Here are Tuesday's biggest analyst calls of the day: Apple, Netflix, Coinbase, First Solar & more

Published Tue, Sep 21 20218:15 AM EDTUpdated Tue, Sep 21 202110:33 AM EDT

Here are the biggest calls on Wall Street on Tuesday: Telsey reiterates Nike as outperform Telsey said it expects a strong earnings report from Nike on Thursday despite supply chain issues in Vietnam. "We expect all eyes to be on Nike 's comments around the impact of the lockdowns in Southern Vietnam—which began on July 15 and were recently extended until September 30—on the manufacturing of its products. Nike sources 43% of its products from Vietnam, consisting of 51% of footwear and 30% of apparel." Loop initiates coverage of T-Mobile as buy Loop said the wireless company has an "industry-leading" cellular network. " T-Mobile is the second largest wireless company in the U.S. with the fastest growing revenue, EBITDA, and FCF amongst its wireless peers. Further, TMUS' competitive position is bolstered by an industry-leading network that we expect will produce continued outperformance in subscriber additions and the financials." KeyBanc initiates coverage of Enphase Energy as overweight KeyBanc said the solar company is "well positioned to capitalize on the robust growth" in the solar market. "ENPH's 'bread and butter' business is its proprietary microinverter products, which primarily serve the steadily growing U.S. and international residential solar markets. While historically more expensive, microinverters offer meaningful advantages in reliability and scalability over more traditional string inverters, which allowed ENPH to gain significant market share over the years." Read more about this call here. Bank of America reiterates Coinbase as neutral Bank of America kept its neutral rating on shares of the crypto company and said it wants more "concrete signs" of near-term revenue and long-term vision. " COIN is focused on expanding beyond just retail crypto trading to become users' primary financial account for the crypto economy. However, we await more concrete signs of progress against COIN's long-term vision and near-term revenues will likely remain highly concentrated in retail crypto trading, which has limited visibility." KeyBanc upgrades Vail Resorts to overweight from sector weight KeyBanc said in its upgrade of Vail that it thinks the winter season is going to be robust for the ski and resort company. "Looking into FY22, destination demand indicators for this upcoming season are above pre-pandemic levels, even with Delta in the background, and more importantly, metrics we use to track intra-quarter pass sales appear robust, painting a path for unit sales to comp healthy vs. FY20 levels." Read more about this call here. Benchmark reiterates Netflix as sell Benchmark kept its sell rating on the entertainment giant and said the stock is overvalued. "We maintain our Sell rating and $448 Netflix price target despite strong overall September stock performance. Anticipated Fed tapering removal and China's Evergrande moment may prioritize valuation and demonstrated growth relative to naked price momentum." Argus upgrades Bath & Body Works to buy from hold Argus said in its upgrade of Bath & Body Works that it likes the company's management and merchandising decisions. "We think the newly focused company is positioned for more consistent sales growth and margins. Management has reinstated the dividend and increased its share buyback program — both good signs. Cantor Fitzgerald reiterates Johnson & Johnson as overweight Cantor kept its overweight rating on shares of the pharmaceutical company after the company reported strong efficacy from its coronavirus booster shot. "Today (9/21), JNJ announced real-world evidence and Phase 3 data confirming strong and long-lasting protection of its single-shot COVID-19 vaccine in the U.S. The additional data show a booster increases protection." Credit Suisse upgrades Warner Music to outperform from neutral Credit Suisse said in its upgrade of the music company that it sees more upside in the stock. " Warner Music Group i s well positioned as one of the top three music labels globally, benefitting from the global transition to on demand music streaming. While WMG shares have risen from $36 to $40 over the past month, we see further upside as the growth outlook, margin profile and valuation become clarified." Bank of America reiterates Apple as neutral Bank of America said it sees "opportunities and risks" for Apple in China, but it's sticking with its neutral rating as the shares present a "balanced" risk/reward. "Given the recent changes in China around common prosperity, we take another look at Apple's China exposure. Apple's relationship with China is unique given it is a large market for its product and services, but also Apple creates significant employment in China through its manufacturing and through the large developer community." Stifel initiates coverage of Fortinet as buy Stifel began coverage of Fortinet with a buy rating and called it a "leading" cybersecurity vendor. "While Fortinet's success is centered on its leading appliance-based firewalls, the company has organically built a broad cybersecurity platform spanning network, security operations, cloud, and user/device security." Morgan Stanley reiterates First Solar as underweight Morgan Stanley said it sees increased competition and margin risk for the solar company. "Significant U.S. policy uncertainty has favored FSLR , but we think the stock prices in too large a benefit, and restrictions are likely to be more narrow than expected. We see risk to near-term earnings from Covid-19 disruptions and longer-term margin risk from price competition." Credit Suisse initiated coverage of EVgo as outperform Credit Suisse said the electric vehicle charging company is a key beneficiary of any infrastructure bill. " EVGO is a U.S. market leader in building direct current (DC) fast chargers for passenger and commercial electric vehicles (EVs) that run on 100% renewable energy. EVgo benefits from rapidly growing EV adoption, supportive policies and potential incentives for the industry under the infrastructure bill, first move advantage with strategic partnerships, and an attractive valuation after recent pull back. Piper Sandler downgrades Big Lots to neutral from overweight Piper said in its downgrade of the stock that it sees too many macro headwinds. "We are downgrading shares of BIG to Neutral and lowering our PT to $50 (from $60) as we see a trifecta of macro headwinds impacting fundamentals through 1H 2022. These include (1) Lapping 2 years of stimulus check tailwinds in 1H, (2) Ocean freight rates continue to intensify to all-time highs, and are likely a gross margin drag through 1H '22." Read more about this call here. Jefferies downgrades Oshkosh to hold from buy Jefferies downgraded the stock to due to defense uncertainty and delivery headwinds. "We downgrade shares of OSK to Hold from Buy with a Price Target of $105 on our revised estimates as we account for near-term delivery headwinds and medium-term headwinds to both sales and margins in Defense." Deutsche Bank reiterates FedEx as buy Deutsche kept its buy rating ahead of FedEx' s earnings report on Tuesday after the bell and said the data "could be encouraging." "Beyond just the headline EPS, however, we're looking for evidence of structural change in the business….particularly around sustainability of price/yield trends and mgmt's commentary around cost. And in this context, we think the data could be encouraging. Stifel reiterates Penn National as buy Stifel said the sell-off in the stock is overdone. "We recently hosted Penn National's CEO, Jay Snowden, for a series of investor meetings. Coming out of these meetings we feel incrementally positive about regional gaming trends across the majority of the country as we believe trends have remained strong through August with customer length of stay and spend per visit continuing to be elevated." Morgan Stanley upgrades Hostess Brands to overweight from equal weight Morgan Stanley upgraded the maker of Twinkies, naming it a top pick and said growth is accelerating. " TWNK is well positioned to benefit from multiple tailwinds including: 1) shifting consumer preferences toward more snacking, contributing to steady LSD-MSD (low single digits - mid single digits) sweet snacks category growth; 2) increasing consumer mobility as ~40% of TWNK sales come from convenience stores, where growth is accelerating and TWNK generates attractive margins as price/EQ is 1.9x vs. the grocery channel." Citi reiterates General Electric as buy Citi kept its buy rating on shares of General Electric and says it's a key beneficiary of the infrastructure bill and the adoption wind power. "As the market leader in domestic onshore wind turbines, we view GE as a well-established market participant that remains poised to be a primary beneficiary of growing investments in domestic wind power generation capacity."

The Netflix logo is seen on its office in Hollywood, California.

Lucy Nicholson | Reuters

Here are the biggest calls on Wall Street on Tuesday: