Here are Wednesday's biggest analyst calls of the day: Amazon, Apple, Tesla, GE, MGM & more

Published Wed, Jul 28 20218:25 AM EDTUpdated Wed, Jul 28 20219:36 AM EDT

Here are the biggest calls on Wall Street on Wednesday: Telsey reiterates Amazon as outperform Telsey restated its outperform rating on e-commerce giant ahead of its earnings report Thursday and said Amazon has "superior execution." "We maintain our above consensus 2Q21 sales and profit estimates, reflecting the ongoing favorable shift toward online, strong business trends, including Prime Day, market share gains across categories, and superior execution." Citi reiterates General Electric as buy Citi said it sees a return to top-line growth for General Electric. "With Aviation end markets continuing to show signs of recovery underway, we see increasing visibility to ongoing growth runway for GE in '21 and beyond and are also encouraged by upside revenue/profitability in Power vs. our model that we view as a good sign that long-term operational improvements in the business appear to be gaining traction." Baird initiates coverage of Chewy as outperform Baird said it sees "revenue upside" for the online pet retailer. " CHWY is the online leader in an attractive, defensive growth sector, with favorable customer unit economics and a large sticky base of recurring revenue. While concerns over the pace of net customer adds could linger, we believe embedded growth from existing cohort maturation is meaningful/ supportive of FY21 revenue upside." Read more about this call here. Deutsche downgrades Teladoc to hold from buy Deutsche downgraded the telehealth company mainly on valuation. "We continue to believe that Teladoc is led by a strong management team, doing everything in its power to defend and grow its business. But at the current valuation, given where other assets in the market trade, TDOC 's shares are just too expensive to warrant a continued Buy rating." Read more about this call here . Goldman Sachs upgrades MGM to neutral from sell Goldman said in its upgrade of the casino company that investors should buy the weakness in shares. "We also upgrade MGM t o Neutral from Sell following the recent pullback and as stronger market share in Online sports betting/iGaming and a faster rebound in Vegas more than offset our concerns about the relative pace of recovery." Jefferies reiterates Advanced Micro Devices as a top pick Jefferies called the semiconductor company a top pick and said it sees more share gains after the company's strong earnings report on Tuesday. " AMD remains a top pick post 2Q21 results, as we estimate AMD gained 140bps server share quarter-over-quarter after +150bps in Q1, and we believe its server share gains vs INTC will accelerate." Citi names Advance Auto Parts as a top pick Citi named the auto parts retailer a top idea and said it sees margin expansion. "We now rank AAP above AZO as our top pick within auto parts retail based on favorable geographic/DIFM (do it for me) recovery positioning and increasing progress toward the margin expansion targets outlined at the company's April 2021 analyst day." Morgan Stanley reiterates Tesla as overweight Morgan Stanley kept its overweight rating on the automaker and said it would have greater earnings before interest, taxes, depreciation and amortization than Ford and GM combined at some point in the future. "Further, our revised forecast projects Tesla Adj. EBITDA to approach $38bn by FY25… an amount greater than our current forecast of General Motors and Ford group EBITDA COMBINED." Goldman Sachs reiterates Norwegian as buy Goldman Sachs reiterated its buy rating on the cruise company and said it has an attractive risk/reward. "We reiterate our Buy rating with 46% upside to NCLH stock where we see the best risk/reward given a focus on 100% vaccinated cruises, a skew to higher end consumers, and best in-class capacity growth." Needham reiterates Apple as buy Needham reiterated its buy rating on the tech giant after its robust earnings report on Tuesday and said the company's strategy "is driving valuation upside." " AAPL 's strategy of aggregating apps, bundling content, and targeting the world's wealthiest consumers is driving valuation upside." Read more about this call here. Bernstein reiterates Alphabet as outperform Bernstein kept its buy rating on shares of Alphabet after its earnings report on Tuesday and said it sees more upside in the stock. "Google remains one of the most crowded names in Internet, and another A+ print should do little to change sentiment. Big number beats everywhere we look led by YouTube and Search while the 31% operating margins had the company delivering four consecutive quarters of margin expansion of 1400bps." Credit Suisse reiterates Starbuck as outperform Credit Suisse reiterated its outperform rating on the coffee chain after its strong earnings report on Tuesday and said the momentum continues. "The US business remains strong, with F3Q US 2-yr same-store sales accelerating to 10% and momentum has continued into F4Q, with SBUX guiding Americas/U.S. SSS to 22-25%, implying 2-yr SSS of 11-13%." Morgan Stanley reiterates Microsoft as overweight Morgan Stanley affirmed its overweight rating on Microsoft after its earnings report on Tuesday and said the company is "built for durable EPS growth." "Solid positioning for core secular growth trends, strong execution against those opportunities and a growing base of recurring revenues powered a significant Q4 beat and supports our 19% EPS CAGR through CY23." Baird reiterates McDonald's outperform Baird kept its overweight rating on the fast food giant after its earnings report on Wednesday and said it sees an "attractive" risk/reward. "We continue to believe MCD is well positioned to show solid global operating momentum in the balance of 2021 and into 2022, and based on this outlook and our favorable view of the company's durable earnings model, we consider the one-year-out risk/reward on the stock attractive." Jefferies reiterates Six Flags as buy Jefferies kept its buy rating on the theme park company after its earnings report and said it's making "transformation progress." "The better-than-expected results and maintained guidance should push the shares higher, pending commentary from Mgt. on the call. With all parks being opened by 5/29, the forthcoming quarter should be more indicative of the transformation progress and the ultimate earnings power for SIX, which we believe will prove materially higher than current levels

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Here are the biggest calls on Wall Street on Wednesday: