Here are Tuesday's biggest analyst calls of the day: Amazon, Meta, FedEx, Rivian, Coinbase & more

Published Tue, Mar 8 20228:40 AM ESTUpdated Tue, Mar 8 202212:26 PM EST

Here are the biggest calls on Wall Street on Tuesday: Jefferies upgrades Caterpillar to buy from hold Jefferies said in its upgrade of Caterpillar that the stock "has historically been a strong hedge to commodity and general inflation." "Recent turmoil in Eastern Europe fundamentally reshapes global commodity markets, driving structurally higher pricing and after years of underinvestment capacity additions and supply diversification will be necessary in both mining and oil & gas sectors, though new projects will take time." Read more about this call here. Barclays reiterates Rivian as equal weight Barclays kept its equal weight rating on shares of the electric vehicle company, but lowered its price target to $47 per share from $115. The firm said it sees more pain to come for Rivian due to cost inflation and production ramp. "The optimist in us is hopeful for a relief rally once expectations are properly reset, but the pessimist in us tells us there's more pain to come as consensus falls closer to our revised sales and margin forecasts." Mizuho upgrades Okta to buy from hold Mizuho upgraded the identity- and access-management cybersecurity company and said the stock is "difficult to ignore at these levels." "We are upgrading our rating on OKTA to Buy from Neutral. OKTA has been a material underperformer and has declined 42% over the last six months." Read more about this call here. JPMorgan reiterates General Electric as neutral JPMorgan kept its neutral rating on shares of GE ahead of the company's investor day and said estimates still look too high. " GE screens a bit below average when it comes to exposure to the current geopolitical situation, with about average revenue exposure to Europe broadly, but with high profile JVs in Russia, and the hit to travel, is probably a bit more exposed from a revenue perspective here." UBS upgrades Dish to buy from neutral UBS said in its upgrade of the stock that it sees an "attractive risk/reward." "We are upgrading DISH to Buy from Neutral and maintaining our $44 price target given an attractive risk/reward bounded by spectrum value on the downside and optionality of the next-generation, cloud-based, 5G wireless network on the upside." Piper Sandler reiterates Meta Platforms as neutral Piper Sandler lowered its price target on shares of the company formerly known as Facebook to $240 per share from $301 and said the "fundamental picture is underwhelming." "For now we wait and plan to (1) monitor pricing trends and (2) continue channel checks around targeting and measurement." Bank of America downgrades Occidental Petroleum to neutral from buy Bank of America said in its downgrade of Occidental that the stock has benefited from the recent spike in oil prices, but it has come too far, too fast. "So all other things equal two-thirds of our PO increase for OXY is a function of the outsize spike in oil prices, which is clearly a function of an ongoing oil shock of uncertain duration." Bank of America adds Valero to the U.S. 1 list Bank of America added Valero to its U.S. 1 list and said it's now a "golden age" for U.S. refiners. "We see U.S. refiners overlooked as net beneficiaries of a structurally higher natural gas costs ex US — a critical input to the margin necessary for international refiners to clear higher costs and already showing up in extraordinary heating oil cracks." Loop reiterates Amazon as buy Loop lowered its price target on shares of Amazon to $3,750 from $3,775 and said that one-day shipping will pressure "unit economics." "Our framework illustrates a meaningful drop in unit economics during the pandemic as Amazon's fulfillment and transportation networks are absorbing wage increases, workforce inefficiencies under Covid protocol, labor shortages and other supply chain issues. While these factors are normalizing, we expect the ramp in one-day shipping will continue to pressure unit economics." Bank of America reiterates Levi's as a top idea Bank of America kept its buy rating on the denim company and said it sees a "particularly attractive" buying opportunity. "The stock has more than given back its 8% rally after posting robust 3Q results in Jan. Similar to PVH, LEVI also has an upcoming investor day this spring. This, coupled with continued strong denim trends/new store rollout (100 gross doors this year), should provide offsets to current headwinds in Eastern Europe." Atlantic Equities reiterates Coinbase as overweight Atlantic Equities kept its overweight rating on shares of the crypto exchange platform and said it sees strong underlying momentum. "While Coinbase Global significantly exceeded our expectations in 2021, weaker crypto prices and volumes suggest a slower start to 2022. However, in dissecting Coinbase's performance in 2021 we see strong momentum in its underlying trends that we expect to carry through into this year." Stifel initiates coverage of Revolve Group as buy Stifel said the online clothing retailer is "leading a generational shift in fashion discovery." " Revolve is leveraging social media engagement, data-driven merchandising and a capital-light business model to lead a generational shift of fashion consumption and gain share in the $2.37 trillion Global Apparel, Footwear, Accessories and Beauty market." UBS reiterates FedEx as buy UBS kept its buy rating on shares of the shipping company and said it sees a mixed earnings report later this month. "Cross currents in 3Q likely prevent FDX from delivering a strong quarter. FDX faced positives and negatives in the quarter and we expect a mixed EPS result when they report earnings on Thursday, March 17." Bank of America reiterates Uber as buy Bank of America kept its buy rating on shares of Uber . The firm said investors need to be patient with the stock as gas prices and consumer spending are driving performance at the moment. "We are disappointed in YTD stock performance as data points suggesting a solid 1Q for travel/transportation recovery are being overshadowed by increasing fears on consumer spending durability with higher gas/food prices." Baird upgrades Bank of America to neutral from underperform Baird said in its upgrade of the banking giant that it sees a more neutral risk/reward at current stock levels. "Recent weakness has helped overall bank risk/reward; taking short call off BAC and upgrading to Neutral." Evercore ISI upgrades Dell to outperform from in line Evercore said that it sees an attractive entry point for the computer manufacturer. "Following DELL' s recent pullback post its FQ4 print the current valuation creates an attractive entry point for long-term investors given the conservative FY23 guidance, share gains, de-leverage potential and storage acceleration, all of this at a benign 5x EV/EBITDA valuation." Read more about this call here. Cowen reiterates Nike as outperform Cowen lowered its price target on shares of Nike to $144 per share from $192 and said consensus estimates look too high for 2023. "Nike announced that they would temporarily close its stores in Russia and make merchandise purchases on its website and app unavailable in the country." Read more about this call here. Stifel downgrades Biogen to hold from buy Stifel said in its downgrade of the stock that it's cautious on the company's Alzheimer's drug, lecanemab. "The crux of our downgrade is that (1) Biogen's stock hinges on lecanemab, (2) lecanemab could work, but is far from a slam dunk, and (3) even after a big pullback, there still could be significant downside from here if lecanemab fails."

Rivian

Here are the biggest calls on Wall Street on Tuesday: