profile product quality and customer relations issues in that country during the quarter) as well as the Model S Plaid launch in the US." JPMorgan raises price target on Apple to $170 from $165 JPMorgan raised its price target on shares of the tech giant and said it was time to "start buying shares again." " Apple shares have underperformed the broader market by a significant magnitude in 1H21, despite fairly resilient volume outlook for iPhone 12 series, which we trimmed modestly in February of this year, but are now raising following strong share gains in recent months." Goldman Sachs upgrades Ingersoll Rand to buy from neutral Goldman said in its upgrade of the stock that it liked management's execution. "The crux of our call is that management has made signiﬁcant strides in transforming IR over the past year and we believe the company is well poised to compound value over time." Citi downgrades Domino's Pizza to neutral from buy Citi said in its downgrade of the pizza chain that sales expectations were already "baked in." "We downgrade DPZ to Neutral after DPZ's 22% increase YTD. DPZ's consensus forward P/E ratio of 34x is 17% above historical and its premium over the restaurant sector median widened to 24%, similar to levels at the onset of the pandemic." Read more about this call here. Credit Suisse downgrades 3M to neutral from outperform Credit Suisse said in its downgrade of the stock that it had concerns about several liabilities weighing on the company. "We continue to see fundamental potential upside at 3M , and think EPS power could approach $11+ in 2022. However, we do not expect to see significant multiple expansion." Read more about this call here. Morgan Stanley names Cisco a top second half idea Morgan Stanley called Cisco a top pick for the second half of 2021 and said it was the best way to the play the "multiple capex cycles." "Networking is experiencing 4 concurrent capex cycles over the next few years, many of which are just getting underway. With Alpha team assessing high correlation of networking sector returns to capex, we think ANET, COMM, CSCO are the best way to play the cycles in the 2H." Wedbush reiterates Coinbase as outperform Wedbush reiterated its outperform rating on Coinbase and said the company was well positioned in the "crypto eco system." "In our view, last week's blog authored by the company's CEO essentially reinforces our investment thesis. Coinbase CEO, Brian Armstrong recently published a blogpost focused on current trends in the cryptoeocnomy and what steps COIN will be taking to capitalize on the opportunity." KeyBanc raised its price target on Nvidia to $950 from $775 KeyBanc raised its price target on shares of Nvidia and said gaming demand remains "robust." "Feedback that confirms gaming demand remains robust and has not been inflated by crypto mining demand with the introduction of cryptocurrency mining processor's and healthy data center strength drives our increased estimates and price target."

Tesla Inc CEO Elon Musk attends an opening ceremony for Tesla China-made Model Y program in Shanghai, China January 7, 2020.

Aly Song | Reuters

Here are the biggest calls on Wall Street on Tuesday: