Here are Monday's biggest analyst calls of the day: Apple, Coinbase, Nike, Peloton, Salesforce & more

Published Mon, Sep 20 20218:29 AM EDTUpdated Mon, Sep 20 20219:09 AM EDT

Here are the biggest calls on Wall Street on Monday: Citi initiates coverage of Oatly Group as buy Citi said the oats company's "biggest competitive advantage is its brand." "We believe that OTLY should trade at a discount to BYND given the more competitive nature of the plant-based dairy category." Wells Fargo initiates coverage of Salesforce as overweight Wells said the software company has "more left in the growth tank." "Is M & A necessary to sustain growth? Can this 20+ year old SaaS veteran keep up with the times? Is Salesforce capable of closing the margin gap vs. large-cap peers? Our diligence suggests there is more left in the growth tank than meets the eye, amidst a favorable backdrop for front-office/revenue-generating software, which we think (alongside plenty of Slack-related skepticism)presents room for a catch-up in performance for CRM ." Morgan Stanley reiterates Apple as overweight Morgan Stanley said "early iPhone 13 data points points to year over year growth this cycle" for Apple. "iPhone 13 Pro and Pro Max lead times are the second strongest in the last 5 years as of the first pre-order date, while 2H CY21 iPhone builds point to 20% Y/Y growth. We also highlight recent consumer hardware, printer and HDD (hard disk drive) data points from the last few weeks." Wells Fargo initiates coverage of Workday as overweight Wells Fargo said it sees a "healthy multi-year growth curve" emerging for the software vendor. "Our checks suggest that a confluence of favorable trends are taking shape including a rebound in sales activity, uptick in interest from key verticals (inc. health care, education, public sector), and investments into added sales capacity (inc. a bigger push toward international) and product, which we think can drive a healthy multi-year growth curve for Workday moving forward." Deutsche Bank reiterates Nike as buy Deutsche kept its buy rating ahead of the company's earnings report on Thursday and said it sees solid growth in North America. "We expect NKE' s 1Q EPS to slightly beat Street expectations likely driven by GPM (gross profit margin) upside as we believe sales could fall short due to volatile trends in China, but we anticipate solid growth in NA (North America) as the region likely benefitted from strong consumer demand." Morgan Stanley upgrades Teradata to overweight from equal weight Morgan Stanley said in its upgrade of the database and analytics-related software that investors should buy the dip. " TDC' s Cloud business is underappreciated; we upgrade the stock to Overweight from Equal-weight. We walk away from management meetings more confident in the long-term model and with a better understanding of the mechanics driving lower '22 EPS. … Moreover, management de-risked the forecast, leaving room for upside as the impact of these changes gains momentum. We believe now is the time to buy the stock." Wells Fargo initiates coverage of Adobe as overweight Wells said the software company is a key "long-term core holding." "While shares have steadily compounded, we see a path for 20%+ EPS expansion far into the future which, alongside multiples we still view as palatable relative to other premium assets in software, leads us to recommend Adobe as a long-term core holding in any large-cap tech portfolio." Atlantic Equities reiterates Coinbase as overweight After meeting with Coinbase's management, Atlantic Equities said it has "incremental excitement over the burgeoning growth in institutional revenues." "Following meetings with the Coinbase CFO, Alesia Haas, and VP of Institutional Products, we reiterate our Overweight rating on Coinbase with incremental excitement over the burgeoning growth in institutional revenues." Deutsche Bank upgrades Colgate-Palmolive to buy from hold Deutsche said in its upgrade of the consumer products company it sees better growth and profitability. "We're upgrading CL to Buy today based on (i) a recognition that the company has made significant strides over the past ~3 years in revamping corporate culture to instill a healthier "growth mindset" and (ii) a belief that recent stock performance differentials between itself and peers (most notably Buy-rated PG) appear too severe—CL's 2Q shortfalls and aforementioned rising cost/supply chain headwinds notwithstanding." Read more about this call here. Longbow downgrades Texas Instruments to neutral from buy Longbow said in its downgrade of the stock that it sees "less room" for upward estimate revisions. "As such we are downgrading TXN to NEUTRAL as we see fewer tailwinds once shortages begin to ease, and less room for upward estimate revisions relative to peers." Wells Fargo reiterates FedEx as overweight Wells kept its overweight rating on shares of the shipping giant and said the underlying trends of the company remain healthy. "Shares have moved down from its 52-wk high of $320 (in May) reflecting concerns surrounding labor, volumes, and future pricing. While the quarter is not without risk (labor and the volume optics from its increased focus on revenue quality), we believe that the underlying operating trends remain healthy for FDX ." UBS reiterates Peloton as sell UBS kept its sell rating on shares of the fitness company and said it's not clear what the next catalyst will be to drive shares higher. "We do not see the launch of private-label apparel a tangible driver of subscriber growth — a key factor driving forward multiples and EV to sales valuation framework for PTON — but a sizable and well-executed private label business could drive further brand awareness and promote a sense of community and increase level of sub engagement." KeyBanc reiterates Thermo Fisher as overweight KeyBanc restated its overweight rating on the scientific instrumentation and said it's the Amazon of its industry. "On Friday, TMO was the 4th company in our coverage universe to host an Analyst Day and, in our opinion, provided the most significant incremental commentary as it increased its LT outlook, initiated FY22 guidance, and guided to $30B of M & A over 3Y." Loop reiterates DraftKings as buy Loop kept its buy rating on the fantasy sports betting company and said it continues to gain market share. The firm has a Street high price target of $105 per share. " DKNG is gaining share and has recently overtaken FanDuel as the top U.S. sportsbook app according to the latest rankings on Apple's App Store. Recent market share gains are further supported by the latest monthly revenue/handle data reported by various state gaming commissions, and our analysis suggests another 'beat and raise' quarter for our top pick." JPMorgan upgrades Analog Devices to overweight from equal weight JPMorgan said in its upgrade of Analog Devices that it likes the company's free cash flow and strong diversification. "Overall, our OW rating is in line with our sector thesis of favoring companies with solid market leadership, strong diversification, margin/free cash flow expansion, and with solid payout ratios."

Tim Cook introduces iPhone 13

Source: Apple Inc.

Here are the biggest calls on Wall Street on Monday: