Here are Wednesday's biggest analyst calls: Tesla, Coinbase, Microsoft, Chevron, Netflix & more

Published Wed, Jul 7 20218:09 AM EDT

Here are the biggest calls on Wall Street on Wednesday: JPMorgan names Whirlpool a top pick JPMorgan reiterated its overweight rating on shares of the appliance company and said it was "well positioned fundamentally." "On WHR , we believe the company is the most 'hated' name across both the sellside and buyside, as it is the only name in which the Street consensus has an earnings decline in 2022, while the stock's valuation represents significantly larger discounts to its 5-year averages vs. our universe. Read more about this call here. CFRA downgrades Beyond Meat to hold from buy CFRA said in its downgrade of the stock that it sees a more "balanced" risk/reward. "That said, we remain confident on the long-term growth story, believing that plant-based meat will rapidly grow in the coming years and that BYND can remain a leader due to well-executed R & D and marketing strategies." Oppenheimer reiterates Coinbase as outperform Oppenheimer kept its outperform rating on shares of the crypto company and said it sees a "record" quarter when Coinbase reports earnings later this summer. "We continue to see a sharp dislocation between COIN's fundamentals and its valuation and believe the current price offers an attractive entry point for long-term investors." Raymond James upgrades Sunnova Energy to strong buy from outperform Raymond James said in its upgrade of the residential solar company that the stock's underperformance is "irrational." " Sunnova's business model relies on vast amounts of external capital: securitizations and tax equity funds. With economic reopening and resulting optimism having modestly pushed up benchmark interest rates year-to-date, this has led to the erroneous perception that Sunnova are facing structural headwinds vis-a-vis the cost of capital." Read more about this call here. Morgan Stanley names American Express a top idea into earnings Morgan Stanley kept its overweight rating on shares of the payment and credit card company and said consensus expectations were "too low" for American Express heading into earnings. "This may not be the highest EPS beat we're looking for in 2Q, but it's one of the strongest revenue beats we see this quarter. We think consensus expectations are too low for billings growth, which drives our assumption of discount revenues 6% above the Street." Mizuho reiterates Tesla and Nio as buy Mizuho kept its buy rating on shares of the electric vehicle automakers and said it sees a "strong" second half. "We continue to see a vertically-integrated TSLA and NIO well-positioned in a secular EV market as legacy OEMs struggle to balance portfolios between legacy combustion engine and EVs." Credit Suisse upgrades Boston Beer to outperform from neutral Credit Suisse said in its upgrade of the beverage giant that it was one of the "best positioned" stocks in the hard seltzer category. "We are upgrading shares of SAM to Outperform and raising our target to $1,490 (+61% upside potential) as we believe the company is best positioned to navigate the 'new rules' of the hard seltzer category." Read more about this call here. Morgan Stanley reiterates Microsoft as overweight Morgan Stanley reiterated its overweight rating on the tech giant and said it was one of the best positioned stocks in the cloud market. " Microsoft [is] well positioned given #3 share position in cloud but #1 in term of share gains in the cloud segment of the market." Morgan Stanley reiterates Signature Bank as overweight Morgan Stanley reiterated its overweight rating on shares of the commercial bank and said it sees "strong" deposit growth. "We expect most banks to beat consensus EPS in 2Q21 on lower provision expense, while strong deposit growth and low net charge-offs remain bright spots. However, investors will be searching for signs that loan growth and net interest income can pick up in 2H21. Own SIVB and SBNY into the quarter." KBW names Morgan Stanley a top idea KBW named the investment bank a top idea and said the long term catalysts were "compelling." " Morgan has above-peer returns, a less capital-intensive business model and approximately 300bps excess capital. ... .Near-term catalysts include the cost saves from E*TRADE and Eaton Vance acquisitions, but longer-term catalysts are more compelling, with synergies in Morgan's workplace strategy and E*TRADE's funding, including its digital checking products." Read more about this call here. Mizuho reiterates Chevron as buy Mizuho kept its rating on the oil and gas company as buy and said it preferred Chevron over Exxon. "We reiterate our preference for CVX over XOM on continued discipline and visibility on cash return. ... .Energy demand continues to grow and demand for oil and gas will potentially grow into the 2030s and then plateau." William Blair adds Ulta to the focus list William Blair added the beauty retailer to its near term focus list and said it sees a "substantial rebound" in the cosmetics category. "We are adding Ulta Beauty to the Consumer Near-Term Focus List, reflecting the company's strong franchise quality, the likelihood of a substantial rebound in the cosmetics category over the next couple of years as consumers continue to emerge from the pandemic, our expectation that near-term results are likely to meet or exceed consensus estimates, and a reasonable to attractive valuation." Truist reiterates Netflix as buy Truist reiterated its buy rating on Netflix and said it was bullish on the stock ahead of earnings later this month. "Maintain Buy with: 1) 2Q investor expectations subdued; 2) the content slate set to improve; 3) comps set to ease; 4) the $5b buyback in place."

Monitors display Coinbase signage during the company's initial public offering (IPO) at the Nasdaq MarketSite in New York, on Wednesday, April 14, 2021.

Michael Nagle | Bloomberg | Getty Images

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