Airbnb downgraded, Expedia upgraded: Wall Street’s top analyst calls

The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly. 

Top 5 Upgrades:

• Evercore ISI upgraded Expedia (EXPE) to Outperform from In Line with a price target of $200, up from $135. The analyst believes Expedia is at a fundamental inflection point, with probable revenue growth acceleration and EBITDA margin expansion in 2024.
• Morgan Stanley upgraded Analog Devices (ADI) to Overweight from Equal Weight with a price target of $225, up from $176. The firm contends that a bottom is near in Analod/MCU, with past cycles suggesting that duration has stayed relatively consistent at 22-26 months.
• Wolfe Research last night upgraded Roblox (RBLX) to Peer Perform from Underperform without a price target. The company provided more color on its long-term financial framework and more details on its advertising opportunity at its investor day, the analyst tells investors in a research note.
• Citi upgraded Zoom Video Communications (ZM) to Neutral from Sell with an unchanged price target of $66. The analyst sees a more balanced risk/reward with the stock sitting below the target price and near “trough multiples.”
• JPMorgan upgraded Hubbell (HUBB) to Overweight from Neutral with a price target of $335, up from $333. The analyst says utility checks at the annual EEI conference this week suggest that market concerns on utility appear overdone.

Top 5 Downgrades:

• Oppenheimer downgraded ChargePoint (CHPT) to Perform from Outperform without a price target. ChargePoint missed Q3 revenue guidance by 43% at the midpoint and with the departure of the CEO and CFO, the firm sees the company going through a painful transition as it continues to target EBITDA break-even by the end of FY25, the analyst tells investors in a research note. ChargePoint was also downgraded at Janney Montgomery Scott and Roth MKM.
• Evercore ISI downgraded Airbnb (ABNB) to In Line from Outperform with an unchanged price target of $136. The analyst sees a less compelling risk/reward outlook on the stock following the 50% rise year-to-date.
• DZ Bank downgraded Cisco Systems (CSCO) to Hold from Buy with a $50 price target.
• BofA downgraded Marriott Vacations (VAC) to Underperform from Neutral with a price target of $65, down from $125, after the company disappointed in Q3. Marriott Vacations faces pressure across every business segment and the firm sees its issues continuing into 2024, calling it “a ‘show me’ story from here.”
• DA Davidson downgraded Triumph Financial (TFIN) to Neutral from Buy with an unchanged price target of $72. Given the strong year-to-date performance, despite year-to-date estimate reductions related to the sluggish freight spot market, the firm thinks the risk-reward has “moved to a balanced posture,” the analyst tells investors.

Top 5 Initiations:

• Truist initiated coverage of Nike (NKE) with a Hold rating and $108 price target. The firm is bullish on the athletic apparel and footwear trends along with Nike’s leading position in the space, but it is also cautious about the company’s growth opportunities as the wholesale environment in North America remains congested while promotional and consumers in the U.S. and China face mounting pressure, the analyst tells investors in a research note.
• Baird last night initiated coverage of Coherus Biosciences (CHRS) with an Outperform rating and $11 price target. The company’s broad commercial pipeline is positioned for accelerating growth, the analyst tells investors in a research note.
• Raymond James last night initiated coverage of Cava Group (CAVA) with a Market Perform rating and no price target. The firm says its bullish view of the brand’s key points of differentiation and attractive long-term growth opportunity is offset by the stock’s premium valuation to peers.
• Barclays reinstated coverage of MetLife (MET) with an Overweight rating and $71 price target following the close of the company’s $19.2B risk transfer deal with Global Atlantic Financial Group Limited. MetLife is well positioned to benefit within the U.S. benefits business thanks to strong growth, good persistency and favorable loss experience, the analyst tells investors in a research note.
• BofA initiated coverage of Amphastar (AMPH) with a Neutral rating and $63 price target. While saying that Amphastar is “winning on two fronts,” specifically its core generic drug business and its acquisition of Baqsimi for diabetics, investors have driven the stock up 97% year-to-date so the firm thinks the current multiple already reflects Baqsimi-driven growth and the company’s pipeline.