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

T-Mobile upgrade, Wynn Resorts downgrade, and Amazon 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: 

• Wolfe Research upgraded T-Mobile (TMUS) to Outperform from Peer Perform with a $160 price target. Following the stock’s 21% year-to-date pullback, "investors need neither estimate nor multiple upside" for outperformance, the firm says, [Read more]
• Wolfe Research upgraded Visteon (VC) to Outperform from Peer Perform with a $175 price target. The firm believes the stock’s risk/reward looks compelling at current levels. [Read more]
• Wolfe Research upgraded Aptiv (APTV) to Outperform from Peer Perform with a $130 price target. The company’s margin improvement should serve as a catalyst for the shares, the firm argues. [
• Evercore ISI upgraded Brown-Forman (BF.B) to In Line from Underperform with a price target of $68, up from $60. While the stock’s valuation "remains lofty," it is now "reasonable" given the company’s "long growth runway," the firm says. [Read more]
• Credit Suisse upgraded TD Bank (TD) to Outperform from Neutral with a price target of C$88, up from C$85. TD shares have underperformed the peer group on a year-to-date basis despite the bank "putting up very good fundamental performance relatively speaking," the firm notes. [Read more]

Top 5 Downgrades:

• Jefferies downgraded Wynn Resorts (WYNN) to Hold from Buy with a price target of $114, down from $135. The company’s "bull case arguments for growth" remain and the recovery in Macau remains early stage, but these dynamics are relatively well understood by the market and approximately priced in at present share levels, the firm says. [Read more]
• Jefferies downgraded Las Vegas Sands (LVS) to Hold from Buy with a price target of $65, down from $69. The firm believes consensus estimates "have principally caught up to the shares" and that the stock’s valuation "is becoming more relevant." [Read more]
• Morgan Stanley downgraded Epam Systems (EPAM) to Equal Weight from Overweight with a price target of $220, down from $350. The firm does not see a near-term resolution to the ongoing macroeconomic versus structural investor debate relating to Epam. [Read more]
• Wolfe Research downgraded Fisker (FSR) to Underperform from Peer Perform with a $6 price target. The firm continues to view Fisker as the most speculative auto maker within its coverage and sees its competitive landscape becoming more intense as Tesla (TSLA) and several Chinese car makers "press their cost advantages." [Read more]
• Wolfe Research downgraded QuantumScape (QS) to Underperform from Peer Perform with a $2 price target. The path to commercialization of lithium ion variants is "still long and highly speculative," the firm notes. [Read more]

Top 5 Initiations:

• Wells Fargo initiated coverage of Amazon.com (AMZN) with an Overweight rating and $159 price target. The firm also designated the stock as a Top Pick overall in the Internet Sector following comments made by CEO Andy Jassy at Amazon’s Annual General Meeting that indicate the regional fulfillment center model is already having a meaningful impact to fulfillment and shipping efficiency. [Read more]
• Wells Fargo initiated coverage of Alphabet (GOOGL) with an Equal Weight rating and $117 price target. The firm said the forthcoming format transition to AI-powered conversational search will disrupt Google financials. [Read more]
• Wells Fargo initiated coverage of Meta Platforms (META) with an Equal Weight rating and $276 price target. Near-term upside and optimism on healthy ad acceleration and Advantage+ adoption is likely capped by expected Q3 guidance to 2024 investment in AI and Metaverse initiatives, the firm says. [Read more]
• Wells Fargoinitiated coverage of Snap (SNAP) with an Equal Weight rating and $10 price target. The firm said the company is monetizing well in North America but with weakening engagement. [Read more]
• Wells Fargo initiated coverage of Etsy (ETSY) with an Underweight rating and $70 price target. Etsy‘s customer acquisition efficiency metrics are deteriorating after years of torrid gross merchandise sales growth and take-rate expansion, while new buyer acquisition is much more expensive than pre-COVID, the firm says. [Read more]