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

Published Tue, Jul 20 20218:28 AM EDTUpdated Tue, Jul 20 202110:32 AM EDT

Here are the biggest calls on Wall Street on Tuesday: CFRA upgrades Exxon to buy from hold CFRA said in its upgrade of the oil and gas company that it sees strong free cash flow. "We think the U.S. producer community (including XOM) remains steadfast in the commitment to driving free cash flow, rather than spending through the drillbit for growth's sake. XOM has several international growth projects coming to fruition through '24, but they are likely achievable even with overall low spending levels." Credit Suisse reiterates Caterpillar as outperform Credit Suisse confirmed its outperform rating on Caterpillar and said the demand for construction equipment remains strong. "Demand for rental equipment is robust again, constrained by lack of equipment. New dealer inventory is too low. Used equipment inventory is also very low and used pricing continues to improve, up in the mid-single to high single-digit range." Goldman Sachs reiterates Tesla as buy Goldman kept its buy rating ahead of the company's earnings report next week and said it sees strong revenue and margin growth. "We are Buy-rated on TSLA shares as we expect higher volumes and the company's leadership position in the rapidly growing EV market to lead to strong revenue and margin growth." Stifel upgrades Simon Property to buy from hold Stifel said in its upgrade of the real estate investment company that investors should buy any dip in the stock. "Although there is concern about new potential Covid restrictions attributed to the surge in cases due to variants, we feel that SPG 's tenants have had a very tumultuous 17 months and those that have made it this far should be able to withstand a near-term slowdown." Read more about this call here. UBS reiterates McDonald's as buy UBS said it saw several positive catalysts ahead for the fast-food chain and that it was a core long-term holding. "U.S. set for further gains, while int'l recovery underway; catalysts for upside. We believe MCD shares have further share upside from here, supported by a highly visible catalyst path and compelling multiyear growth trajectory." Read more about this call here. Wells Fargo reiterates Starbucks as overweight Wells reiterated its overweight rating on the coffee giant and said it sees sharp upside for Starbucks ahead of its earnings report next week. "Commuting, mobility, and digital engagement data points all point to continued strengthening in trends sequentially/vs 2019, and we see room for sharp upside to same-store sales expectations." JPMorgan reiterates Cisco as overweight JPMorgan said it sees improving demand heading into Cisco's fourth-quarter earnings report. "We envision a better set up for Cisco heading into the F4Q earnings print relative to last quarter with the large Enterprise spending recovery gaining momentum in conjunction with moderating concerns around the supply chain constraints — even though they remain top-of-mind for the industry." RBC initiates Sunnova as outperform RBC said in its initiation of coverage of the residential solar company that has it margin expansion "opportunities." " NOVA is a leader in the growing U.S. residential rooftop solar market with ~4-5% share based on our estimates, but is capturing a larger portion of the market's growth. NOVA operates under the dealer model, which allows it to quickly scale in new markets with lower fixed overhead." Loop reiterates Netflix as buy Loop kept its buy rating on the streaming giant ahead of its earnings report on Tuesday afternoon and said it expected the company to ramp up content through the rest of the year. "NFLX is trading at a lower multiple on 2023 earnings than its projected 5-year growth rate. We believe investors will ultimately value NFLX on earnings and cash flow as the company leads in global streaming and grows into those metrics." Jefferies reiterates Alphabet and Facebook as top picks Jefferies raised its price target on Alphabet to $2,950 from $2,850 and said it was a favorite large-cap pick. The firm also said Street estimates for Facebook were too conservative. "With our digital ad peer group +27% YTD we favor selectivity and would own FB and GOOG. We expect rev beats across the board, but believe FB has the most stock upside trading at just 22x FY22 EPS." Credit Suisse reiterates Snap as outperform Credit Suisse affirmed its outperform rating on the social media camera company and said it sees upside to revenue growth for Snap . "More near term, we increase our revenue growth forecast for 2Q21 to +84% year over year based on positive channel checks." UBS raises price target on Apple to $166 from $155 UBS raised its price target on Apple and said it sees solid iPhone demand ahead of the company's earnings report next week. "Based on strength in iPhones in what is typically a seasonally slower quarter and better Mac sales despite supply chain headwinds, we are raising our FY3Q21 revenue and EPS estimates to $74.7B and $1.01 from $71.3B and $0.95, roughly 1% above street consensus." Read more about this call here. Morgan Stanley reiterates Amazon as a top pick Morgan Stanley said it was bullish on the e-commerce giant heading into earnings next week. "High level, AMZN remains our top large-cap pick as we think the market is overly-concerned about revenue deceleration and is under-estimating the GAAP profit potential in '22/'23 even through re-investment." SocGen upgrades IBM to hold from sell SocGen upgraded the stock after IBM's strong earnings report on Monday. "We upgrade IBM to Hold from Sell on the back of a 2Q21 earnings beat and increasingly sustainable momentum in Business Services and Cognitive Solutions." Barclays names Sunrun a top pick Barclays named the solar company a top pick and said it sees a more balanced risk/reward for the stock. " RUN hasn't outperformed despite a stellar 1Q update; it seems the safest risk-reward in the group at this time." Monness Crespi Hardt upgrades Skechers to buy from neutral Monness said in its upgrade of Skechers that it sees a "favorable" risk/reward. "Strong footwear trends and the potential for meaningful upside to the full-year sales outlook creates favorable risk/reward." Bank of America reiterates Alphabet as buy Bank of America said the internet giant was its favorite value and recovery stock ahead of Alphabet's earnings report next week. "We maintain our Buy rating, given reasonable 18.3x 2022 core earnings P/E in our sum of the parts, and balanced exposure to both the accelerating digital ad shift & travel/local recovery."

Tesla Motors CEO Elon Musk unveils a new all-wheel-drive version of the Model S car in Hawthorne, California October 9, 2014.

Lucy Nicholson | Reuters

Here are the biggest calls on Wall Street on Tuesday: