Here are Tuesday's biggest analyst calls of the day: Apple, Spotify, Charles Schwab, Best Buy & more

Published Tue, Oct 26 20218:32 AM EDT

Here are the biggest calls on Wall Street on Tuesday: Citi initiates coverage of Coinbase as buy Citi said it sees significant competitive advantages for the digital currency platform as crypto becomes more mainstream. "Notwithstanding COIN's significant exposure to cryptocurrency prices, the stock offers investors direct exposure to increased retail and institutional adoption. Still, as a crypto-economy facilitator, we see stock positioned to make 'higher highs and higher lows' relative to crypto volatility as adoption increases." Read more about this call here. KeyBanc reiterates Robinhood as overweight KeyBanc kept its overweight rating on the stock and trading app company ahead of earnings later this week and said Robinhood's crypto capabilities are underappreciated. "While our NT estimates are below the Street, we remain OW as we think the potential for Robinhood to develop into a more diverse FinApp/SuperApp with enhanced Crypto capabilities remains underappreicated." Credit Suisse downgrades Beyond Meat to underperform from neutral Credit Suisse said in its downgrade of the alternative meat company that it has "deeper problems" that won't get fixed quickly. "The meat alternatives category still has potential upside for the next several years, but we are lowering our long-term forecasts for Beyond's sales and market share. This year's spate of management departures and many factors cited for the revenue shortfall suggest deeper problems that won't be quick to fix." Read more about this call here. Raymond James upgrades The RealReal to outperform from market perform Raymond James said in its upgrade of The RealReal that it sees a compelling risk/reward. "Our upgrade is based on: 1) We expect continued near-term revenue momentum driven by continued recovery in supply, recover in apparel sales, and secular growth of the luxury resale market. Resale could also benefit in the near-term from the global supply challenges. 2) Inflection Point in the Path to Profitability." JPMorgan reiterates Facebook as overweight JPMorgan lowered its price target on the stock to $390 per share from $450 after the company's "better than feared" earnings beat on Monday. "The combination of lower revenue & higher expenses suggests 2022 & 2023 estimates are likely to come down across the Street, w/focus on whether FB will drive single-digit or double-digit annual EPS growth over the next few years. We are encouraged, however, that FB will work through iOS headwinds in 2022 & also generate incremental revenue streams in Reels & Shops." Read more about this call here . Jefferies reiterates Alphabet as buy Jefferies reiterated its buy rating on the internet giant ahead of earnings on Tuesday after the bell and said the stock's valuation is still "reasonable." "With stock +57% YTD, GOOGL faces high expectations and is viewed as a crowded long — reflecting strong fundamentals. Our checks showed robust Q3 ad spend as ad budgets recover and YouTube momentum gathers more steam. Google Cloud continues to penetrate enterprises." Bank of America reiterates Apple as neutral Bank of America said in a note to clients on Tuesday that it's bullish heading into Apple's earnings report on Thursday. "We expect Apple (AAPL) to report a strong F4Q21 (Sep qtr) and model revenue of $86.6bn, which compares to Street at $84.6bn. This is despite limited selling days in the qtr for the new iPhone 13 models." BMO downgrades Intel to market perform from outperform BMO downgraded the stock after its earnings report last week and said it sees shares staying sideways. "We took a couple of days to think this through. We fail to see a scenario where shares outperform. We are thus lowering our rating on shares of INTC to a Market Perform from an Outperform." Telsey reiterates Amazon as outperform Telsey reiterated its outperform rating on the e-commerce giant ahead of earnings later this week and said it sees superior execution. "We believe Amazon's 3Q21 results should continue to benefit from the growth of its Prime member base, expansion of its merchandise assortment—including grocery, fashion, private brands, and third-party products—and fast fulfillment." Piper Sandler reiterates Best Buy as overweight Piper Sandler raised its price target on the retail giant to $155 a share from $150 and said the company's membership pricing discounts look "solid." "We reiterate our OW rating and raise our PT to $155 following further analysis of BBY 's Totaltech membership program and Mastercard's holiday spending outlook for Consumer Electronics. Regarding BBY Totaltech, our pricing analysis suggests membership discounts are attractive and we believe this should help drive adoption and repeat purchase behavior." Morgan Stanley reiterates Charles Schwab as overweight Morgan Stanley reiterated its overweight rating on shares of the financial services company and said it sees a path to a $200 billion valuation. The firm also raised its price target to $115 from $97. "We're more bullish on SCHW 's ability to capture Gen Y/Z'ers with momentum accelerating. See durable mid-teens EPS growth to $7 in '26e driven by 30% ARPU expansion & 1,100bps margin lift to 60%." Morgan Stanley reiterates Spotify as overweight Morgan Stanley kept its overweight rating on the streaming company and said it sees gross margins expanding. "After more than doubling in value in 2020, SPOT shares have significantly lagged our broader coverage group's performance YTD. As we look to '22, we believe it offers a uniquely compelling upside case if Premium user growth accelerates and gross margins expand." Berenberg downgrades Kimberly-Clark to hold from buy Berenberg said in its downgrade of the stock that it sees a lack of visibility. "We downgrade Kimberly-Clark (KC) to Hold (from Buy) following the significant profit warning (9%) at the Q3 2021 results on 25 October as well as management's lack of visibility on the timing of input cost recovery and supply chain risks on short term organic sales growth." BMO reiterates Disney as market perform BMO kept its market perform rating on shares of Disney and said it still has concerns about the company's streaming business. "We remain Market Perform as catalysts for the streaming business are still elusive, and consensus subscriber estimates likely need to come down still." Citi opens a negative catalyst watch on Texas Instruments Citi opened a negative catalyst watch on the stock and said it's bearish heading into the company's earnings on Tuesday afternoon. "We are opening up a negative catalyst watch on Buy-rated Texas Instruments ahead of its earnings call as we expect the stock to sell off due to our expectation that 4Q21 guidance will be down at least 10% QoQ, far below seasonality and the consensus of down 4-7% QoQ." Cowen upgrades Bally's to outperform from market perform Cowen said in its in upgrade of the casino company that it sees a "massive opportunity" for Bally's. "Equipped with a new tech stack and management team, we upgrade Bally's to Outperform. … On October 1, Bally's completed its $2.7 billion acquisition of Gamesys. … With the acquisition finally completed, we are bullish on Bally's massive opportunity in OSB/iG." Rosenblatt upgrades Facebook to buy from neutral Rosenblatt upgraded the social media company after its earnings report on Monday and said it sees "limited" near-term downside. "We upgrade FB to Buy from Neutral as the stock looks oversold near-term following last night's reset. We see limited downside near-term at ~1.0x the S & P NTM P/E, with +20% upside on more stable near-term expectations Deutsche Bank upgrades Coty to buy from hold Deutsche said in its upgrade of the stock that investors should buy the dip. " COTY's stock is nearly -20% off its recent highs following what we viewed as legitimately strong and promising FY4Q21 results. Since that time, we acknowledge market volatility pointing to more difficult operating conditions generally, as well as certain COTY-specific news flow that the market has taken negatively."

Source: Apple Inc.

Here are the biggest calls on Wall Street on Tuesday: