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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

Netflix upgrade, Coinbase downgrade, and Broadcom resumption among today’s top calls on Wall Street

Institutional investors and professional traders rely on The Fly to learn which companies the best analysts on Wall Street are saying to buy and sell.

Research analysts at Wall Street’s largest banks issue recommendations on whether a stock should be bought, held, or sold. The Fly’s team of financial market experts scours hundreds of research notes daily to uncover the best trading ideas. Check out today’s top analyst calls from around Wall Street, compiled by The Fly.

Top 5 Upgrades:

  • Wells Fargo analyst Steven Cahall upgraded Netflix (NFLX) to Overweight from Equal Weight with a price target of $400, up from $300. A positive catalyst path in 2023, led by lower churn and stable subscribers, creates "more ways to win," Cahall tells investors in a research note.
  • Piper Sandler analyst Rob Owens upgraded DocuSign (DOCU) to Neutral from Underweight with a price target of $50, down from $54. Last night’s Q3 results were improved and while the company’s initial fiscal 2024 view was lower than Street expectations for revenue and billings, the stock’s valuation is largely reflective of the difficult macro scenario, Owens tells investors in a research note.
  • Goldman Sachs analyst Madhu Kumar upgraded Jazz Pharmaceuticals (JAZZ) to Buy from Neutral with a price target of $190, down from $192. The analyst is citing his positive outlook on operating margin performance and the potential for multiple upside levers, including demand and ex-U.S. expansion of Rylaze, potential acceleration in the launch of Xywav in idiopathic hypersomnia, or IH, and the ex-U.S. launch of Epidiolex.
  • BofA analyst Alastair Ryan upgraded Credit Suisse (CS) to Buy from Neutral with a CHF 3.60 price target, noting that his new target suggests more than 20% upside potential. While he sees the rebuild of Credit Suisse "taking time," he notes that the bank’s CHF 12B market cap is the same as Julius Baer’s despite Credit Suisse being one-and-a-half times larger in wealth management and also having a leading domestic bank and asset management business.
  • Credit Suisse analyst Tayo Okusanya upgraded National Health Investors (NHI) to Neutral from Underperform with a price target of $58, up from $47. The Bickford portfolio has been successfully restructured through asset sales and the rent reset puts National Health’s EBITDAR rent coverage at a "comfortable" 1.32 times, Okusanya tells investors in a research note.

Top 5 Downgrades:

  • Mizuho analyst Dan Dolev downgraded Coinbase (COIN) to Underperform from Neutral with a price target of $30, down from $42. Interest income from Circle’s U.S. dollar coin has been increasingly important for Coinbase amid deteriorating crypto sentiment and trading volume, Dolev tells investors in a research note.
  • Needham analyst Chris Pierce downgraded Carvana (CVNA) to Hold from Buy without a price target. The analyst says that with Bloomberg reporting Carvana creditors are mobilizing and unifying ahead of a potential bankruptcy, he struggles to see a "near term path forward that would get investors excited to own the stock until they see improved execution."
  • Goldman Sachs analyst Madhu Kumar downgraded Iovance Biotherapeutics (IOVA) to Neutral from Buy with a price target of $6, down from $20. The analyst is citing concerns around the clinical, regulatory, financing, competitive, and commercial path for the company’s lead asset, tumor-infiltrating lymphocyte drug lifileucel in metastatic melanoma, MM.
  • Morgan Stanley analyst Carlos De Alba downgraded Alcoa (AA) to Equal Weight from Overweight with a price target of $56, down from $60. China’s reopening will continue to be beneficial to miners, but the path forward will be "bumpy," De Alba tells investors in a research note.
  • Goldman Sachs analyst Brooke Roach is removing Lululemon (LULU) from the firm’s Conviction Buy list, but keeps a Buy rating on the shares with a price target of $431, up from $383, after update FY22, FY23, and FY24 EPS estimates following the company’s Q3 EPS beat. Roach still views Lululemon as "a structural share gainer with ongoing broad-based momentum and several levers for long-term growth," but acknowledges it has been a notable comp outperformer in 2022 on the back of what she sees as "a record year of innovation and traffic-driving product."

Top 5 Initiations:

  • Wells Fargo analyst Aaron Rakers resumed coverage of Broadcom (AVGO) with an Equal Weight rating and $580 price target. Rakers is positive on Broadcom’s competitive and core franchise positioning and the continued drivers of a significant capital return thesis, but is taking a cautious near-term approach on risks associated with a semi down-cycle into 1H23, the analyst tells investors in a research note.
  • Cantor Fitzgerald analyst Josh Siegler initiated coverage of CleanSpark (CLSK) with an Overweight rating and $5 price target. CleanSpark is a sustainable bitcoin mining company that operates over 55,000 mining rigs through its subsidiaries, ATL Data Centers and CleanBlok, Siegler tells investors in a research note.
  • Citi analyst Jason Bazinet initiated coverage of Take-Two (TTWO) with a Neutral rating and $105 price target. Take-Two bought the right asset in Zynga but at the wrong time as mobile gaming revenues began to weaken just after the transaction closed, Bazinet tells investors in a research note.
  • Raymond James analyst James Rollyson initiated coverage of Patterson-UTI (PTEN) with a Strong Buy rating and $28 price target as part of relaunching coverage of the oilfield services sector. A sustained period of underinvestment, coupled with rising energy transition pressures, set up the current oil supply situation, for "which there is no short term fix," Rollyson tells investors.
  • Wedbush analyst Daniel Ives initiated coverage of Alight (ALIT) with an Outperform rating and $13 price target. The company has a strong and proven management team led by CEO Stephan Scholl, and Ives believes the company is in a great position to keep capturing market share and be one of the top players in the ERP landscape, the analyst tells investors in a research note.
Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street

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