Apple, Tesla,, Tapestry & more

Apple CEO Tim Cook gestures after opening the newly renovated Apple Store at Fifth Avenue on September 20, 2019 in New York City.

Kena Betancur | AFP | Getty Images

(This story is for CNBC PRO subscribers only.)

Here are the biggest calls on Wall Street on Wednesday:

RBC upgraded Lennar to outperform from sector perform

RBC said in its upgrade of the home builder that it’s “well-positioned” to drive “above average returns.”

“We believe LEN’s strategic price/pace balance and internal initiatives will protect strong margins against cost inflation and drive core home builder returns higher, while upside remains from unlocking value in ancillary businesses (announced SPAC deal for Opendoor should unveil value of LEN’s stake; eventual spin/sale of MF business).”

Deutsche Bank upgraded Tapestry to buy from hold

Deutsche upgraded the luxury fashion company and owner of brands like Kate Spade and said it sees “sufficient upside.”

“On the expense side, the company is working to right size costs to preserve capital, including $300M from its ‘Acceleration Program’. While TPR‘s valuation on a P/E basis has rebounded somewhat from the March lows, it has not seen the same level of recovery as its manufacturing and specialty/footwear peers. … .Lastly, we now see sufficient upside (25% from current levels) with revised EPS estimates as we incorporate a much faster than anticipated top-line recovery”

Source link