Here are Monday's biggest analyst calls of the day: Apple, Netflix, Best Buy, Amazon & more

Published Mon, Sep 27 20218:26 AM EDTUpdated Mon, Sep 27 20219:47 AM EDT

Here are the biggest calls on Wall Street on Monday: Morgan Stanley lowers its price target on Amazon to $4,100 from $4,300 Morgan Stanley lowered its price target on the e-commerce giant and said it sees wage pressures. "Our analysis of AMZN' s 700,000 person U.S. logistics workforce and rising wages reveals more profit pressure ahead as we lower '21/'22 EBIT by 16%/19% and PT to $4,100. Stay OW, though AMZN may be range-bound until revenue can re-accelerate in 1H:22e." Read more about this call here. Credit Suisse downgrades Altice USA to neutral from outperform Credit Suisse said in its downgrade of the cable company that it thinks Altice management will need several quarters to implement its new investment strategy. "We acknowledge Altice USA is now trading well below its likely asset value and that management's pivot from focusing on margins and stock buybacks to a more aggressive fiber overbuild/edge out strategy could prove successful longer-term." Cowen initiates coverage of Sony as outperform Cowen said the media giant is an "underappreciated entertainment powerhouse." "We view Sony primarily as a top-tier entertainment company with market leading presences in some of the most attractive entertainment verticals (gaming and music). We think the company unfairly trades at a discount to underlying value due to low-merit concerns about conglomeratization." JPMorgan initiates coverage of Airbnb as neutral JPMorgan said the short-term rental stock is fairly valued. " Airbnb saw significant headwinds from COVID-19, like others in the travel industry, with 2Q20 bookings and revenue down ~70% Y/Y, but unlike many of them, Airbnb's top-line is mostly back to or above pre-pandemics levels, with 2Q21 Nights & Experiences Booked recovering to 99% of 2Q19 levels, and Gross Bookings and revenue 37% and 10% above." Goldman Sachs downgrades Lordstown Motors to sell from neutral Goldman said in its downgrade of the electric vehicle company that it's concerned about the "operational challenges." The firm also lowered its estimates for many auto suppliers due to to a "reduced production outlook." "Our price target reﬂects what we believe will be a competitive albeit growing market for EVs (including with Ford planning to bring out an attractively priced ﬂeet-focused EV pickup truck in 2022), as well as the operational challenges that Lordstown Motors is facing." JPMorgan reiterates Apple as overweight JPMorgan said it thinks early iPhone order commentary for Apple "appears to show the benefit of purchase deferrals and attractive pricing." "We believe the slowdown in August indicates that consumers have deferred purchases in wait for the iPhone 13 launch, which would corroborate with the strong order numbers being (unconfirmed) reported in China." Atlantic Equities initiates coverage of Bath & Body Works as outperform Atlantic Equities said it sees the company continuing to gain market share. " BBW has proven itself with a consistently strong and steady execution. The category it plays in, beauty and personal care, is highly attractive and enjoying secular growth momentum. BBW has further opportunity to increase share of wallet with existing customers with ongoing product innovation and incremental category expansion." Piper Sandler names Best Buy a best idea Piper called Best Buy one of its top ideas and said it's bullish on the company's new membership program. "With the upcoming rollout of its new membership program, Best Buy Total Tech, BBY is quickly becoming one of our top ideas under coverage. Not only do we view Total Tech as one of the most intriguing initiatives BBY has launched in 5+ years, but also shares trade at 5-year lows on a relative basis, and near 5-year lows on an absolute basis." Bank of America reiterates Netflix as buy Bank of America kept its buy rating on Netflix and said the company is in a "strong position" to continue raising prices. "We continue to see a long runway for Netflix to increase its market share from linear TV, and we believe it is in a strong position to continue raising prices as its engagement continues to increase." JMP upgrades Box to market outperform from market perform JMP said in its upgrade of the cloud-based data management company that sales execution has improved significantly. "We believe Box's leadership has transformed many aspects of the company to optimize for shareholder value and the company is executing significantly better than just two years ago." Morgan Stanley initiates coverage of Silvergate Capital as overweight Morgan Stanley said Silvergate is a "crypto-focused bank like no other." "We see a 3:1 bull:bear skew, but recognize that SI has the widest risk reward of any bank we cover as its growth is tied directly to the health and growth of the cryptocurrency industry." Leerink initiates coverage of Humana as outperform Leerink said it sees accelerating growth for Humana. "Near-term concerns of rebounding medical costs and COVID costs are priced in. Against muted 2H expectations for Managed Care, we see opportunities to invest into the post-COVID accelerating growth environment and associated 2022 inflection." Leerink initiates coverage UnitedHealth as outperform Leerink said the health-care company is a unique way to invest in the "secular growth" of medical spending. "Alongside UNH's unparalleled breadth of care delivery capabilities at scale, we view UNH as an interesting way to invest into the long-term secular growth of US medical spending." Citi upgrades Western Union to buy from neutral Citi said in its upgrade of the stock that it sees an attractive buying opportunity. "We are upgrading Western Union to a Buy from Neutral with an unchanged $27 price target (~34% upside). Multiple factors drive our changed view. (i) Recent price action and current ~4.6% dividend yield implies an attractive ~9x FY22 P/E." Goldman Sachs reiterates Exxon as buy Goldman kept its buy rating on the oil and gas giant and says it sees earnings beats continuing into the near future. " Exxon is one of our most out of consensus ratings, where most investors we speak to are concerned about (a) the sustainability of earnings execution given weaker EPS surprise ratios than the S & P in recent years and (b) the premium valuation versus US oil peers."

Customers walk around the new Apple Store on Broadway in downtown Los Angeles, California, June 24, 2021.

Lucy Nicholson | Reuters

Here are the biggest calls on Wall Street on Monday: