Snowflake downgraded and 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:

• Macquarie upgraded Snowflake (SNOW) to Outperform from Neutral with a price target of $205, up from $182. The stock’s 20% selloff in the wake of CEO Frank Slootman’s resignation “is the entry point we awaited,” the firm tells investors in a research note.
• BofA double upgraded Okta (OKTA) to Buy from Underperform with a price target of $135, up from $64, citing strong Q4 results and the potential the firm sees for outperformance throughout FY25. WestPark Capital also upgraded Okta to Buy from Hold with a $140 price target.
• Argus upgraded Beyond Meat (BYND) to Hold from Sell after its Q4 results. The management’s shifting focus on profitable core products and an emphasis on cost controls should drive margin expansion and earnings growth going forward, the firm says.
• Morgan Stanley upgraded AutoNation (AN) to Equal Weight from Underweight with a price target of $140, up from $117 as part of a broader research note on Autos. Q4 auto dealer results suggest that the new vehicle market continues to demonstrate resilience, with new car prices holding up higher for longer, the firm says.
• Deutsche Bank upgraded Coupang (CPNG) to Buy from Hold with a price target of $21, up from $18.50. The company reported a strong Q4 with constant currency revenue up 20%, the firm tells investors in a research note.

Top 5 Downgrades:

• Morgan Stanley downgraded Snowflake (SNOW) to Equal Weight from Overweight with a price target of $175, down from $230, following the Q4 report. A sharper than anticipated deceleration implied in the fiscal 2025 guidance and CEO departure “likely spikes investor concerns” around competition and the company’s positioning for generative artificial intelligence, the firm argues.
• TD Cowen downgraded Macy’s (M) to Market Perform from Outperform with a price target of $20, down from $23. The firm likes the company’s changes ahead but says they will take time, and several risks could limit near-term upside.
• Goldman Sachs downgraded uniQure (QURE) to Neutral from Buy with a price target of $8, down from $63. Goldman is taking a “more measured” outlook on AMT-130 given the uncertainty on the future development and regulatory path.
• Gordon Haskett downgraded Redfin (RDFN) to Underperform from Hold with a $5.50 price target. The firm sees risks as significantly greater than the reward given risk of legal challenges proving detrimental to Redfin’s brokerage business and capital concerns that it views as likely to persist into 2027.
• Jefferies downgraded Tapestry (TPR) to Hold from Buy with an unchanged price target of $50. The firm cites valuation for the downgrade with the shares up 30% year-to-date.

Top 5 Initiations:

• Cantor Fitzgerald initiated coverage of Teladoc (TDOC) with an Overweight rating and $22 price target. The firm believes current valuations do not appreciate the company’s unique positioning among peers as having high free cash flow yield, margin expansion, and multiple drivers of further top-line growth.
• Goldman Sachs reinstated coverage of FIS (FIS) with a Buy rating and $84 price target, implying 25% upside. Following the divestiture of a controlling stake in Worldpay, FIS is positioned to deliver on a “much more steady and predictable growth algorithm” with less cyclicality and greater visibility, the firm tells investors in a research note.
• Susquehanna initiated coverage of Tower Semiconductor (TSEM) with a Neutral rating and $36 price target as the firm expanded its foundry research to more fully analyze increased content of specialty substrates/analog in key growth applications.
• Needham initiated coverage of Blue Bird (BLBD) with a Buy rating and $44 price target. The firm is bullish on the cyclical tailwind driving growth in Blue Bird’s legacy school bus business following multiple years of industry underinvestment, combined with the transition to higher-priced electric vehicle school buses.
• Stifel resumed coverage of Colliers International (CIGI) with a Buy rating and $145 price target following completion of its $300M equity financing, which the company intends to use to pay down its revolver to free up capacity for future acquisitions.