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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

Universal Health Services upgrade, Capri Holdings downgrade, and VF Corp, 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:  

  • Barclays upgraded Universal Health Services (UHS) to Equal Weight from Underweight with a price target of $142, up from $132. Following results from the firm’s hospital survey, labor tracker, and read-throughs from peers, Barclays believes Universal Health is on track to generate Q1 adjusted EBITDA ahead of the Street view. [Read more]
  • Citi upgraded Squarespace (SQSP) to Buy from Neutral with a price target of $40, up from $30. The firm says an improved growth outlook results in "upside tension" to near-term and long-term estimates. [Read more]
  • Jefferies upgraded XPeng (XPEV) to Hold from Underperform with a price target of $9.30, up from $4.20. The firm cites strong sales of P7i and the company’s advanced driver assistance systems leadership for the upgrade. [Read more]
  • Credit Suisse upgraded Zebra Technologies (ZBRA) to Outperform from Neutral with a price target of $326, up from $311, ahead of the company reporting Q1 results on Tuesday, May 2. {Read more}
  • Benchmark upgraded Range Resources (RRC) to Buy from Hold with a $32 price target after the company’s Q1 report featured "nearly all line items" that were in-line or better than consensus. [Read more]

Top 5 Downgrades:

  • Jefferies downgraded Capri Holdings (CPRI) to Hold from Buy with a price target of $45, down from $58. The firm sees "underappreciated" macro concerns as well as brand and channel risk, which would further challenge investor sentiment and estimates. [Read more]
  • Citi downgraded First Republic (FRC) to Sell from Neutral with an $11 price target after reinstating coverage of the shares. The firm says First Republic’s high cost of borrowings relative to its earnings assets puts it "under-water" and likely generates losses until it can "right-size" the balance sheet. [Read more] Janney Montgomery Scott also downgraded First Republic Bank to Sell from Neutral with a fair value estimate of $8, down from $10. [Read more]
  • BofA double downgraded Day One Biopharmaceuticals (DAWN) to Underperform from Buy with a price target of $9, down from $34, citing near-term regulatory risks as key opinion leader checks and the firm’s analysis of prior FDA briefing documents signal a "growing resistance" to single-arm studies. [Read more]
  • Stephens downgraded Cal-Maine Foods (CALM) to Equal Weight from Overweight with a price target of $60, down from $67, after having hosted a conference call with the Urner Barry poultry and egg analysts, whose tone was "understandably more downbeat." [Read more]
  • Goldman Sachs downgraded PDD Holdings (PPD) to Neutral from Buy with a price target of $93, down from $116, citing the potential advertising growth moderation and the "current competitive environment." [Read more]

Top 5 Initiations:

  • Piper Sandler initiated coverage of VF Corp. (VFC) with an Overweight rating and $29 price target. Despite poor execution at Vans, VF has a portfolio of strong brands, the firm says. [Read more]
  • Piper Sandler initiated coverage of Columbia Sportswear (COLM) with a Neutral rating and $92 price target. Columbia has a strong brand rooted in innovative yet accessible product with a democratic price point, but the stock’s valuation looks reasonable given the current macro conditions, the firm says. [Read more]
  • Citi initiated coverage of Argenx (ARGX) with a Buy rating and $450 price target. The setup for the shares looks favorable throughout 2023 with several topline pivotal data readouts, multiple proof-of-concept readouts, and solid anticipated growth in generalized myasthenia gravis base business, the firm says. [Read more]
  • Wells Fargo initiated coverage of Aflac (AFL) with an Equal Weight rating and $73 price target. COVID impacts are waning and the company’s sales have bottomed, but Aflac still has a long way to go to surpass 2019 levels, the firm says. [Read more]
  • Morgan Stanley resumed coverage of SoftBank Group (SFTBY) with an Equal Weight rating and 5,000 GBp price target. The firm believes a holding company discount of 40%-50% is "appropriate." [Read more]

Published first on TheFly

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