Check out today's top analyst calls from around Wall Street, compiled by The Fly.

EXPECTATION RESET: Morgan Stanley analyst Adam Jonas upgraded Tesla (TSLA) to Equal Weight from Underweight with a price target of $460, down from $480. Despite the near-term negative economic impacts arising from the COVID-19 crisis, Tesla has sufficient cash and liquidity available to weather the near-term disruptions to production and sales, Jones told investors in a research note. Further, the analyst believes the company's longer-term investment thesis remains intact. The stock at current levels represent a balanced risk/reward profile and reset expectations, contends Jones.

Meanwhile, Wedbush analyst Daniel Ives lowered the firm's price target on Tesla to $425 from $710, while keeping a Neutral rating on the shares. Sitting on the edge of “an apocalyptic global economy” caused by the coronavirus pandemic, Tesla will likely be forced to basically shut down its key artery and production factory in Fremont, the analyst argued. While there is potentially some minimum level of activity around producing Model 3s over the coming months, Ives pointed out that the global demand environment has changed dramatically in a matter of weeks for Tesla globally.

In the U.S. and Europe with consumers in a virtual lockdown facing a "once in a century-like outbreak" focusing on their health, food, and flattening the curve, buying a new Model 3 and other auto purchases is very low on the priority list, he contended. While he does not think this is a longer-term defining trend, the vastly changing near-term economic conditions make Tesla's ability to hit its original 500K-plus delivery targets for 2020 a virtual impossibility.

SELL BEYOND MEAT: Bank of America analyst Bryan Spillane downgraded Beyond Meat (BYND) to Underperform from Neutral with a price target of $50, down from $126. Beyond Meat's "significant" exposure to the foodservice sector, which represented 51% of sales in 2019 sales, and its "premium" valuation multiple position the company to underperform the broader food and beverage sector during this market correction, Spillane told investors in a research note. The analyst expects "significant slowing" in the global foodservice sector as a result of the COVID-19 outbreak.

SQUARE UPGRADED AT BTIG: BTIG analyst Mark Palmer upgraded Square (SQ) to Neutral from Sell. The analyst noted that the stock has been especially hard hit by the recent selloff, losing more than half of its market cap, given its exposure to small firms that are most vulnerable to an economic downturn. Palmer argued, however, that at 21.6-times enterprise value to consensus fiscal year 2021 EBITDA, Square shares now look much more fairly valued.

SEMICONDUCTOR NAMES DOWNGRADED: To reflect a turn from maximizing upcycle exposure to a more defensive positioning, B. Riley FBR analyst Craig Ellis downgraded 10 stocks in the Semiconductor space. A potentially severe global recession now threatens domestic Semi and Semi Cap production and global consumer demand destruction, Ellis told investors in a research note. The analyst, who admits he underestimated downside potential in the space, fears recent losses could persist. Ellis downgraded to Neutral from Buy shares of:

• Axcelis (ACLS),
• Airgain (AIRG),
• Applied Materials (AMAT),
• Alpha & Omega (AOSL),
• Cohu (COHU),
• Ichor Holdings (ICHR),
• Intevac (IVAC),
• Lam Research (LRCX),
• Microchip (MCHP),
• ON Semiconductor (ON).

The analyst believes fundamental and stock risks are "rapidly" escalating.

ESTEE DOUBLE DOWNGRADED AMID STORE CLOSURES: JPMorgan analyst Andrea Teixeira double downgraded Estee Lauder (EL) to Underweight from Overweight with a price target of $145, down from $230. The analyst pointed out that the duration of international travel restrictions, widespread store closures, and the outlook for a global recession will negatively impact the company's sales for longer than she had anticipated. Adding to these concerns, Estee Lauder withdrew its prior fiscal 2020 guidance, citing recent COVID-19-related store closures in North America and Europe that are creating additional headwinds for the broader business. Teixeira believes the "stock narrative will remain negative along with headlines" and recommends investors await better sales visibility.