Here are Wednesday's biggest analyst calls of the day: Best Buy, Lululemon, Harley-Davidson & more

Published Wed, Oct 28 20208:02 AM EDT

Key Points

Jefferies initiated Burlington as buy.
Piper Sandler named Best Buy a favorite idea.
Barclays upgraded Advanced Micro Devices to overweight from equal weight.
JPMorgan upgraded Sherwin-Williams to overweight from neutral.
Morgan Stanley downgraded Harley-Davidson to equal weight from overweight.
Deutsche Bank upgraded Lululemon to buy from hold.

(This story is for CNBC PRO subscribers only.) Here are the biggest calls on Wall Street on Wednesday: Jefferies initiated Burlington as buy Jefferies initiated the off-price department store retailer and said it sees a "long runway" of opportunity. " BURL offers a unique mix of unit growth potential, positive comps, and credible margin opptys, with the support of industry tailwinds, which should help shares command a premium to group. ... .Initiate Buy, PT implies > 25% upside. Productivity gap suggests a long runway of opportunity." Piper Sandler named Best Buy a favorite idea Piper Sandler named the company as a "favorite idea" and said its channel checks show a strong third and fourth quarter. "We reiterate our OW rating and raise our PT to $138 following very favorable channel checks that suggest not only a strong Q3, but also a strong Q4 (with several product drivers extending well into 2021). Importantly, we see the shift to e-com and a re-optimized store labor structure (in conjunction with strong demand) taking BBY' s EBIT margin sustainably well above its long term 5% target." Barclays upgraded Advanced Micro Devices to overweight from equal weight Barclays upgraded shares of the multinational semiconductor company after its strong earnings report and said the company is poised to gain share from company's like Intel. "Strong results again with September and December higher driven by strength in both Client and Gaming, materially better than the weak report from Intel last week. The Client beat was directionally consistent with what Intel reported, but clearly AMD continues to gain share, while in Servers the contrast is even sharper vs. INTC's miss." JPMorgan upgraded Sherwin-Williams to overweight from neutral JPMorgan upgraded shares of the company after it reported a "good quarter of organic growth" and said price increases could serve as a "catalyst" for the stock. "The company has been experiencing very strong growth in its Consumer Brands business because of a high rate of growth in the DIY markets as unemployment has jumped and do-it yourselfers are confined to the house. ... . Sherwin-Williams reported a good quarter with organic growth in The Americas Group lifting 3% with about 2% of the growth coming from higher prices." Morgan Stanley downgraded Harley-Davidson to equal weight from overweight Morgan Stanley downgraded the stock after the company's "strong" earnings report but said it sees "subdued" upside and is waiting for Harley to "execute" on its new strategy. " Harley delivered a strong, consensus-beating Q3 driven by cost performance. We raise our ests and price target materially but modestly lag the current price, which has run up sharply, largely discounting the fundamental turnaround. We downgrade to EW to process the 5-year plan to be unveiled Jan '21." Deutsche Bank upgraded Lululemon to buy from hold Deutsche upgraded the athletic apparel retailer and said it sees a "strong" margin recovery for the next few quarters. "While valuation is still far from cheap, we believe LULU is positioned to once again outperform the retail sector benefiting from likely being a top consumer destination for Holiday shopping, having a strong margin recovery story over the upcoming quarters, and uniquely having bottom-line support from the balance sheet.: