Qualcomm initiated, Lyft 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:

• Goldman Sachs upgraded Lyft (LYFT) to Buy from Neutral with a $20 price target following the company’s Q1 earnings report. While short-term debates will likely stay rooted in industry trends around rideshare pricing, market share fluctuations, positioning against the autonomous vehicle theme and/or any changes in consumer discretionary behavior, the firm sees strong execution in a stable industry backdrop for Lyft and believes that shares are dislocated from the company’s earnings power in the next two to three years.
• Susquehanna upgraded Affirm (AFRM) to Positive from Neutral with an unchanged price target of $65. The firm says that while the shares are 33% from their peak in February and 13% year-to-date, the results came in well ahead “due to a variety of factors.”
• BofA upgraded Microchip (MCHP) to Neutral from Underperform with a price target of $56, up from $44. The return of well-regarded prior CEO Steve Sanghi has “greatly enhanced the level of restructuring urgency and customer/product focus” at Microchip, says the firm following beat/raise earnings.
• TD Cowen upgraded Rockwell Automation (ROK) to Hold from Sell with a price target of $275, up from $215. The company’s negatives are well known, and its cost control appears to have put a floor on near-term earnings excluding a recession as orders have stabilized, the firm tells investors in a research note.
• Northcoast upgraded Carrier Global (CARR) to Buy from Neutral with an $85 price target. Carrier has “served its time in the penalty box” and is now back to full strength after digesting the VCS deal, the firm tells investors.

Top Downgrades:

• Piper Sandler downgraded Expedia (EXPE) to Underweight from Neutral with a price target of $135, down from $174. The company’s Q1 results were mixed with bookings and revenue missing expectations by 1%, offset by better EBITDA, the firm tells investors in a research note.
• JPMorgan downgraded Wolfspeed (WOLF) to Underweight from Neutral without a price target following the fiscal Q3 report. The company highlighted ongoing headwinds for silicon carbide products, including continued sluggish demand for industrial and energy devices as well as incremental pressures in materials, as end customers face slowing demand, the firm tells investors in a research note. Citi also downgraded Wolfspeed to Sell from Neutral with a price target of $3, down from $7
• Raymond James downgraded Apellis (APLS) to Outperform from Strong Buy with a price target of $52, down from $75. The firm sees added uncertainty associated with quarterly sales volatility following the Q1 report.
• BTIG downgraded DocGo (DCGO) to Neutral from Buy without a price target. The company reported “disappointing” Q1 results with a “fairly remarkable reduction” to revenue guidance for 2025, the firm tells investors in a research note.
• Citizens JMP downgraded Iovance Biotherapeutics (IOVA) to Market Perform from Outperform without a price target following the Q1 report. The firm cites the company’s revised guidance, current cash burn, and uncertainties surrounding the Amtagvi launch for the downgrade.

Top Initiations:

• Seaport Research initiated coverage of Qualcomm (QCOM) with a Neutral rating and no price target. Qualcomm’s core market is not growing, and it is losing share there on “multiple fronts,” the firm tells investors in a research note.
• Morgan Stanley resumed coverage of Allegro MicroSystems (ALGM) with an Equal Weight rating and $23 price target. The firm is “optimistic” that Allegro will outperform the industry over the coming three years, but thinks upside is somewhat priced in given the valuation at which the stock is trading.
• Roth Capital initiated coverage of HF Foods Group (HFFG) with a Buy rating and $7 price target. The company is uniquely positioned to service the needs of the “rapidly growing” Asian-specialty restaurant segment, the firm tells investors in a research note.
• Morgan Stanley initiated coverage of Himax (HIMX) with an Overweight rating and $8.80 price target. Himax is expanding its non-driver integrated circuit business by tapping the growing cloud AI and edge AI markets, the firm tells investors in a research note.