Alibaba, Nordstrom downgrades among today's top calls on Wall Street

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

LOWER CONSUMPTION SPENDING, INCREASED COMPETITION: Argus analyst Jim Kelleher downgraded Alibaba (BABA) to Hold from Buy. The company is facing lower domestic consumption spending and increased competition, which is slowing growth in its core business, the analyst warned investors in a research note. Kelleher further stated that as China government cements its power, Alibaba is hindered by the "deteriorating environment" for large-cap tech names in the county, adding that a Hold rating is appropriate until he sees a "clearer path" to stronger sales and earnings.

QUESTIONS REMAIN: Jefferies analyst Stephanie Wissink downgraded Nordstrom (JWN) to Hold from Buy with a price target of $30, down from $48, following the company's quarterly results. The company's transformation costs are rising while its execution is slipping, Wissink told investors in a research note. Shifting to 50/50 physical and digital sales model and weak retail execution are delaying Nordstrom's value realization, the analyst added. Wissink also noted that questions remain unanswered on degree to which high costs will remain into fiscal 2022.

BUY SPOTIFY: Benchmark analyst Matthew Harrigan initiated coverage of Spotify (SPOT) with a Buy rating and $300 price target. Spotify is "the marquee global audio streaming service" and "continues to out innovate larger hyperscale tech competitors," Harrigan argued. The analyst sees advertising and podcasting growth increasingly complementing premium music streaming.To see the rest of the story Click Here.

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