Here are Wednesday's biggest analyst calls of the day: Tesla, Apple, L Brands, Netflix & more

Published Wed, Jul 29 20207:38 AM EDTUpdated Wed, Jul 29 20208:32 AM EDT

Key Points

Deutsche Bank initiated T-Mobile as buy.
KeyBanc upgraded Quest Diagnostics to overweight from sector weight.
JPMorgan upgraded L Brands to overweight from neutral.
Credit Suisse raised its price target on Apple to $340 from $295.
Susquehanna upgraded Advanced Micro Devices to positive from neutral.
Morgan Stanley raised its price target on Tesla to $1,040 from $740.
Piper Sandler upgraded Kraft Heinz to overweight from neutral.
Loop Capital raised its price target on Netflix to $600 from $500.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Deutsche Bank initiated T-Mobile as buy Deutsche Bank initiated the wireless company and said it sees continued subscriber "momentum" among other things. "We believe T-Mobile has a massive EBITDA and FCF growth opportunity in front of it; driven by merger synergies, improved scale, an industry-leading spectrum position, a turnaround of the legacy Sprint operations, and continued subscriber momentum in the preexisting T-Mobile operations.' KeyBanc upgraded Quest Diagnostics to overweight from sector weight KeyBanc upgraded the lab testing company and said it sees "material upside' to near-term consensus expectations. "By our models, DGX is now generating ~$1.00 of incremental EPS per month from running COVID-19 lab tests, including temporarily favorable COVID-19 pricing associated with the 'Public Health Emergency' (PHE). We think the PHE could last well into 2021 based on similar PHEs for the Zika and H1N1 outbreaks." JPMorgan upgraded L Brands to overweight from neutral JPMorgan upgraded the fashion retailer and said L Brands risk/reward was "hard to ignore." "Bottom-line, the combination of 2Q's top and bottom-line inflection, 2H20 gross profit dollars returning to growth (lapping 7 straight quarters of decline w/ inventory exiting 2Q clean), $400M announced "net" cost savings through FY20 or 12% of FY19's expense base $1+ EPS accretive, and 250 VS store closures w/ commitment to establish BBW as 'pure-play public company' is too hard to ignore with a risk/reward setup on our FY22 EBITDA of $25 by $39." Credit Suisse raised its price target on Apple to $340 from $295 Credit Suisse raised its price target on the stock and reiterated its neutral rating but said its bullish on the upcoming 5G cycle. "Looking ahead to C2H, the upcoming 5G launch is a key focus area for the stock; while visibility has likely improved vs. 90 days ago, we think Apple may once again choose to not provide quarterly guidance given continued uncertainty around launch timing amid COVID disruption. Our base case factors in an October launch date (~1mo later than typical) and while we do not view a short-term pushout as a big deal for the stock, it has the potential to distort typical seasonality in 2H." Susquehanna upgraded Advanced Micro Devices to positive from neutral Susquehanna upgraded the multinational semiconductor company after its earnings report and said it stands to gain share especially as Intel struggles. " AMD has made incredible advances over the past few years under the leadership of CEO Lisa Su, with increasing CPU and server share since the launch of Ryzen in 2017. We expect AMD share gains to continue as Intel continues to struggle with 7nm, with little to no hope of surpassing TSM process technology before 2025 (if ever)." Morgan Stanley raised its price target on Tesla to $1,040 from $740 Morgan Stanley raised its price target on the stock and said it sees a "substantially larger company by revenue than Ford or GM." The analyst, Adam Jonas, also raised his 'bull case' target to $2,500. "It's becoming increasingly obvious that Tesla is going to become a very large company, approaching (if not exceeding) Toyota or VW revenues in the next decade and leaving the world's largest luxury original equipment manufacturers behind. For the first time during our 10 years of coverage we're starting to model this company as a very, very large auto maker. Our revised 2030 revenue forecast is over $170bn of revenues, a substantially larger company by revenue than Ford or GM." Read more about this call here . Piper Sandler upgraded Kraft Heinz to overweight from neutral Piper said in its upgrade of the stock that the company was well-positioned in the home food environment. "We expect greater food at home trends to drive a sustainable lift at least into 2021, and KHC i s well-positioned with a largely meal-oriented portfolio with modest foodservice exposure (15%). Its foodservice exposure is skewed to QSRs (i.e. ketchup) which are performing relatively well. US retail trends have accelerated again after slowing into early June." Loop Capital raised its price target on Netflix to $600 from $500 Loop raised its price target on the stock and said it sees a "path" to share buybacks in the company's future with churn remaining low and prices increasing. "As NFLX provides more value to members we think churn will remain low while price increases continue. We are forecasting near-term sub adds and operating margins ahead of management's guidance and our longer-term projections are ahead of consensus. We project NFLX will become consistently free cash flow positive in 2022 or 2023, will have to reassess its optimal capital structure and we see a path towards share buybacks. "