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

Airbnb upgrade, Dick’s Sporting Goods downgrade, and Axcelis initiation among today’s top calls on Wall Street

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Check out today’s top analyst calls from around Wall Street:

Top 5 Upgrades: 

• Argus upgraded Airbnb (ABNB) to Buy from Hold with a $144 price target. Demand for Airbnb rentals are expected to stay strong thanks to longer stays and growth in urban markets, the firm says. [Read more]

• Credit Suisse upgraded Celsius Holdings (CELH) to Outperform from Neutral with a price target of $120, up from $110. The firm expects "more than a one-time bump" in 2022 from the company’s PepsiCo (PEP) distribution gains, saying the gains will continue throughout 2023. [Read more]

• Piper Sandler upgraded HomeTrust Bancshares (HTBI) to Overweight from Neutral with a price target of $32, up from $27. The firm also increased estimates to reflect the Quantum Capital acquisition, noting that the HomeTrust narrative has evolved over many years from a legacy thrift to a commercial institution. [Read more]

• Goldman Sachs upgraded Krystal Biotech (KRYS) to Buy from Neutral with a price target of $124, up from $79. The May 19 FDA action date for collagen 7 herpes simplex virus gene therapy drug Vyjuvek for dystrophic pidermolysis bullosa remains the key near-term event for shareholders, the firm says. [Read more]

• JPMorgan upgraded Revolution Medicines (RVMD) to Overweight from Neutral with a price target of $38, up from $32. In a surprise alongside its Q4 results, Revolution disclosed initial Phase 1 results of RMC-6236, including safety and preliminary response assessments of patients treated at the upper range of dose cohorts, the firm notes. [Read more]

Top 5 Downgrades:

• Citi downgraded Dick’s Sporting Goods (DKS) to Neutral from Buy with a price target of $140, down from $143, ahead of the company’s Q4 results on March 7. The firm expects an earnings beat, but anticipates weaker gross margin versus consensus. [Read more]

• BofA double downgraded Dish (DISH) to Underperform from Buy with a price target of $10, down from $30. The company’s opportunities to leverage its 5G wireless network infrastructure "now feels further away," the firm says. [Read more]

• Susquehanna downgraded LendingTree (TREE) to Neutral from Positive with a price target of $36, down from $46. The firm says that while the company’s Q4 results showed "impressive" expense discipline with upside to margins, a more muted outlook across Insurance and Consumer drives reduced 2023 assumptions. [Read more]

• Evercore ISI downgraded FuboTV (FUBO) to In Line from Outperform with a price target of $3, down from $6. The company provided "cautious" Q1 and fiscal 2023 guides despite the Q4 beat, which imply 23% year-over-year revenue growth and 3% subscriber growth, the firm says. [Read more]

• Goldman Sachs downgraded Arconic (ARNC) to Sell from Neutral with a price target of $21, down from $23. The firm continues to see downside risk to consensus EBITDA forecasts in 2024 and 2025 following the Q4 results. [Read more]

Top 5 Initiations:

• Loop Capital initiated coverage of Axcelis (ACLS) with a Buy rating and $150 price target, citing the company’s leading position in semiconductor wafer fabrication. [Read more]

• BMO Capital initiated coverage of Structure Therapeutics (GPCR) with an Outperform rating and $40 price target. The company’s lead asset GSBR-1290 could be a competitive oral option in the growing obesity and type 2 diabetes market, with data coming in Q4, the firm says. [Read more] Jefferies also initiated coverage of Structure Therapeutics with a Buy rating, [Read more] SVB Securities started coverage of Structure with an Outperform rating [Read more] and Guggenheim initiated coverage with a Buy rating and $50 target. [Read more]

• RBC Capital initiated coverage of Ideaya Biosciences (IDYA) with an Outperform rating and $25 price target. The firm views Ideaya’s precision medicine, synthetic lethality platform approach as a "disruptor" to the oncology treatment landscape. [Read more]

• SVB Securities initiated coverage of Disc Medicine (IRON) with an Outperform rating and $36 price target. With several promising clinical-stage candidates being developed in commercially attractive indications and cash runway through multiple potential value-inflecting catalysts, the firm sees a favorable risk-reward set-up for the shares. [Read more]

• Piper Sandler initiated coverage of Aemetis (AMTX) with an Underweight rating and $3 price target. The stock’s "steep" valuation discount is merited, given the "myriad of potential risks" listed in the company focus section, including debt load, development experience, internal controls, and mix of unproven businesses, the analyst firm says. [Read more]

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