Here are the biggest analyst calls of the day: Apple, Netflix, Monster, Eli Lilly & more
Here are the biggest calls on Wall Street on Thursday: Barclays raised its price target on Apple to $224 from $207 Barclays raised its target price on Apple on better than expected iPhone demand. "We see stronger initial demand likely driven by the lower pricing strategy on the iPhone 11, which is partially why China was better in Q3. The compares were easy in September although as the XR didn't launch until late October last year. We still see mix shifting downward, so we lower our ASP assumptions. We raise our iPhone unit estimates by 1% and 4% (by 8M units in total) to 184/192M for FY19/20 to reflect more optimistic demand." Read more about this call here . RBC initiated Campbell's Soup & Mondelez as 'outperform' RBC said it saw stability taking shape at Campbell's while Mondelez was "poised" to deliver revenue growth at the higher end of its peer group. "For MDLZ, we believe the company is poised to deliver revenue growth at the upper-end of its big cap peer group, which should help close the the valuation gap with the likes of PG/PEP/CL. We believe CPB will succeed in stabilizing soup, which should help its multiple. Fundamentals aside, we also view CPB as the most probable special situations story across packaged food (we believe the company could break into 2 businesses – snacks and soup/convenience meals." Cowen upgraded Boston Beer to 'outperform' from 'market perform' Cowen upgraded the stock and said it was bullish on the company's pipeline of products. "We are upgrading SAM to an Outperform rating, and raising our PT to $450, which reflects a ~37x P/E on our upwardly revised 2020 estimate. With Truly continuing to drive outsized growth for SAM , and with new formulations and a Lemonade line-extension slated for next year, we believe Truly will continue to transform SAM's growth algorithm, and offset continued softness in beer and cider." Cowen downgraded Monster Beverage to 'market perform' from 'outperform' Cowen downgraded the stock on the heels of the company's disappointing launch of its energy drink, Reign. "Meaningful category under-performance leaves us cautious on longer-term U.S. prospects. While we had been hopeful that the launch of Reign would be a sufficient response to category disrupter, Bang, that has not been the case. Given MNST 's outsized exposure to the U.S., we expect this will prove problematic." Evercore ISI initiated Travelers Company as 'underperform' Evercore initiated the stock as underperform and said it was concerned about the company's recent earnings reports due to "adverse" trends on commercial auto and general liability. "Results at TRV have suffered over the last several quarters driven by adverse trends on commercial auto and general liability, and the company has indicated that it will take another current accident year charge in 3Q due to higher attorney involvement than expected even after the 2Q charge taken for the same issue." Bank of America reinstated Eli Lilly as 'buy' Bank of America said it views the company's risk/reward profile as "compelling." "We are reinstating coverage of LLY shares with a Buy rating and a $133 PO. The crux of our thesis is that Lilly's young product cycle offers a growth profile that should remain differentiated versus peers on both revenue and non- GAAP EPS (11% vs 5%)." Macquarie downgraded Netflix to 'neutral' from 'outperform' Macquarie said it thinks it will be harder for Netflix to grow in the U.S. going forward. "In some ways Netflix has defied the naysayers in Q3, coming close enough to guidance and delivering impressive revenue and earnings growth. We still think its opportunity is excellent, especially internationally where sub adds should continue to step up. But it's hard to deny the US is maturing, with sub add growth halving this year and the revenue effect of the price increases wearing off in Q1'20. We expect competition coming from Disney+ and others especially in the US will have only modest effect on churn, but we think it will be hard for Netflix to grow much more in the US, and we suspect pricing power is limited." Read more about this call here.

Tim Cook, CEO of Apple, attends the annual Allen and Co. Sun Valley media conference in Sun Valley, Idaho, U.S., July 10, 2019. Brendan McDermid | REUTERS