Billie Her, a warehouse associate, wraps plastic around a pallet of boxes at Amazon’s Fulfillment Center in Thornton, Colorado.

Helen H. Richardson| The Denver Post | Getty Images

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Here are the biggest calls on Wall Street on Monday:

Morgan Stanley raised its price target on Amazon to $2,800 from $2,600

Morgan Stanley raised its price target on Amazon as online behavior increases and dollars shift to online.

“2020 is setting up to be an e-commerce inflection year as the combination of shelter-in place, lower spend on experiences (dining out, bars, travel, etc) and gov’t stimulus have driven dollars online. Trends have accelerated monthly as shoppers have moved from stocking up (March), to buying more essentials and home items (March/April), to broad based larger, more frequent buying (April to now) as our bottom-up e-commerce model leads us to estimated 58% Y/Y e-commerce growth in April.”

Piper Sandler upgraded Ulta to overweight from neutral

Piper upgraded the salon and beauty company and said it’s a primary beneficiary as department stores and other channels cede market share.

“We are upgrading shares of ULTA from Neutral to OW following their Q1. While the results were worse vs. lowered expectations (particularly on the gross margin line), we see green shoots for the industry (skincare, haircare) on the other side of CV-19 and see ULTA’s digital ecosystem as fueling higher average spend per customer. With dept. stores (and other channels) ceding share, we see ULTA as a primary beneficiary.”

Originally published at CNBC

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