Here are Tuesday's biggest analyst calls of the day: Apple, Coinbase, Pfizer, Meta, Snap & more

Published Tue, Apr 5 20228:37 AM EDTUpdated Tue, Apr 5 202211:38 AM EDT

Here are Tuesday's biggest calls on Wall Street: Goldman Sachs upgrades Generac to buy from neutral Goldman said in its upgrade of the battery-backup company that it sees a "cyclical entry point." "We add Generac to the Americas Buy List (up from Neutral) where we see (i) products that are in the early phases of the adoption curve, (ii) rising distribution 'store count' footprint, and (iii) the broadest product portfolio within its top products." Read more about this call here. Wells Fargo initiates PayPal and Block as overweight Wells called the company formerly known as Square a disruptor. The firm also initiated PayPal , noting it's trading a reasonable price. "Payments [PayPal] leader currently trading at a reasonable multiple post-reset. ... We expect Block will continue to disrupt and gain share in both its Square and Cash App businesses." Read more about this call here. Wells Fargo initiates Shopify as overweight Wells said in its initiation of the e-commerce company that it sees "sustained share gains." " SHOP 's ongoing launches of value-added products and services is positive and highlights one of our key themes, vendor consolidation, which we expect should drive sustained share gains." Wells Fargo downgrades Ralph Lauren and TJX Companies to equal weight from overweight Wells said in its downgrade of Ralph Lauren and TJX Companies that it's getting "more cautious" on the sector. "While we began the year with a more bullish view on the group, following a laundry list of growing headwinds, we now take a more cautious stance in the near term." KeyBanc initiates CyberArk as overweight KeyBanc said the cyber security company is a "leader" and a "consolidator." " CYBR is a leader in the increasingly critical PAM (privileged access management) market and a LT (long-term) consolidator." UBS raises price target on Meta to $300 from $280 UBS kept its buy rating on the company formerly known as Facebook , saying investor concerns are overblown. "While near-term ad checks continue to be mixed, conversations debunk some of the biggest fears (Android privacy headwinds and Apple fingerprinting crackdowns). In terms of catalysts, we think any improvement in engagement data and/or commentary to this effect on the 1Q call could drive shares higher." Read more about this call here. Wedbush downgrades Starbucks to neutral from outperform Wedbush said in its downgrade of Starbucks that catalysts are "lacking for the foreseeable future." "We no longer have high conviction that a return to LDD (low double-digit) EPS growth in FY23 is not at risk, particularly with the termination of repurchases, and a signal from management that meaningful incremental investments may be ahead." Read more about this call here. Deutsche Bank downgrades Vale to hold from buy Deutsche downgraded the metals and mining company, mainly on valuation. "Since our bullish January note, Vale has rallied ~50% YTD (vs. S & P 500 -4%), outperforming iron ore peers by > 20% and recouping all of the underperformance seen in Q4. The rally has been driven by a strong recovery in iron ore prices and improved investor confidence in 2022 shareholder returns." Barclays upgrades Teva to overweight from equal weight Barclays said it likes the company's pipeline rebuild. "After years of being UW or EW, underpinned by our views on legally entangled names, we finally upgrade TEVA to OW. The stock has declined by 40%/20% over the last 3/1 years consistently underperforming the market with valuations driven down by legal and business issues." Morgan Stanley reiterates Apple as overweight Morgan Stanley said it sees App Store growth accelerating into the rest of 2022 for Apple . "As a result, we believe it is more likely than not that App Store growth accelerates into the remainder of 2022, which would help to dispel the bear concern of a more permanent rather than temporary, Covid YoY compare-driven, slowdown in App Store revenue growth. Cowen downgrades Domino's to market perform from outperform Cowen said it sees lower-than-expected franchise openings for Domino's going forward. "We worry int'l openings won't offset the EPS impact of the U.S. shortfall, given int'l stores have 60% of U.S. volumes and half the royalty rate." Credit Suisse initiates PulteGroup, KB Home and Toll Brothers as outperform Credit Suisse said in its initiation of PulteGroup, KB Home and Toll Brothers that it sees "continued strength" even with "tight housing supply." "Constrained supply across the entire housing ecosystem (limited inventory of homes for sale and low vacancy in both single-family and multifamily housing) and demographically driven demand will likely result in continued upward pressure on pricing and additional construction in the years ahead." MoffettNathanson initiates SoFi as buy Moffett said SoFi has an "attractive risk/return." "SoFi is a diversified provider of digital financial services with three distinct pillars: a consumer lending business (~75% of revenue), a digital banking business (~5% of revenue), and a Fintech infrastructure business (~20% of revenue). Each of the three franchises is exposed to distinct sets of risks and opportunities." RBC downgrades Carvana to sector perform from outperform RBC said in its downgrade of Carvana that it sees a negative risk/reward. "We need more confidence in unit growth necessary to justify the capacity hyper-expansion & cash generation to support the ever-rising b/s (balance sheet) leverage and likely future capital raises." Bank of America reiterates Charles Schwab as buy Bank of America said in a note to clients on Tuesday that the stock is an "inflation fighter." "In our view, SCHW is the best-positioned stock in our broker coverage for the evolving macroeconomic backdrop, which includes rising interest rates and high stock market volatility with 70%-80% of its revenues derived from net interest revenues and trading." Bank of America downgrades First Solar to underperform from neutral Bank of America said in its downgrade of the solar company that it sees a lack of pricing power. "Starving U.S. developers of modules should in theory play to FSLR's advantage. But with precedent to say otherwise, we see the pricing power argument largely disproven." Read more about this call here. Citi opens a positive catalyst watch on Pfizer Citi said Pfizer shares may be range bound as investors look for the next catalyst for the stock. "However, we expect the stock to struggle to outperform in the absence of evidence of the next virulent variant as economically constrained Western governments likely downsize planned Paxlovid orders. Our new model provides a conservative assessment of Covid-19-related revenues reflecting the unlikely scenario that we face no new variants of concerns." JPMorgan reiterates Qualcomm as overweight JPMorgan lowered its price target on the stock to $205 per share from $240, noting it sees a slowing smartphone market. "We are updating our earnings expectations for Qualcomm following our recent reports in which we revised our global smartphone outlook forecasts lower as well as moderated our bullishness on the shares for this year in taking Qualcomm off the U.S. Analyst Focus List (AFL) while still maintaining our positive view on the shares long term with its diversification progress." Mizuho reiterates Coinbase as neutral Mizuho lowered its price target on the stock to $190 per share from $220, saying it's concerned about the costs associated to launch a digital asset's like non-fungible tokens (NFTs). "Overall, we estimate that COIN may spend up to $300 million on NFTs in 2022, contributing to an overall +130% increase in operating expenses YoY." MKM downgrades Twitter to neutral from buy MKM downgraded the stock after Elon Musk announced he was taking a stake in the social media company, saying the risk/reward is now more "fairly balanced." "While we are excited and intrigued at the prospect of Elon Musk taking a potentially active role at growing Twitter , we believe the near-term risk/reward is fairly balanced at current levels." Read more about this call here. Cantor initiates Joby as overweight Cantor said in its initiation of the urban air mobility company that it's a disruptor that will be "affordable." "We believe Joby benefits from an affordable business model that will disrupt the transportation sector, and that it has a clear path to commercialization and FAA certification and strong partnerships." Bank of America reiterates Snap as buy Bank of America reiterated its buy rating on shares of Snap on Tuesday, noting the risk/reward is more positive than a year ago. "While we would expect modest 1Q pressure on brand spend due to Ukraine pauses, we see biggest sentiment risk for the stock on Street reaction to 2Q growth guidance on a difficult comp. However, risk/reward is much more positive than a year ago with stock at 7x P/S, and we recently upgraded the stock to Buy on outlook for revenue growth acceleration in 2H'22."

A smartphone with Facebook's logo is seen in front of displayed Facebook's new rebrand logo Meta in this illustration taken October 28, 2021.

Dado Ruvic | Reuters

Here are Tuesday's biggest calls on Wall Street: