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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

Trex Company upgrade, PayPal downgrade, and FactSet 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: 

  • BofA upgraded Trex Company (TREX) to Buy from Neutral with a price target of $66, up from $54, following its Q1 earnings beat. [Read more]
  • Evercore ISI upgraded Ingersoll-Rand (IR) to Outperform from In Line with a price target of $71, up from $60. In the "high rent district" of its coverage area, the firm thinks Ingersoll-Rand can get "faster, maybe even more reliable," sales and earnings growth, less expensively than at Illinois Tool Works (ITW) and recommends a pair trade to be long the former and short the latter. [Read more]
  • Guggenheim upgraded Shoals Technologies (SHLS) to Buy from Neutral with a $30 price target. The company delivered Q1 results that exceeded estimates, notably at the gross margin line, and its outlook for the year looks conservative, the firm says. [Read more] Northland upgraded Shoals Technologies to Outperform from Market Perform with a $30 price target. [Read more]
  • BTIG upgraded NeoGenomics (NEO) to Buy from Neutral with a $25 price target. The company reported a strong Q1 beat and raised guidance for the full year, the firm notes. [Read more]
  • Jefferies upgraded Ferguson (FERG) to Buy from Hold with a price target of $181, up from $141.20, after research coverage was transferred to a different analyst. The firm believes the company’s scale and investments should allow it to outpace the market. [Read more]

Top 5 Downgrades:

  • Credit Suisse downgraded PayPal (PYPL) to Neutral from Outperform with a price target of $85, down from $100, post the Q1 results. Given the prospects for continued transaction margin pressures throughout 2023 in an uncertain macro backdrop, a pending management transition, and increasing competitive pressures. the firm finds it challenging to recommend the shares at this time. [Read more]
  • Atlantic Equities downgraded Shopify (SHOP) to Neutral from Overweight with a price target of $65, up from $55. While saying further business momentum could support the stock near term, Atlantic downgraded Shopify on valuation following the recent rally. [Read more]
  • BMO Capital downgraded Skyworks Solutions (SWKS) to Market Perform from Outperform with a price target of $100, down from $140. The company is facing a multi-quarter headwind to gross margins and has very high inventory on its balance sheet, the firm notes. [Read more]
  • Barclays downgraded Nabors Industries (NBR) to Equal Weight from Overweight with a price target of $150, down from $250. The firm took down estimates due a combination of reduced rig counts and lower than expected daily margin growth. [Read more]
  • BofA double downgraded Radian Group (RDN) to Underperform from Buy following the Q1 results. While capital return has been positive at Radian, Homegenius segment performance has been "lackluster" and there is meaningful execution risk as the company attempts to grow the segment, the firm says. [Read more]

Top 5 Initiations:

  • Wells Fargo initiated coverage of FactSet (FDS) with an Equal Weight rating and $435 price target. Wells sees potential for current financial sector/macro stress to weigh on near-term ASV and multiple expansion. [Read more]
  • Wells Fargo initiated coverage of MSCI (MSCI) with an Overweight rating and $570 price target. The firm argues that a steep price drop on Q1 report creates an attractive entry point. [Read more]
  • Wells Fargo initiated coverage of Moody’s (MCO) with an Equal Weight rating and $312 price target. The firm says a valuation premium to history/peers has Moody’s approaching fair value. [Read more]
  • Wells Fargo initiated coverage of S&P Global (SPGI) with an Overweight rating and $415 price target. The company’s post-IHS merger profile provides balanced end market exposure, strong synergy opportunities, robust capital return capabilities and potential further portfolio options, the firm says. [Read more]
  • JPMorgan initiated coverage of Alkami (ALKT) with an Overweight rating and $15 price target. The firm says Alkami runs a 100% cloud-based, multi-tenant and single code-hosted platform, which ensures substantial advantages versus peers. [Read more]

Published first on TheFly

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