Here are Tuesday's biggest analyst calls of the day: Alphabet, RH, Hershey & more
(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Tuesday: Berenberg initiated Bristol-Myers as buy Berenberg initiated the pharmaceutical company as buy and said it's bullish on the company's pipeline and said Bristol Myers valuation is "attractive." "We forecast growth in line with peers. With its pipeline upside and reinvention potential, the current significant valuation discount is undeserved. Our enterprise value/net present value valuation which encompasses the longer-term erosion profile indicates valuation is attractive." Argus upgraded Darden to buy from hold Argus upgraded the restaurant hospitality company and owner of brands like Olive Garden and said it thinks the company has "turned the corner" and is benefiting from dining rooms re-opening and expanded takeout options. "Management expects further progress in the second quarter, with the comp decline moderating to 18%, EBITDA of $200-$215 million, and EPS of $0.65-$0.75. We think this guidance is achievable as the company has now reopened more than 90% of its restaurant dining rooms (albeit at limited capacity), and continues to benefit from efforts to expand takeout and delivery orders and simplify its menu. We also expect Darden to continue its record of positive earnings surprises over the past six quarters." Cowen upgraded RH to outperform from market perform Cowen upgraded the home furnishings company after a change in analyst coverage and said it sees "strong growth" and an "underappreciated" long-term opportunity. "We are constructive on RH 's transformation with upside to LT targets on revenue & margin catalysts, & secular shifts. Channel checks & European market analysis point to under-appreciated LT opportunity. Strong growth & efficient capital deployment to yield leading return on invested capital, & re-rate shares to luxury peers." BMO upgraded Hershey to outperform from market perform BMO said in its upgrade of the stock that it sees a "compelling" investment opportunity for investors. "Despite an ongoing valuation premium to its food peers, HSY has become a compelling investment, in our view, as short-term concerns surrounding Halloween likely are overestimated, while HSY's vision on brand investment, pricing, data analytics, e-commerce, and cost mgmt should expand its competitive position and translate to EPS growth at or above its long-term growth algorithm in 2021." Bank of America upgraded Extended Stay to buy from neutral Bank of America upgraded the hotel chain and said company's like Extended Stay should see even more traffic once a coronavirus vaccine is widely distributed. "The recovery has been uneven between urban hotels and the rest of Lodging, largely due to business and group travel that will likely require therapeutics or a vaccine to normalize. However, we believe we could/should see a step function in demand once there is wide distribution. We think our companies are well-positioned to wait this out with 31 months of average liquidity, well above other hard hit sectors." MoffettNathanson raised its price target on Alphabet to $1,850 from $1,650 Moffett raised its price target on Alphabet and said it sees "stronger than anticipated" ad growth going forward. "We believe Google and Facebook, in particular, are well positioned to benefit from shifting economic activity online. Especially given heightened focus around Google Shopping and Instagram Shopping/Facebook Shops, these internet platforms are likely to have even stronger than anticipated advertising growth going forward.

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(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Tuesday:

Berenberg initiated Bristol-Myers as buy

Berenberg initiated the pharmaceutical company as buy and said it's bullish on the company's pipeline and said Bristol Myers valuation is "attractive." "We forecast growth in line with peers. With its pipeline upside and reinvention potential, the current significant valuation discount is undeserved. Our enterprise value/net present value valuation which encompasses the longer-term erosion profile indicates valuation is attractive."

Argus upgraded Darden to buy from hold