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

Zoom Video upgrade, Intercept Pharmaceuticals downgrade, and Five9 resumption 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:

• MoffettNathanson upgraded Zoom Video (ZM) to Market Perform from Underperform with an unchanged price target of $85 post the Q1 results. The company’s online business appears to be stabilizing, with the expectation that the next quarter will show the first sequential growth in over seven quarters, the firm says.
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• HSBC upgraded Chevron (CVX) to Buy from Hold with an $189 price target. The firm says Chevron offers an attractive distribution yield following the stock’s recent underperformance. [Read more]
• Goldman Sachs double upgraded Myriad Genetics (MYGN) to Buy from Sell with a price target of $25, up from $18,. The firm believes Myriad can generate "durable" high-single digit growth with its current portfolio and has growth opportunities in minimal residual disease in the pipeline "which could add an additional leg to growth over time." [Read more]
• Goldman Sachs upgraded Quanterix (QTRX) to Buy from Neutral with a price target of $27, up from $13. Since early March 2022, the stock is down 35%, and while off the recent lows, there is "additional discovery value" in Quanterix, the firm says. [Read more]
• Evercore ISI upgraded CCC Intelligent Solutions (CCCS) to Outperform from In Line with a price target of $13, up from $11. CCC is a "leading provider" of cloud, mobile, telematics, hyperscale technologies and applications for the P&C insurance economy "that plays in a vertical market with a wide competitive moat," the firm tells investors. [Read more]

Top 5 Downgrades:

• Needham downgraded Intercept Pharmaceuticals (ICPT) to Hold from Buy without a price target following last week’s negative FDA panel outcome, in which the committee voted 15-1 against accelerated approval of obeticholic acid for nonalcoholic steatohepatitis. [Read more]
• Piper Sandler downgraded Rain Oncology (RAIN) to Neutral from Overweight with a price target of $1.75, down from $15, after removing all value for milademetan from the firm’s model following the MANTRA Phase 3 study in dedifferentiated liposarcoma having missed its primary PFS endpoint. [Read more] Oppenheimer [Read More], EF Hutton [Read more], Citi [Read more], and H.C. Wainwright [Read more] also downgraded Rain Oncology to Neutral-equivalent ratings.
• Citi downgraded Integra LifeSciences (IART) to Sell from Neutral with a price target of $39, down from $59. The company announced a voluntary recall of all products manufactured at its Boston, Massachusetts plant and reduced its Q2 guidance, the firm notes. [Read more]
• Credit Suisse downgraded Maravai Lifesciences (MRVI) to Neutral from Outperform with a price target of $14, down from $18. The firm argues that core sales growth from the steep innovation curve in mRNA vaccines and therapeutics could take longer to materialize than investors appreciate. [Read more]
• RBC Capital downgraded Wheaton Precious Metals (WPM) to Sector Perform from Outperform with a price target of $45, down from $50. The firm is updating its model on the stock to reflect its refreshed views of the company’s development asset outlook and the incorporation of global minimum OECD taxes. [Read more]

Top 5 Initiations:

• Roth MKM resumed coverage of Five9 (FIVN) with a Buy rating and $80 price target. The firm is positive on the company’s leadership position in the $30B+ contact center-as-a-service market, its history of strong execution, and balanced growth and profitability as being "supportive of a materially higher valuation."
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• JPMorgan initiated coverage of Steel Dynamics (STLD) with an Underweight rating and $82 price target to reflect a view of lower steel prices and tighter metal margins coinciding with softness in non-residential construction, where Steel Dynamics has 49% exposure. [Read more]
• JPMorgan initiated coverage of Nucor (NUE) with an Underweight rating and $130 price target as it expects a correction in Nucor’s recent outsized downstream earnings. [Read more]
• JPMorgan initiated coverage of Cleveland-Cliffs (CLF) with a Neutral rating and $18 price target. With an assumption that a cyclical downturn will be likely in the next 6-12 months, the firm takes a cautious sector view. [Read more] JPMorgan also initiated coverage of U.S. Steel (X) with a Neutral rating and $24 price target. [Read more]
• CL King initiated coverage of Axonics (AXNX) with a Buy rating and $75 price target. Axonics competes in "large, underpenetrated markets, with market-leading technology, and has strong management and sales execution to capitalize on the market opportunity," the firm tells investors in a research note. [Read more]