Evan Spiegel, CEO of SNAP Inc.

Stephen Desaulniers | CNBC

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Here are the biggest calls on Wall Street on Thursday as analysts tried to pick winners and losers amid plunging markets from coronavirus fears.

JPMorgan downgraded Boeing to ‘neutral’ from ‘overweight’

JPMorgan said it lacked “conviction” on the stock  and downgraded the company on uncertainty over the coronavirus impact on aircraft demand.

“Our desire to hang in with Boeing until the return of the 737 MAX has worked out poorly, both regarding the timeline for re-certification and now more importantly with the impact of COVID-19 on aircraft demand. It’s time for us to acknowledge that and without clarity on how COVID-19 will affect aircraft demand over the next year, we lack conviction and downgrade to Neutral. We may be the contrary indicator, downgrading at the bottom, and there is something to be said for risk-reward following the decline in the stock recently. But given the stress on both operators and Boeing’s balance sheet as well as the negative data points likely to come, we prefer to re-evaluate when we have a better sense of how Boeing will get through this . . . and we do expect them to get through.”

Deutsche Bank upgraded Snap to ‘buy’ from ‘hold’

Deutsche Bank said in its upgrade of Snap that it was “best positioned” to whether the coronavirus storm among the midcap advertising companies.

“We upgrade SNAP to Buy from Hold and see it as best positioned among midcap advertising names to both weather the coronavirus storm and in terms of upside to shares in an eventual recovery. Snap shares are down ~44% from their recent highs on Jan 23, 2020 (vs the S&P 500 down ~13% over the same period), and we see ~76% upside to our TP of $19 (vs $20 previously). We have been impressed with Snap’s DAU growth turnaround and accelerating revenue growth in 2019, and we had been hoping for a better entry point in terms of both valuation and investor sentiment.”

Originally published at CNBC

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