Consumers wait in line at a Starbucks location as they return to retail shopping at the Arrowhead Towne Center on June 20, 2020 in Glendale, Arizona.
Christian Petersen | Getty Images
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Here are the biggest calls on Wall Street on Monday:
Jefferies raised its price target on Amazon to a Street high of $3,800 from $3,100
Jefferies raised its price target on Amazon and tied a Street high with Goldman Sachs and said the coronavirus has positioned the company for “strong sales growth” going forward.
“The stock is up ~30% since reporting earnings last quarter as the company is collectively viewed as a key beneficiary of shelter-in-place and work from home. At the same time, traditional brick and mortar retailers are up significantly less, as vastly improved e-commerce offerings are being offset by near-term headwinds from people avoiding physical stores. For AMZN, easy comparisons in Q2 for the retail business and tailwinds from the pandemic position the company for strong sales growth.”
JPMorgan downgraded Moderna to neutral from overweight
JPMorgan downgraded the biotech company mainly on valuation and said it remains bullish on the company’s long-term outlook.
“We are downgrading shares of MRNA to Neutral from OW on valuation following the run in shares that are now up 385% YTD vs. the Nasdaq Biotech Index +19.5%; over the last 12 months, MRNA is up 572%. This performance is of course being driven by the equally impressive and rapid development of a potential vaccine for COVID-19. To be clear, this is not a call on any sort of diminished expectations around the company or mRNA-1273; we remain bullish on Moderna’s long-term outlook, disruptive platform (in the vaccine space and otherwise), and chances of being one of the first companies to bring a COVID-19 vaccine to market.”