Here are Monday's biggest analyst calls: Robinhood, Apple, Oracle, Chewy, Deckers, Amazon & more

Published Mon, Jun 27 20228:33 AM EDTUpdated Mon, Jun 27 202211:42 AM EDT

Here are the biggest calls on Wall Street on Monday: Wells Fargo upgrades Old Dominion to overweight from equal weight Wells said in its upgrade of the transport company that the stock is cheap. "We had the opportunity to visit with management as well as tour a terminal. We walked away from our meeting more constructive and confident about the LTL (less than truckload) freight environment and ODFL' s growth opportunity within that market.' Goldman Sachs downgrades Coinbase to sell from neutral and upgrades Robinhood to neutral from sell Goldman said in its downgrade of Coinbase that it's caught up in the "downdraft" of crypto pricing. The firm also upgraded Robinhood and says it sees a more balanced risk/reward. "Given the continued downdraft in crypto prices and the resulting fall in industry activity levels, we are downgrading shares of COIN to Sell (from Neutral). Separately, we are also upgrading HOOD to Neutral (from Sell), as we see the risk reward as more balanced." Read more about this call here. Jefferies reiterates Amazon as buy Jefferies said in a note to clients previewing Amazon's Prime Day that Amazon is the "king of summer sales season." "We see Prime Day helping to boost Prime adoption, especially in international markets, which have lower membership penetration and three new countries participating in 2022 Prime Day." Bank of America downgrades Cracker Barrel to underperform from neutral Bank of America said in its downgrade of the restaurant chain that macro risks are rising. "Our concern is that despite these company specific initiatives, CBRL will find it difficult to fully offset the forces buffeting its guests, who are both older and lower income than average." Needham upgrades Chewy to buy from hold Needham said in its upgrade of the online pet food company that the stock is defensive. "After four quarters of missing consensus EBITDA, CHWY beat expectations in 1Q22, and we think the positive momentum continued into 2Q22 as 1) pet category is inelastic, with price increases sticking; 2) supply chain is improving." Read more about this call here . Needham downgrades Etsy to hold from buy Needham said in its downgrade of the stock that it sees a more balanced risk/reward. "While shares have lagged and some near-term volatility is arguably in the stock, in the near term we view the discretionary nature of the ETSY model increasingly at risk." Read more about this call here. Bernstein reiterates Apple as market perform Bernstein said in a note on Monday that it sees upside to Apple TV+. "So what are Apple TV+'s rough economics? While the company has not disclosed anything, we estimate that AppleTV+ may currently have 20M-40M paying subscribers, annual revenues of $1B-$2B, and annual content spending of ~$3B+." Wells Fargo downgrades Deckers to equal weight from overweight Wells said in its downgrade of the shoe company that it's concerned about slowing macro. "While we are compelled by DECK's high quality of brand portfolio and strong balance sheet, our biggest concern is risk to the company's already industry-leading margins into a slowing macro and with backing up channel inventories." Goldman Sachs upgrades AutoZone to buy from hold Goldman said in a note Monday that the auto parts store is "defensively positioned." "We are upgrading AZO to Buy (from Neutral) as we view the company as defensively positioned in the current environment as the majority of auto part sales are nondiscretionary, and as demand remains relatively inelastic, allowing AZO to pass through inflationary cost increases." Read more about this call here. Goldman Sachs upgrades Atlassian to buy from hold Goldman said in its upgrade of the software company that the cloud transition [is] reaching compelling inﬂection point. "We become incrementally more positive on Atlassian as the company reaches a pivotal moment in its cloud transition." Goldman Sachs reinstates Oracle as sell Goldman reinstated the tech giant with a sell rating and says "competition tempers [the] revenue reacceleration narrative." "We are in reinstating on Oracle with a Sell rating and $75 price target, following the close of the Cerner acquisition and F4Q earnings report." Bank of America initiates Texas Roadhouse as buy Bank of America said in its initiation of the steak-themed restaurant chain that it sees a long runway for growth. " TXRH' s relative multiple of 1.2x sits at the midpoint of its long-term range, which we view as relevant given growth and returns above the market." Credit Suisse initiates Albemarle as underperform Credit Suisse initiated the chemical manufacturing with an underperform rating and says further price gains are too speculative. "We initiate coverage of Albemarle with an Underperform rating and a $185 target price. Spot lithium prices are up ~150% YTD to $50K/ton and now well above the high end of the cash cost curve (we estimate $15-20K), and even above reinvestment prices (we estimate $20-25K)." B Riley downgrades Bed Bath & Beyond to neutral from buy Riley said in its downgrade of the retailer that store traffic declines are continuing. "We are downgrading BBBY from Buy to Neutral and lowering our PT from $17 to $7. Our prior thesis was based on a turnaround in the business by closing unproductive stores, refreshing stores to drive traffic, improving their omni offering and driving margins higher through expanding owned brands."