Check out today's top analyst calls from around Wall Street, compiled by The Fly.
AMERICAN AIRLINES DOWNGRADED AT RAYMOND JAMES: Raymond James analyst Savanthi Syth downgraded American Airlines (AAL) to Underperform from Market Perform without a price target. Taking into consideration the additional debt during the current crisis, Syth views American Airlines as priced close to perfection, which potentially invites an equity issuance to address the highly levered balance sheet. The analyst would use the recent strength to high grade positions to airlines poised to emerge stronger even in a slower recovery.
EBAY DOWNGRADED TO MARKET PERFORM: BMO Capital analyst Daniel Salmon downgraded eBay (EBAY) to Market Perform from Outperform with a price target of $52, up from $46. The analyst continues to see a "largely positive outlook" for eBay but finds the stock's risk/reward as more balanced at current levels. The setup is more challenging now with the shares at all-time highs, Salmon tells investors in a research note.
QUALCOMM STARTED AT BUY AT ROSENBLATT: Rosenblatt analyst Kevin Cassidy initiated coverage of Qualcomm (QCOM) with a Buy rating and $105 price target. Qualcomm is "on the cusp of its next growth phase" as the company will not only benefit from the 5G handset upgrade cycle but will also "lead the market in establishing 5G capabilities worldwide," argues Cassidy. He forecasts that Qualcomm's dollar content per handset will grow 25%-50% compared with 4G phones while its 5G platform strategy also expands the company to markets beyond handsets, Cassidy added.
APPLE PRICE TARGET RAISED: Credit Suisse analyst Matthew Cabral raised the firm's price target on Apple (AAPL) to $295 from $260 and keeps a Neutral rating on the shares. Despite a slow start, Cabral says increased screen time amid widespread "stay at home" measures is now translating into a rapid acceleration in App Store revenue. The analyst feels more confident in Services momentum, but still expects pressure on AppleCare and ad-based revenue as brands pull back given underlying headwinds.
SYSCO UPGRADED AT WELLS: Wells Fargo analyst Edward Kelly upgraded Sysco (SYY) to Overweight from Equal Weight with a price target of $70, up from $50. Kelly's confidence in the company's ability to navigate the COVID-19 disruption and emerge even stronger is growing. Kelly tells investors in a research note that the new CEO has made a very good impression so far, and adds that industry fundamentals are bottoming and look poised to improve from here. Kelly feels Sysco is best positioned to take advantage of what could be a massive competitive disruption.
Sysco
+4.97 (+8.48%)
American Airlines
+4.285 (+25.61%)
eBay
+0.01 (+0.02%)
Qualcomm
+3.05 (+3.54%)
Apple
+3.51 (+1.09%)