Michael Wirth, CEO of Chevron.

Adam Jeffery | CNBC

Here are the biggest calls on Wall Street on Monday:

Barclays initiated Chevron as ‘overweight’

Barclays said it sees the company as “well positioned” to return “significant” free cash flow to shareholders.

CVX is well positioned to both return significant FCF to shareholders and fund its 3-4% five-year growth CAGR guidance. We like management’s approach to its $4-$5bn run rate buyback as being a ratable return of cash through the commodity cycle. While CVX has outperformed XOM by 11% over the last year, the stock still trades at a discount on an after-tax CF basis in 2020, which should invert over the next year as the market becomes comfortable with the sustainability of CVX’s cash return program. “

Pivotal upgraded Deckers to ‘buy’ from ‘hold’

Pivotal said it sees a more attractive valuation for the shoe maker following a 25 percent decline and better weather trends in the fall.

“In our most recent note (7/26/19), we talked about being on the wrong side of this stock for the last year and wanting another crack at it. But we didn’t like the risk/reward profile at those levels and were content to wait for a better opportunity to become more constructive, believing that this stock is always one warm winter away from a potential reset. Since then, the stock is down ~25%, which is a reset in our view, albeit not on a warm winter. That said, how do we think about winter, which is quickly approaching? As it turns out, there are now early indications that October/November weather could be favorable, which would suggest potential upside to DECK’s FY20 sales/GM guidance. “

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Mizuho downgraded Amgen to ‘neutral’ from ‘buy’

Mizuho downgraded the biotech company’s stock mainly on valuation.

“We are downgrading AMGN to Neutral solely on valuation, while raising our PT from $208 to $212. The stock has run up over the last week from $185 to $204 on a very clean Enbrel litigation win vs. Sandoz. While we appreciate that AMGN is a cleaner story now with the Enbrel litigation overhang removed, we believe the recent move up is more than what the incremental out-year ~$1Bn Enbrel revenue fundamentally implies. “

Raymond James initiated NXP Semiconductors as ‘outperform’

Raymond James said in its initiation of NXP that it sees shipments  “below” end market consumption and that it views the semiconductor company as the “most attractive in the group.”

“While we’re well aware of macro / trade related risks, like most semis, NXP has been feeling the effects of the slowdown for nearly a year, especially in their core automotive market. While we have no unique ability to predict macro demand, we do think the latest estimate cuts reflect NXP shipments below end market consumption – though we do believe current demand remains sub-seasonal and expect that to persist through year end.”

Susquehanna downgraded Air Products to ‘neutral’ from ‘positive’

Susquehanna downgraded the gas and chemical company mainly on valuation.

“Following investor meetings at the SFG conference in NY on 8/13, we have increased confidence in the sustainability of APD‘s recent earnings momentum and the company’s strong prospects for future growth. However, with the shares up 43% ytd, we are moving to the sidelines as much of this potential appears to be reflected in the current valuation. “

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