Here are Monday's biggest analyst calls of the day: Biogen, Wendy's, Sirius XM, Amazon & more

Published Mon, Apr 18 20228:37 AM EDTUpdated Mon, Apr 18 202211:31 AM EDT

Here are Monday's biggest calls on Wall Street: Piper Sandler reiterates Tesla and Rivian as overweight Piper Sandler said in a note to clients on Monday that Rivian has what it takes to be the "next Tesla." The firm also lowered its price target on shares of Tesla to $1,260 per share from $1,350 and says it's concerned about "forced downtime" in China. " Rivian seems singularly aware of what it takes to be the 'Next Tesla .' Vertical integration is costly, and there are no shortcuts. In its early days, Tesla dealt with delays, quality problems, and staggering cash burn. Rivian must endure this period, just as Tesla did." Wells Fargo reiterates Netflix as overweight Wells said it's taking a "wait and see" approach ahead of the company's earnings report Tuesday. "We think firmer NFLX theses will arise after a half year of net adds have been delivered this summer." Evercore ISI adds a tactical outperform on Arista Networks Evercore said the stock is well positioned to beat analyst earnings expectations. " Arista looks well positioned to deliver upside to Mar-qtr expectations and potentially raise its full-year guide. Cloud demand should be a key driver of upside with FB capex expected to grow > 50% in each quarter this year." Wells Fargo upgrades Biogen to overweight from equal weight Wells said the biotech company's shares are "too good to ignore" right now. "While the sentiment is at an all-time low, we looked at BIIB objectively to value their assets individually. This made us think that the company's base biz may be worth more than what Street thinks and we see value at $180-$200/sh in SoTP scenario and $185/sh on DCF w/o pipeline." Read more about this call here. Bank of America reiterates Microsoft as buy Bank of America lowered its estimates on shares of Microsoft due to the Russian war in Ukraine. "While we expect sustained strength in the Azure and O365 franchises, we are lowering our Q4 and FY23 estimates for FX and potential impact from Russia/Ukraine war." Telsey reiterates Peloton as market perform Telsey lowered its price target on shares of Peloton to $28 per share from $40, but said the company's newly announced pricing plans "make sense." "The lower prices make sense given the softer demand for Peloton products in recent months, and continued difficulty in expanding the consumer base to a wider demographic due to price resistance." BMO downgrades Wendy's to market perform from outperform BMO said the company is not well positioned for decreased consumer spending. "Against the macro backdrop of rising pressures on discretionary spending, our downgrade reflects our view that WEN likely is less well positioned for a tighter U.S. consumer-spending environment relative to some quick service peers." Read more about this call here . Morgan Stanley downgrades Sirius XM to underweight from equal weight Morgan Stanley said it's taking a more cautious outlook on Sirius XM due to headwinds in the auto market. "We see rising risk to self-pay net additions as a result of macro headwinds in the auto market and as a result lower estimates to below guidance and consensus. Given shares have outperformed the industry group over the last year and our more cautious outlook, we downgrade to UW." Read more about this call here . Piper Sandler downgrades Progressive to underweight from neutral Piper said in its downgrade of the insurance company that it's likely to miss future earnings expectations. "We think PGR' s stock reflects too much optimism about how fast rising auto-insurance prices will improve PGR's profits. We anticipate PGR will miss future earnings expectations." Morgan Stanley reiterates Lam Research as a top pick Morgan Stanley said it's bullish heading into Lam Research 's earnings report on Wednesday. "We are trimming numbers slightly based on near-term supply chain issues; but these issues are neutral, or even positive, to longer-term earnings power and the stock remains our Top Pick." Morgan Stanley upgrades Gap to equal weight from underweight Morgan Stanley said the downside in Gap shares is already "priced in." " GPS ' YTD stock decline implies the market appreciates our concerns: broader turnaround uncertainty against recent mis-execution and potentially overly optimistic 2022 EPS guidance. Our bearish thesis still stands, but appears priced in." Morgan Stanley reiterates Robinhood as equal weight Morgan Stanley said it lacks visibility on Robinhood 's outlook. "Viewed as a play on providing financial services to Gen Y/Z by the bulls, investor sentiment skews cautious with debate centered around pace of user growth and ability to increase customer monetization with new products to inflect profitability. We are EW as we see NT challenges and lack visibility." Baird upgrades Comerica to neutral from underperform Baird said it likes the "aggressive short case" for regional banks. "Recent underperformance has resulted in better risk/reward for regionals, short case for ZION, CMA , and other regionals tougher to make at these prices." Needham reiterates Uber as buy Needham said it likes Uber's "balance" of growth and profitability. "Our top Long picks are UBER (Buy, Conviction List, $68 PT), where we like the balance of growth and profitability trading at an attractive adj. EBITDA multiple." UBS upgrades Delta to buy from neutral UBS said in its upgrade of Delta that it sees "better-than-expected pricing." "Restrained capacity+solid ops set stage for share gains and pricing power." UBS downgrades United to neutral from buy UBS said it sees "less compelling upside" on United shares. "We are downgrading shares to Neutral on less compelling upside to our unchanged PT following recent share performance (+30% YTD) as confidence of strong bookings offsetting peak fuel have played out — DAL's reported results confirmed that strength." Loop reiterates Amazon as buy Loop said it thinks strong Amazon Web Services margin will drive Amazon shares higher. "On the AWS front, we think it is becoming clear that Amazon will not be able to deploy its budget for server capex this year due to supply constraints. This should lead to strong AWS margins, typically a positive for AMZN share price performance." Oppenheimer reiterates Coinbase as outperform Oppenheimer said that the bear case for shares of Coinbase is "way overblown." "We believe the bear thesis is way overblown and that this creates an opportunity for long-term investors to get into one of the most disruptive companies in the market at what we see as a very attractive valuation."

The Amazon logo is seen at the company logistics center in Lauwin-Planque, northern France.

Pascal Rossignol | Reuters

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