GoodRx upgraded, Fisker downgraded: 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:

• JPMorgan upgraded GoodRx (GDRX) to Overweight from Neutral with a price target of $10, up from $7, post the Q4 report. The company’s 2024 guidance represents a positive inflection point as it moves past several recent headwinds and is likely a conservative basis from a management team that have worked to establish credibility in their guidance, the analyst tells investors in a research note.
• Jefferies upgraded Root (ROOT) to Buy from Hold with a price target of $40, up from $10. The analyst says the company executed a “better-than-industry” target loss ratio this quarter, setting a path to profitable growth, market share gains and scalability for a viable business model.
• DA Davidson upgraded Oshkosh (OSK) to Buy from Neutral with a price target of $130, up from $122, following investor meetings held in Minneapolis. The firm came away with more confidence in its above-consensus estimates for 2025 and “pieced together some clarity on 2026,” adding that it felt better about Access, Defense, and Vocational segments.
• TD Cowen upgraded Parker-Hannifin (PH) to Market Perform from Underperform with a price target of $500, up from $300. The company continues to grind out earnings growth despite 70% of its business being in order and revenue decline, which is impressive, the analyst tells investors in a research note.
• Wells Fargo upgraded Spyre Therapeutics (SYRE) to Overweight from Equal Weight with a price target of $35, up from $12. The analyst cites the updated half-life comparison for SPY001 versus vedolizumab in non-human primates, suggesting an over three-times differential, and also proximity to clinical trial initiation and human data for the upgrade.

Top 5 Downgrades:

• Citi downgraded Fisker (FSR) to Neutral from Buy with a price target of 80c, down from $4. The analyst sees a “disappointing Q4 outcome” for Fisker, which revealed additional financial reporting issues, a significantly weaker 2024 outlook and a worsening liquidity runway.
• Piper Sandler downgraded New York Community Bancorp (NYCB) to Neutral from Overweight with a price target of $5, down from $8. The firm had thought that the bad news was behind for the company, but the “whack-a-mole at New York Community continues.”
• Wells Fargo downgraded HP Enterprise (HPE) to Equal Weight from Overweight with a price target of $17, down from $21. The analyst is positive on the company’s strategic positioning in artificial intelligence, but says the fiscal Q2 results point to stronger backlog growth and conversion velocity at competitors.
• Goldman Sachs downgraded Estee Lauder (EL) to Neutral from Buy with a $145 price target after assuming coverage of the name. The company has been under sizable pressure as a result of its Asia travel retail challenges, which has driven its consecutive guide-downs over the past several quarters, and has negatively impacted investor confidence in the process, the analyst tells investors in a research note.
• Northland downgraded CommScope (COMM) to Market Perform from Outperform with a price target of $1.25, down from $3. Given weakness in Cable and Networking segments, which was “very much evident in Q124 guide,” the prospects for the potential for strategic asset sales, likely of the two remaining ARRS units, to address the company’s balance sheet challenges have dimmed, the analyst tells investors.

Top 5 Initiations:

• Goldman Sachs assumed coverage of Procter & Gamble (PG) with a Neutral rating and $168 price target. While the company’s fundamentals remain robust, its growth story is well understood by the market, as its valuation multiples have re-rated from its December 2023 lows and are now largely in line with historical average levels, the analyst tells investors in a research note.
• Oppenheimer initiated coverage of Evolent Health (EVH) with an Outperform rating and $45 price target. The firm says Evolent is uniquely positioned due to its risk-based appetite in the specialty care market.
• DA Davidson initiated coverage of Campbell Soup (CPB) with a Buy rating and $48 price target. The analyst says easier volume compares as the company laps the effects of pantry de stocking, as well as moderating core inflation, are supportive of an inflection in the second half of 2024.
• Wolfe Research initiated coverage of Albemarle (ALB) with a Peer Perform rating as part of a broader research note on Chemicals, Agriculture and Packaging names. There is little reason to suspect cost curve support for cratering carbonate/hydroxide prices, the analyst tells investors in a research note.
• JMP Securities initiated coverage of Elevation Oncology (ELEV) with an Outperform rating and $7 price target. The analyst says the company’s’ EO-3021 represents a new target for a well-established technology.