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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

AMD upgrade, Zoom Video downgrade, and Quest Diagnostics initiation 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:

  • Barclays analyst Blayne Curtis upgraded AMD (AMD) to Overweight from Equal Weight with a price target of $85, up from $70. The analyst rolled out 2024 estimates and became more positive on the semiconductor group but incrementally more negative on semiconductor capital equipment. Curtis also upgraded Qualcomm (QCOM), Skyworks (SWKS), and Seagate (STX) to Overweight from Equal Weight.
  • BofA analyst Curtis Nagle double upgraded Wayfair (W) to Buy from Underperform with a price target of $65, up from $30. The analyst is more confident that Wayfair will achieve breakeven or better EBTIDA this year on a "significant improvement" in revenue trends and over $1B of expense reductions. JPMorgan analyst Christopher Horvers also double upgraded the stock to Overweight from Underweight.
  • Deutsche Bank analyst Bhavin Shah upgraded Shopify (SHOP) to Buy from Hold with a price target of $50, up from $40. The analyst’s conversations with industry constituents including various Shopify agencies and partners suggest enterprise adoption of Shopify Plus should accelerate in 2023.
  • Cowen analyst John Kernan upgraded Skechers (SKX) to Outperform from Market Perform with a price target of $65, up from $48. The firm’s checks find that Skechers’ value proposition "continues to resonate" and its survey work show the company is gaining preference for casual/lifestyle footwear from Nike (NKE) and Adidas (ADDYY).
  • KeyBanc analyst Jason Celino upgraded PTC (PTC) to Overweight from Sector Weight with a $155 price target. The company could be one of the best free cash flow growth stories in software over the next three years, the analyst tells investors in a research note.

Top 5 Downgrades:

  • MKM Partners analyst Catharine Trebnick downgraded Zoom Video (ZM) to Neutral from Buy with a price target of $75, down from $100. Given the macro pressures on the Enterprise business, the analyst sees limited upside on Meetings because of the market saturation of video-paid seats and low net new logo adds.
  • Barclays analyst Adrienne Yih downgraded Tapestry (TPR) to Equal Weight from Overweight with a $43 price target. The analyst’s quarterly handbag promotional tacker suggests there could be demand risk in the accessory and handbag segment.
  • Deutsche Bank analyst Brad Zelnick downgraded Crowdstrike (CRWD) to Hold from Buy with a price target of $115, down from $150. The analyst says cybersecurity is more vulnerable than investors perceived 6-9 months ago.
  • Barclays analyst Benjamin Theurer downgraded Ingredion (INGR) to Equal Weight from Overweight with a price target of $110, up from $105. The core investment thesis for Ingredion remains intact, but following the recent stock price rally, there is limited upside potential, Theurer tells investors in a research note.
  • Deutsche Bank analyst Brad Zelnick downgraded Workday (WDAY) to Hold from Buy with a price target of $195, down from $215. The analyst prefers earlier cycle names over Workday, which the firm sees as "much later-cycle" within software.

Top 5 Initiations:

  • Evercore ISI analyst Elizabeth Anderson initiated coverage of Quest Diagnostics (DGX) with an In Line rating and $159 price target. The firm forecasts topline growth and margin expansion upside over the medium term despite Quest’s scale, driven by industry consolidation and an improving operating environment, but points to the current valuation as a reason for staying on the sidelines.
  • Goldman Sachs analyst Kevin Kumar initiated coverage of Guidewire (GWRE) with a Buy rating and $88 price target. The analyst likes the company’s "dominant positioning" within the property and casualty software market and the "significant enhancements" made to its cloud platform.
  • Citi analyst Itay Michaeli on Friday resumed coverage of Lucid Group (LCID) with a Buy rating and $12 price target. The firm says that despite recent and ongoing headwinds, it is encouraged by Lucid’s latest Q4 production update and balance sheet actions.
  • Goldman Sachs analyst Kevin Kumar initiated coverage of Sapiens (SPNS) with a Buy rating and $28 price target. The analyst likes the company’s "expansive offerings and strong positioning" with lower tier insurance carriers and the international market.
  • FBN Securities analyst Shelby Seyrafi initiated coverage of GitLab (GTLB) with an Outperform rating and $60 price target. Seyrafi sees three key growth drivers for GitLab which should allow the company to quickly grow over the next several years, which include growing seat growth, tiered upgrades to Ultimate from Premium, and increasing customer yield.
Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street

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