Here are Monday's biggest analyst calls of the day: Apple, Tesla, Amazon, Roku, Roblox & more

Published Mon, Mar 28 20228:34 AM EDT

Here are the biggest calls on Wall Street on Monday: RBC downgrades Altria to sector perform from outperform RBC said it sees limited room for upside for the tobacco company. "We are downgrading MO to Sector Perform from Outperform after the stock's strong outperformance ( > 23 points vs. the S & P 500, and > 17 points vs. staples peers) since December, which leaves limited room for further upside in our minds.' Piper Sandler downgrades Beyond Meat to underweight from neutral Piper Sandler said the fundamentals look "bearish" for Beyond Meat. "We remain bearish on key fundamentals, as competitive intensity is growing (including a launch by Motif Foodworks, detailed inside), we have lower US McDonald's expectations, and it continues to burn cash, with no clear path to positive EBITDA." Read more about this call here. RBC downgrades Campbell Soup to sector perform from outperform RBC said it's concerned about Campbell Soup 's exposure to inflation. "Given what we see as a more fair valuation, rising inflation and our preference for names exposed to improved mobility, we believe a Sector Perform rating is more appropriate." Goldman Sachs downgrades Qorvo, Microchip and Teradyne to neutral from buy Goldman said in its downgrade of Qorvo , Microchip Technology and Teradyne that it sees a "challenging macro backdrop" over the next year. "We reduce estimates across our Semiconductor and Semiconductor Capital Equipment coverage universe to reﬂect what could be a more challenging macro backdrop over the next 12 months." Read more about this call here. Cowen downgrades Foot Locker to market perform from outperform Cowen said that valuations for mall business are "converging at all-time lows," which could hurt Foot Locker . 'We are more cautious on the model following inbound data into March regarding digital traffic and search trends." Read more about this call here . Daiwa initiates Roblox as outperform Daiwa said Roblox is a "market leader" in social media gaming. "We see the mobile gaming market growing early teens and the young metaverse market with a small base growing nearly triple digits. Growth should moderate but remain high post-COVID's tough comps; pressured margins and elusive profitability remain for now." Bernstein reiterates Tesla as underperform Bernstein said in a note to clients on Monday that Tesla stock has been "resilient" in the face of ongoing market headwinds, but that it's sticking with its underperform rating due to valuation. "Amid a market pullback that has punished higher growth/higher valuation stocks, TSLA has been remarkably resilient, with its stock largely performing in line with the rest of the market YTD and in line with traditional auto OEMs." RBC initiates Duckhorn Portfolio as outperform RBC said in its initiation of the wine company that it sees solid topline growth. "Despite strong fundamentals, NAPA shares have underperformed the S & P 500 and consumer staples. We are upgrading Duckhorn to Outperform from Sector Perform as we see solid topline growth trends both in off-premise with distribution and share gains, and on-premise with the channel recovery and share gains." Read more about this call here . Morgan Stanley downgrades Citi to underweight from equal weight Morgan Stanley said it is concerned about the bank's exposure to geopolitical events overseas and a lack of near-term catalysts. "We are downgrading C to Underweight for 2 reasons: lack of near-term catalysts and the negative impact of de-globalization." Read more about this call here. Morgan Stanley upgrades Bank of America to equal weight from underweight Morgan Stanley said that it likes Bank of America's "higher quality loan portfolio." " BAC 's long-held strategy of responsible growth comes with tighter underwriting standards and strong credit quality, as evidenced by its low loan loss ratios under the severely adverse case in the annual Fed stress test." Deutsche Bank reiterates Roku as buy Deutsche said in a note to clients that it likes Roku's risk-reward outlook. "While volatility may continue in the near-term, with the company remaining the market leader for streaming platforms, viewers and ad dollars still moving over to streaming at a fast rate and the stock trading at just ~4x guided CY22 revenue, we like the risk-reward over a 12-month time horizon and maintain our Buy rating." JPMorgan reiterates Apple as overweight JPMorgan kept its overweight rating on shares of Apple , saying its checks show the iPhone SE3 lead times are moderating but that China pandemic restrictions "limit demand visibility." "In summary, lead times have moderated in almost all geographies, with the exception of China, where store pick-up continues to be unavailable and delivery lead times have expanded modestly – although, at this time it is tough to discern lead time extensions on account of demand versus logistics or COVID lock-down related delays." Bank of America downgrades Honest Company to underperform from neutral Bank of America said in its downgrade of Honest that there's limited visibility on the health and lifestyle consumer goods company's quarterly performance. "We believe contraction in our target multiple fairly reflects moderated sales and near-term profit impacts, particularly given the limited visibility in quarterly performance." Wolfe downgrades KB Home to peer perform from outperform Wolfe said in its downgrade of the homebuilder that it sees a "difficult" macro setup for the company. "Due to consistent Closings guide misses over the past 5 quarters and a difficult macro setup going into 2H22, we are lowering our rating on KBH to Market Perform." Morgan Stanley reiterates Apple as overweight Morgan Stanley that it's bullish on the idea of Apple creating a subscription iPhone service. "We'd expect an Apple subscription offering to have multiple different pricing tiers. We believe Apple would be able to realize the most significant upside to average user spend per day/month by offering multiple subscription tiers, similar to the Apple One bundle today." JPMorgan upgrades Deere to neutral from underweight JPMorgan said in its upgrade of the farm equipment company that it thinks the agriculture cycle will be extended. "We are also upgrading DE to N given our belief that the Ag upcycle will be extended through 2023 driven by current geopolitical events and high grain prices, together with ongoing supply chain constraints." Guggenheim reiterates Amazon as buy Guggenheim said in a note to clients on Monday that the retail business inflection continues to play out for the e-commerce giant. "Our positive view on AMZN in 2022 has centered on the potential inflection in its retail business along with the related improvement in operating leverage, an acceleration in advertising, and support from AWS. We believe that is playing out."

Tim Cook at the Apple launch event, March 8, 2022

Apple

Here are the biggest calls on Wall Street on Monday: