Analysts' screen via JPMorgan, Deutsche Bank, UBS, Wedbush and more

• $American Airlines(AAL.US)$ JPMorgan analyst Jamie Baker upgraded American Airlines to Neutral from Underweight with a price target of $26, up from $18. Airline equities have rebounded as much as 60% from the recent fuel-panic lows achieved when demand trends were "grossly misunderstood," but year-to-date gains are inside of 20%, and the sector still rests 20% below 2021 highs, Baker tells investors in a research note. He does not believe investors have missed the recovery saying history suggests "we're nowhere near the point of demand destruction." Baker thinks the remaining upside potential for American Airlines supports a Neutral rating.

• $United Airlines(UAL.US)$ JPMorgan analyst Jamie Baker double upgraded United Airlines to Overweight from Underweight with a price target of $76, up from $60. The analyst says "aside from fuel and geopolitical pressures, almost every fundamental input is stronger than last year." He does not believe investors have missed the recovery saying history suggests "we're nowhere near the point of demand destruction." Baker does not believe investors need United Airlines to achieve the $9.50 in earnings per share implied by a 9% pretax margin for the stock to work from current levels. He thinks the equity can outperform, even if management misses its guidance.

• $Callaway Golf(ELY.US)$ JPMorgan analyst Kevin Heenan assumed coverage of Callaway Golf (ELY) with an Overweight rating and $30 price target. The analyst sees the 2022 outlook for golf as balanced with tailwinds from pricing, channel re-stock and product innovation weighed against challenging comparisons and a broader economic reopening. He prefers shares of Callaway over $Acushnet Holdings(GOLF.US)$ for the next 12 months. The year-to-date share declines present an attractive multi-year entry point to own the leading brands in an expanding and healthier golf industry, Heenan tells investors in a research note.

• $Snap Inc(SNAP.US)$ JPMorgan analyst Doug Anmuth lowered the firm's price target on Snap to $47 from $50 and keeps an Overweight rating on the shares. Snap reported solid Q1 results in a challenging environment, though focus remains on the Q2 guide as broader macro headwinds persist and limit visibility, Anmuth tells investors in a research note. The analyst is encouraged by the 30% year-over-year growth quarter-to-date, but believes the 20%-25% guidance was modestly below investor expectations.

• $SVB Financial(SIVB.US)$ JPMorgan analyst Steven Alexopoulos keeps an Overweight rating on SVB Financial with an $875 price target following the Q1 results. With deposit growth concerns now eased, SVB offers the most attractive entry point in a decade, Alexopoulos tells investors in a research note. The analyst sees the shares as "significantly undervalued" at current levels and his price target implies 74% upside.

• $JetBlue Airways(JBLU.US)$ Deutsche Bank analyst Michael Linenberg downgraded JetBlue Airways to Hold from Buy with a price target of $16, down from $21. The carrier faces specific headwinds that are likely to limit share price upside, Linenberg tells investors in a research note. The analyst believes JetBlue's profit margins will lag the industry average for at least the next two quarters, and therefore, expects share price underperformance relative to the names he favors. That said, Linenberg believes that JetBlue will return to profitability sometime in the spring/summer as it benefits from an improving demand backdrop.

• $Hawaiian Holdings(HA.US)$ Deutsche Bank analyst Michael Linenberg downgraded Hawaiian Holdings to Hold from Buy with a price target of $23, down from $25. The carrier faces specific headwinds that are likely to limit share price upside, Linenberg tells investors in a research note. The analyst believes Hawaiian's profit margins will lag the industry average for at least the next two quarters, and therefore, expects share price underperformance relative to the names he favors. That said, Linenberg believes that Hawaiian will return to profitability sometime in the spring/summer as it benefits from an improving demand backdrop.

• $Qualtrics International(XM.US)$ Deutsche Bank analyst Bhavin Shah lowered the firm's price target on Qualtrics to $33 from $36 and keeps a Buy rating on the shares. The company's Q1 results are evidence of continued execution against its secular opportunity, at scale, with both revenue and billings ahead of expectations, Shah tells investors in a research note. However, management noted macro factors are having some, albeit minor, impact on a handful of deals in Europe which slipped out of Q1 and customer hesitancy continued into Q2, adds the analyst.

• $Boston Beer(SAM.US)$ Deutsche Bank analyst Steve Powers lowered the firm's price target on Boston Beer to $337 from $420 and keeps a Hold rating on the shares. The analyst believes the shares "have additional room to fall" following the weaker than expected Q1 results. A decidedly weaker gross margin, an implicit sequential deceleration in depletions Q2-to-date and lack of overall visibility ahead of the key summer selling season all raise prospects that the full-year guidance "is more optimistic at this point than credible," Powers tells investors in a research note.

• $Equifax(EFX.US)$ Deutsche Bank analyst Faiza Alwy lowered the firm's price target on Equifax to $225 from $265 and keeps a Hold rating on the shares following the QI results. The analyst sees limited risk of further fundamental downside to fiscal 2022 earnings estimates, but says there remains uncertainty as it relates to the mortgage market over the next 12-18 months.

• $Union Pacific(UNP.US)$ UBS analyst Thomas Wadewitz downgraded Union Pacific to Neutral from Buy with a price target of $267, down from $283. The analyst warns that the company's current capacity constraints and service issues may weigh on volume performance, adding that these issues also reduce his conviction in Union Pacific's ability to execute on its volume growth strategy. The current level of resources appears to be insufficient to support stronger volumes, while the "heavy skew to optimism" among analysts could also be a risk for the stock, Wadewitz tells investors in a research note.

• $Tractor Supply(TSCO.US)$ Wedbush analyst Seth Basham kept a Neutral rating and $215 price target on Tractor Supply following the company's Q1 earnings results. While the analyst called it a "good quarter,"he comes out "incrementally cautious" as the company sees inflation pressures potentially leading consumers to reduce discretionary purchases and the analyst sees downside risk to the company's previous margin guidance for "flattish gross margins driven by inflationary cost headwinds." Overall, Batham sees limited upside to Tractor Supply's FY22 EPS guidance at this time.

• $Roku Inc(ROKU.US)$ Wedbush analyst Michael Pachter reiterated an Outperform rating and $150 price target for Roku, calling the company "a sound long-term investment as the company is positioning itself for the future." While there are "headwinds aplenty," Pachter believes Roku's pace of revenue growth is sustainable as he sees Roku being "one of the preeminent streaming platforms globally" by 2030, noting that the company is only in the early stages of its international expansion.

• $Take-Two Interactive Software(TTWO.US)$ Bernstein analyst Matti Littunen initiated coverage of Take-Two with an Outperform rating and $173 price target. The analyst views the $180B video games industry as the "best structural growth opportunity" in media and sees Take-Two as oversold relative to its "quality and growth potential." $Electronic Arts Inc(EA.US)$ and Take-Two "are the adults in the game room, having learned from past mistakes and built mature businesses without losing the potential for growth,"Littunen tells investors in a research note.

• $Electronic Arts Inc(EA.US)$ Bernstein analyst Matti Littunen initiated coverage of Electronic Arts with an Outperform rating and $157 price target. The analyst views the $180B video games industry as the "best structural growth opportunity" in media and sees Electronic Arts as oversold relative to its "quality and growth potential." EA and $Take-Two Interactive Software(TTWO.US)$ "are the adults in the game room, having learned from past mistakes and built mature businesses without losing the potential for growth,"Littunen tells investors in a research note.

• $Marsh & McLennan(MMC.US)$ RBC Capital analyst Mark Dwelle raised the firm's price target on Marsh McLennan to $185 from $170 but keeps a Sector Perform rating on the shares. The company reported a "solid quarter" with organic growth and margins topping his estimates and also disclosed a $5B buyback ahead of the results, the analyst tells investors in a research note. Dwelle adds however that Marsh McLennan's strong results are "fairly reflected" in the current multiple, with the company also heading for some "steep comparisons".