Here are Tuesday's biggest analyst calls of the day: Snap, Chevron, Rivian, Dave & Buster's and more

Published Tue, Mar 1 20228:28 AM ESTUpdated Tue, Mar 1 202211:41 AM EST

Here are the biggest calls on Wall Street on Tuesday: Goldman Sachs downgrades Foot Locker to neutral from buy Goldman said in its downgrade of Foot Locker that it sees too much near-term pressure on the stock after the athletic retailer announced it would sell fewer Nike products . "We don't think Nike allocation goes to zero as we still see a role for retail over time; however, this is something we won't know until we know which will keep pressure on the multiple for the long term." Read more about this call here. Raymond James adds Dave & Buster's to the top picks list Raymond James added the restaurant-entertainment company to its analyst favorites list and said it sees more share gains ahead. "We reiterate our Strong Buy rating on PLAY and are adding it to the Analyst Current Favorites list ahead of the company's 4Q (ended 1/30) EPS release expected in late March. PLAY shares have outperformed YTD (+13%) as the omicron recovery trade has gained traction in recent weeks, and we see room for additional gains ahead." Barclays downgrades Foot Locker to underweight from overweight Barclays said in its double downgrade of the stock that it's very concerned about Foot Locker selling fewer Nike products. "We are downgrading shares of FL to Underweight (from Overweight). A key tenet of our Overweight rating was the benefit of NKE's consolidation in its wholesale channel, of which FL was a strategic partner. The reduction in product in Q4 alone will remain a company headwind into FY23 and may potentially worsen over time." Wells Fargo reiterates Rivian as equal weight Wells Fargo lowered its price target on shares of Rivian to $70 per share from $110. The firm said it sees too many "near-term headwinds." "We are bullish on the products & brand strategy; however, we see near-term headwinds including risk to Q1 delivery expectations, the negative impact from rising interest rates, increased BEV competition, and potential selling post the lockup expiration in mid May." RBC initiates coverage of MongoDB as outperform RBC began coverage of the application database company with an outperform rating. The firm said it sees a unique buying opportunity. "We see the recent pullback as a unique opportunity with the stock trading at 18x CY23E revenue, a discount to our PT implied 23x multiple, which is a premium to peers that we view as deserving given MDB' s durable leadership in next gen databases, large and fast-growing TAM and powerful secular tail winds." Bank of America reiterates Chevron as buy Bank of America kept its buy rating on shares of Chevron after the company said it was close to acquiring Renewable Energy Group. The firm said in a note to clients the deal would be largely irrelevant to Chevron value. "The bottom line — sure, this fits CVX newly minted 'New Energies' business, but we doubt it is the reason investors own CVX — and of questionable impact in our view to justify giving up a board seat." Morgan Stanley reiterates Allbirds as overweight Morgan Stanley kept its overweight rating on shares of shoe manufacturer Allbirds. The firm said it came away "constructive" on the stock after meeting with the company's investor team. " BIRD joined us for investor meetings where they discussed sales trends, their innovation pipeline, the wholesale & store rollout strategy, & new resale program, among other topics. We leave constructive on sales momentum, & are incrementally confident in BIRD's path to profitability." Raymond James names Johnson & Johnson a top pick Raymond James named JNJ as a top pick and said it sees the company as a more defensive name. "ANGO continues to be our favorite small cap Med Tech story, but we believe JNJ may be more appropriate for March given the expected macro volatility. JNJ is more of a defensive name, and the recent court win removes an overhang, which should allow investors to focus more on the improving fundamentals." Telsey upgrades Kroger to outperform from market perform Telsey said in its upgrade of the grocery company that it sees an "omni-channel opportunity." "We believe we have higher visibility and confidence into Kroger' s multi-year omni-channel growth runway — supported by its strategy Leading with Fresh and Accelerating with Digital — to drive long-term total shareholder returns of 8%-11%." Read more about this call here. Wells Fargo downgrades Vroom to equal weight from overweight Wells Fargo downgraded the online car company after its earnings report and said it sees too many negative catalysts for Vroom. "While we are admittedly (and embarrassingly) slow to see the writing on the wall (with shares -44% YTD vs. -8% SPX), we believe the macro narrative is too difficult, operational hurdles appear too great, and LT profit trajectory too uncertain to continue recommending shares." Truist downgrades Charter to hold from buy Truist said in its downgrade of the cable company that it's concerned about mounting competition for Charter. "Recent fears of elevated post-pandemic churn will likely give way far more important flow share losses associated with 'new' technologies (fiber/wireless). Despite minimal near-term financial impact, we believe valuation multiples will re-rate lower with flow share losses and elevated pricing pressures." Benchmark initiates coverage of Meta Platforms as hold Benchmark said that consensus expectations are too high for the company formerly known as Facebook . "Further, metaverse investment is burning fast and furious with zero line of sight on even long-term returns. Net-net, despite two meaningful resets the past two quarters, consensus expectations are still too high." Benchmark initiates coverage of Snap as buy Benchmark said Snap 's valuation doesn't "accurately reflect future digital advertising" share gains. "We initiate SNAP shares with a Buy rating and $50 DCF-based PT. SNAP's valuation does not accurately reflect future digital-advertising share gain from improving relative ROAS (return on ad spend) to peers." Morgan Stanley reiterates Zoom as overweight Morgan Stanley reiterated its overweight rating on shares of Zoom after its earnings report and said it sees an attractive entry point for the stock. "FQ4 print creates an attractive entry point as Street estimates for FY23 are cleaned up, nearing anniversary of COVID headwind, and product portfolio/attach rates continue to grow." Evercore ISI adds Kroger to the tactical outperform list Evercore kept its in line rating on the grocery chain, but added a tactical outperform call on the stock and says it's bullish heading into earnings later this week. "Our view is that KR' s defensive positioning is a positive amidst a volatile consumer backdrop that should enable it to outperform over the next month. We believe Kroger is likely to post a beat and raise 4Q/CY22 guide based on ongoing tail winds from inflation, better than anticipated pricing power and productivity savings."

Evan Spiegel, CEO of SNAP Inc.

Stephen Desaulniers | CNBC

Here are the biggest calls on Wall Street on Tuesday: