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Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations
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Street Wrap: Today’s Top 15 Upgrades, Downgrades, Initiations

Shopify upgrade, Lockheed Martin downgrade, and Las Vegas Sands initiation among today’s top calls on Wall Street

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:

  • JMP Securities upgraded Shopify (SHOP) to Outperform from Market Perform with a $65 price target. Shopify’s gross merchandise volume estimates have upside, while there is "room for greater expense discipline," the analyst tells investors in a research note. [read more]
  • Morgan Stanley upgraded MongoDB (MDB) to Overweight from Equal Weight with a price target of $270, up from $230. The firm’s "AlphaWise Cloud Optimization Survey" indicates that 73% of respondents are actively engaged in cloud optimization initiatives. [read more]
  • KeyBanc upgraded Becton Dickinson (BDX) to Overweight from Sector Weight with a $304 price target. After five years of being "fully range-bound," Becton Dickinson shares are "finally capable of sustaining a breakout" given more consistent execution toward its long-term financial targets and a "reasonable" valuation. [read more]
  • UBS upgraded Goldman Sachs (GS) to Buy from Neutral. The shares are attractively priced as the company’s outlook is "de-risked," the analyst tells investors in a research note. [read more]
  • Piper Sandler upgraded six names in the chemicals sector citing "significant and durable" shifts in global feedstock costs favoring U.S producers. Piper upgraded Eastman Chemical (EMN), Dow Inc. (DOW), Westlake (WLK) and LyondellBasell (LYB) to Overweight from Neutral. The firm also upgraded Celanese (CE) and Methanex (MEOH) to Neutral from Underweight. [read more]

Top 5 Downgrades:

  • Baird downgraded Lockheed Martin (LMT) to Neutral from Outperform with an unchanged price target of $513. While previewing 17 companies in aerospace and defense with upcoming reports through mid-May, the firm said it expects some "mixed" Q1 reports, reflecting noise in defense outlooks on supply chain, margin pressure, and R&D amortization, balanced by aerospace’s sequential gains on "buoyant aftermarket activity." [read more]
  • Morgan Stanley downgraded Jefferies Financial Group (JEF) to Underweight from Equal Weight with a price target of $27, down from $28, after assuming coverage of the name. As Jefferies exits merchant banking, its mix shift toward investment banking and markets, driving up its comp ratio to a 52%-54% range, the analyst tells investors in a research note. [read more]
  • Argus downgraded Abercrombie & Fitch (ANF) to Hold from Buy. The company has struggled to expand margins amid inflation and currency headwinds, while a cautious consumer spending environment has weighed on its sales growth, the analyst said. [read more]
  • Evercore ISI downgraded Empire State Realty (ESRT) to In Line from Outperform with a price target of $7, down from $8. Though the firm remains "cautiously optimistic" that Empire State can continue to garner demand, the pace of lease up is "clearly set back" by tenant Signature Bank’s (SBNY) collapse, [read more]
  • Northland downgraded Adtran (ADTN) to Market Perform from Outperform with a price target of $13, down from $25, after the company’s "significant downside" pre-announcement. [read more]

Top 5 Initiations:

  • Roth MKM initiated coverage of Las Vegas Sands (LVS) with a Buy rating and $74 price target, citing a "bullish outlook on Macau." Investors are "merely focused" on a full EBITDA recovery by 2024, but the firm believes Macau is "in the early innings of a multi-year growth cycle," the analyst tells investors. [read more]
  • Morgan Stanley assumed coverage of Archer Daniels (ADM) with an Equal Weight rating with a price target of $85, down from $94. The firm’s mid-cycle framework leads it to have a wider baseline EPS range versus company issued targets, balancing the risk of normalized supply and the upside from structural demand improvements, says the analyst. [read more]
  • Piper Sandler initiated coverage of DoubleVerify (DV) with an Overweight rating and $35 price target. DoubleVerify is a leading player in the verification of safety, security, and transparency of an advertising transaction, as the company looks to deliver independent media quality and performance solutions to drive better outcomes for advertisers, the analyst tells investors in a research note. [read more]
  • Stephens initiated coverage of Teladoc (TDOC) with an Equal Weight rating and $25 price target. The analyst says that the stock has fallen about 90% from early 2021 highs as COVID-catalysts and sector-wide valuation multiple expansion dissipated, growth from the mid-FY20 Livongo acquisition disappointed, and margins compressed rather than expanded in FY22. [read more]
  • KeyBanc initiated coverage of ZipRecruiter (ZIP) with a Sector Weight rating and no price target. While encouraged by the company’s expense controls and seeing ZipRecruiter as a long-term share gainer, the analyst believes current macro conditions elevate risk to estimates in the near term. [read more]

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