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

Published Tue, Oct 19 20218:36 AM EDT

Here are the biggest calls on Wall Street on Tuesday: Goldman Sachs adds Walmart to the conviction buy list Goldman added the big-box retail giant to its conviction buy list and said it is well positioned to take share. "We are adding Buy-rated WMT to the Americas Conviction List and removing Buy-rated TGT, while remaining constructive on fundamentals for both companies into 2022. We believe WMT was one of the strongest stories at the Goldman Sachs 28th Annual Retail Conference in September given the company's improving ability to grow EBIT dollars along with continued investments, which we think will gain investor attention as the company executes over the coming year." Read more about this call here. Citi resumes Utz as buy Citi resumed coverage of the snacks company and said investors should buy any dip in the stock. "Ultimately, we think that for all of the reasons UTZ has seen more pressure this year, the company should see improvements into 2022 (as pricing and productivity come into play in 2H21 and should carry into 2022, and top-line comps are easier)." Evercore ISI downgrades Marriott to in line from outperform Evercore downgraded the hotel company mainly on valuation. "Accompanying our estimate revisions, and also noting that hotel stocks have seen a nice outperformance streak over the past 30-60 days, we are simultaneously downgrading MAR to In-Line (from O/P), while upgrading DRH to In-Line (from U/P)." Read more about this call here. RBC upgrades Albemarle to outperform from sector perform RBC said in its upgrade of the chemical manufacturing company that it sees a "lithium cycle recovery." "As EV production growth continues to accelerate, we believe ALB will continue to benefit given its unique low cost position and global scale." Read more about this call here . Piper Sandler reiterates Coinbase as overweight Piper kept its overweight rating on shares of Coinbase and said it's bullish as the first bitcoin ETF begins trading. "First U.S. Bitcoin Futures ETF set to begin trading today. The ProShares Bitcoin Strategy ETF is set to begin trading today after being tacitly approved by the SEC last week. It will be the first bitcoin-related ETF in the United States, and there are ~5 additional bitcoin futures ETFs on a similar path that could begin trading in the next few weeks." Wells Fargo initiates coverage of Teladoc as buy Wells said the virtual health care provider is the "largest and most scaled telehealth company in the space." "The COVID-19 pandemic meaningfully accelerated patient and provider adoption of telehealth and at least temporarily removed regulatory and reimbursement hurdles. We like that TDOC has exposure to several key telehealth product categories and think the company is well positioned to support the virtual care ambitions of its client base as something close to a one-stop shop." Read more about this call here . Stifel initiates coverage of ChargePoint as buy Stifel said that it sees positive free cash flow as early as 2024 for the electric vehicle infrastructure company. "We are initiating coverage of ChargePoint with a Buy rating and a $29 target price based on our 10-year DCF analysis. The company's strong network coupled with its capital-light business model should enable it to start generating positive free cash flow as early as 2024." Bank of America reiterates Netflix as buy Bank of America said it's confident in Netflix's strong return to growth heading into the company's earnings report after the bell on Tuesday. "The strength of recent content release and the market's response increased our confidence in Netflix's return to strong growth despite tough comps near term. We see the continuation of some of the highly viewed Netflix TV shows as likely drive subscriber growth in 4Q. Goldman Sachs reiterates Microsoft as buy Goldman said in a note to clients on Tuesday that it sees "commercial cloud momentum" heading into Microsoft's earnings report on Oct. 26. "That said, with commercial cloud continuing to mix higher, we remain very constructive on the long-term growth outlook, as Microsoft remains well positioned to capitalize on digital transformation initiatives and rising public cloud adoption." Piper Sandler reiterates Snap as a top pick Piper said it's constructive on shares of Snap heading into the company's earnings report on Thursday. " SNAP continues to build out new features of the platform and remains under-monetized versus peers. Plus, shares are now down 9% off highs from September. SNAP remains our top pick in digital advertising." Citi downgrades Albertsons to neutral from buy Citi said in its downgrade of the grocery chain that it sees limited upside. "We are downgrading ACI from Buy to Neutral. While we were impressed with ACI's results in 2Q and guidance for the rest of F21, the stock is up ~100% over the past 12 months and ~50% over the past 3 months, making the risk/reward seem more balanced from here." Berenberg initiates coverage of Penn and Churchill Downs as buy Berenberg said the companies have "strong growth profiles and conservative balance sheets." "We initiate coverage on five gaming names with Buy ratings on Penn National Gaming, Churchill Downs, International Game Technology, and Scientific Games; we assume coverage of FuboTV at a Buy. We expect our coverage universe will benefit from the growing market recovery in retail gaming and improving social outlook surrounding other gaming sector segments like digital and sportsbook." JPMorgan reiterates Apple as overweight JPMorgan reiterated its overweight rating on the tech giant ahead of its earnings report on Oct. 28 and said it sees a solid report but disappointing guidance. "We expect Apple to report solid F4Q (Sep-end) beat, led by solid demand for iPhone 12 series, Macs as well as Services, but expect investor attention to be focused on guidance for F1Q (Dec-end) in light of the recent concerns relative to supply. In that regard, we expect results for F4Q and qualitative guidance for F1Q22." Citi adds a positive catalyst watch on Quest Diagnostics and Labcorp Citi added a positive catalyst watch on the lab and testing companies and said investors should buy the weakness. "We are establishing Positive Catalyst watches on DGX and LH ahead of 3Q21 results, and conclusion of LH's strategic review by the end of the calendar year. We view the recent pullback in the stocks as overdone for a sector that will likely see near-term upside, an upward bias to consensus estimates for 2022, and continued strong cash flow and capital deployment that should support shares and allow the stocks to retest highs, in our opinion." Wedbush downgrades Zillow to neutral from outperform Wedbush said in its downgrade of the online housing company that it has concerns about operations and capacity constraints. "Zillow is seeing a backlog in renovations and operational capacity constraints driven by labor and supply constraints. That is leading Zillow to pause operations across all its markets simultaneously, which in our view leaves many unanswered questions in the near term." Bank of America raises price target on Tesla to $900 from $800 Bank of America raised its price target on Tesla and said it has low expectations for auto earnings this quarter and is looking ahead to 2022. The firm also reiterated its neutral rating on the stock. "Prior to the quarter, we are slightly tweaking estimates for a few companies in our coverage universe, largely to account for calendarization between 3Q and 4Q, resulting in PO changes for APTV, KAR, TSLA and VC." Morgan Stanley lowers price target on Virgin Galactic to $17 from $25 Morgan Stanley lowered its price target on shares of Virgin Galactic and said it sees the stock under pressure as the lock-up period expires on Oct. 25 as well as a long layoff of spaceflight. "We decrease our price target from $25 to $17 as we no longer assume Inspire will be built, along with a push to the right of Delta's entry into service to 2026. We also see potential downward pressure for the stock as the lock-up period ends October 25th. Stifel reiterates Amazon as buy Stifel kept its buy rating on Amazon heading into earnings next week and said it expects impressive growth to continue. "We expect impressive Prime member growth to continue in the quarter (Prime added 50mm new members in the 18 months prior to the end of 2Q:21) and that the trends of members spending more with greater frequency across additional categories to continue."

The logo for Coinbase Global Inc., the biggest U.S. cryptocurrency exchange, is displayed on the Nasdaq MarketSite jumbotron and others at Times Square in New York on April 14, 2021.

Shannon Stapleton | Reuters

Here are the biggest calls on Wall Street on Tuesday: