Here are Monday's biggest analyst calls of the day: Amazon, Apple, Nike, Exxon, GM & more

Published Mon, Sep 13 20218:25 AM EDTUpdated Mon, Sep 13 20219:37 AM EDT

Here are the biggest calls on Wall Street on Monday: BTIG downgrades Nike to neutral from buy BTIG downgraded the stock on supply-chain concerns. "We are downgrading NKE to NEUTRAL from BUY based on work we have done across the supply chain coupled with checks with our retail contacts, all of which point to severe supply chain disruptions emanating from the COVID-driven factory shutdowns in Vietnam that have worsened since the company last reported on June 24th." Read more about this call here. Goldman Sachs adds Dell to its conviction buy list Goldman added Dell to its conviction buy list and said the stock is compelling. "We are adding DELL to the GS Americas Conviction List as we believe strong cash flow generation and a clear road map for a debt paydown continue to argue for a multiple on Standalone Dell closer to comps. Our $137, 12-month price target presents over 44% upside to the current price." Bernstein upgrades MGM to outperform from market perform Bernstein said in its upgrade of MGM that the company is "executing well." " MGM Resorts stock has been a top performer in our gaming coverage universe largely due to the U.S. recovery and growing interest in interactive (sports betting/iGaming), where MGM has been executing well." Read more about this call here. Loop downgrades Tencent Music Entertainment to hold from buy Loop downgraded Tencent Music due to Chinese regulatory concerns. "The downgrades are obviously late and reactionary, but we expect it will be a slow path to sentiment recovery for the sector. We see greater regulatory headwinds for online media assets and would rather be positioned in online retail assets." Morgan Stanley resumes coverage of Analog Devices as equal weight Morgan Stanley resumed coverage of Analog Devices and said a lot of the positives are "already priced in." "Similar to most of the other broad-based suppliers in our coverage, ADI is seeing strong demand across all of its end markets, with particular strength in automotive and industrial where the market is most constrained and ADI has outsized exposure." Credit Suisse downgrades General Mills to neutral from outperform Credit Suisse said in its downgrade of the stock that it sees "risk" in the back half of the company's fiscal year. "We are lowering General Mills to Neutral, lowering our target price to $63/share, and maintaining our FY 22 EPS estimate at the high end of management's -2% to 0% growth range, in line with guidance." Read more about this call here. Goldman Sachs downgrades CrowdStrike to neutral from buy Goldman downgraded the cybersecurity company on valuation. "Best of breed vendors within our coverage universe delivered strong fundamental performance this quarter. While we count CRWD in this category and continue to have a favorable outlook as the company expands beyond its initial Endpoint security landscape, CRWD was one of the few companies in our coverage to show y/y growth deceleration." Bank of America reiterates Apple as neutral Bank of America said it thinks the latest iPhone debut event set for Tuesday is already priced into the stock. "For this event, most of the iPhone 13 feature set is known, and in our opinion, iPhone pricing is the most important variable followed by timing and cadence of launch and any news on bundling. There is some possibility that Apple could raise ASP (average selling prices) for iPhones given the inflationary environment, and this may not negatively impact demand given buy-now/pay-later, and installment plans." RBC reiterates Exxon as underperform RBC said it sees "structural challenges" and "better value elsewhere" for shares of the oil and gas giant. "The last few months have seen a lot of change at XOM. Following pressure from activist investors, three new board members have been elected, while XOM has also hired an external Chief Financial Officer from Diageo. ... .We continue to see better value elsewhere in the sector, and maintain our Underperform rating." Goldman Sachs initiates coverage of Facebook, Amazon and Alphabet as buy Beginning its coverage of Facebook , Amazon and Alphabet , Goldman said the tech industry still has "ample opportunities" for more growth. "We still see opportunities for investors to capture a mixture of growth, margin/free cash flow (FCF) dynamics and capital allocation decisions that are increasingly equity value accretive. In our view, the industry still has ample opportunities for secular revenue growth & increased operating efficiencies on the back of building scale in the coming years." Read more about this call here. D.A. Davidson downgrades AutoZone to neutral from buy D.A. Davidson said in its downgrade of the auto parts company that it's taking a more cautious approach to the stock. "While we think fundamentals for the auto parts group and AZO are still solid, we see several reasons why upside to our AZO estimates may be more difficult to achieve ahead. These include peaking industry sales growth, shifting trends back in favor of commercial sales industry wide versus DIY growth, and margin pressure points." JPMorgan reiterates Apple as overweight JPMorgan kept its overweight rating on shares of Apple and said investors should watch the pricing of the tech giant's products during its iPhone unveiling on Tuesday. "Firstly, while we expect limited surprises in terms of features in the iPhone 13 lineup relative to the iPhone 12, we believe pricing is a bigger unknown and a watchpoint. Jefferies upgrades Revolve Group to buy from hold Jefferies said in its upgrade of the online fashion retailer for millennials that the "valuation multiple has upside." "After meeting with management, we are upgrading RVLV to Buy from Hold. We view this leading fashion e-commerce platform as well-positioned to continue gaining share, while the valuation multiple has upside." Citi reiterates FedEx as buy Citi kept its buy rating heading into the shipping giant's earnings next week and said investors should not "fear the print." "Longer-term, we don't see much in F1Q that will be too exciting. FedEx has flagged headwinds from incentive comp, labor inflation, softer economic targets and a new Ground facility." Barclays reiterates General Motors as overweight Barclays reiterated its overweight rating on the stock and said "strong pricing" should offset supply-chain pressures. " GM is making considerable progress in securing a role in a future world of Disruptive Mobility (shared autonomous driving). And when combined with its ability to overcome a cyclical downturn via structural improvements to the balance sheet and profitability, this should help remove the stigma that GM is a dinosaur facing extinction." Cowen upgrades Baxter to outperform from market perform Cowen said in its upgrade of Baxter that it's well-positioned with a compelling valuation. "We like the step-up in sales growth and think revenue synergies are possible. Our new $98 target is 22x our current standalone 2023 EPS forecast and less than 20x combined company 2023 EPS of nearly $5."

A logo of the Exxon Mobil Corp is seen at the Rio Oil and Gas Expo and Conference in Rio de Janeiro, Brazil September 24, 2018.

Sergio Moraes | Reuters

Here are the biggest calls on Wall Street on Monday: