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

First Solar upgrade, CareDx double downgrade, and Trade Desk 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:

• UBS upgraded First Solar (FSLR) to Buy from Neutral with a price target of $250, up from $140. UBS sees First Solar as the most significant beneficiary of the Inflation Reduction Act, with high visibility on capacity, revenue and earnings growth through 2026, the analyst tells investors. [read more]

• JPMorgan upgraded Procter & Gamble (PG) to Overweight from Neutral with a price target of $155, up from $150. The analyst now thinks consensus estimates are low into the back end of 2023, creating a more positive setup for the shares. [read more]

• RBC Capital upgraded Stellantis (STLA) to Outperform from Sector Perform with an unchanged price target of EUR 19. The analyst is "more bullish on the story" after hosting CFO Richard Palmer in investor meetings. [read more]

• Raymond James upgraded RadNet (RDNT) to Outperform from Market Perform with a $30 price target. The company’s Q4 results came in ahead of expectations and management provided incremental color on the artificial intelligence segment, the analyst tells investors in a research note. [read more]

• Citi  upgraded Bilibili (BILI) to Buy from Neutral with an unchanged price target of $28. The firm models Q1 revenues to be roughly flat year-over-year, but expects top-line growth to pick-up from Q2 on new game launches and re-acceleration of VAS. [read more]

Top 5 Downgrades:

• Raymond James double downgraded CareDx (CDNA) to Market Perform from Strong Buy without a price target. On Thursday, MolDX issued a billing and coding article that severely limits coverage of the company’s tests in multiple areas, the analyst tells investors. [read more]

• JPMorgan downgraded Itron (ITRI) to Underweight from Neutral with a price target of $50, down from $53. Although the company’s backlog is at a record high and its supply chain challenges will ease, the pace of recovery in margins will be measured over the next two-plus years, the analyst said. [read more]

• Gordon Haskett downgraded Domino’s Pizza (DPZ) to Hold from Buy with a price target of $315, down from $344. Domino’s historically had the strongest long-term growth algorithm in the global franchise peer group, but this long-term algorithm has been downwardly revised twice over the last two years and now calls for metrics that "represent a middle-of-the pack peer group performance," the analyst tells investors. [read more]

• BMO Capital downgraded Vornado Realty (VNO) to Underperform from Market Perform with a price target of $18, down from $26. The analyst estimates Vornado has near-term lease expirations of 10.5% in 2023, followed by 5.6% in 2024 for a combined 16.1%, higher than other New York City landlords. [read more] The firm also downgraded Douglas Emmett (DEI). [read more]

• HSBC downgraded Porsche (POAHY) to Hold from Buy with a price target of EUR 51, down from EUR 72. The analyst does not see any near-term resolution to the company’s litigation claims. Waiting for possible litigation outcomes requires patience, the analyst added. [read more]

Top 5 Initiations:

• BTIG initiated coverage of Trade Desk (TTD) with a Neutral rating and no price target. The analyst says consensus estimates appear "slightly aggressive" relative to BTIG’s current expectations for 2023. [read more]
• TD Cowen  initiated coverage of Enliven (ELVN) with an Outperform rating. Enliven develops "best-in-class TKIs" for validated oncology targets and the company’s ELVN-001 "could raise the bar for efficacy and tolerability in CML," which is a $6B market, the analyst tells investors. [read more]
• Dawson James initiated coverage of GeoVax Labs (GOVX) with a Buy rating and $4 price target. Under the leadership of David Dodd, GeoVax has "transformed itself" and now has "two assets that are worthy of attention," the analyst tells investors. [read more]
• Cantor Fitzgerald initiated coverage of Nextracker (NXT) with an Overweight rating and $40 price target. Nextracker pioneered intelligent, independent-row trackers that will hold a sustainable edge over competing linked-row and other legacy architectures, the analyst tells investors in a research note. [read more]
• Raymond James resumed coverage of TowneBank (TOWN) with an Outperform rating and $34 price target. In a difficult rate environment, the bank has a number of attributes that should serve it well including a liquid balance sheet, strong core deposit base, capital base, and high fee income, which should support continued strong profitability and its premium valuation, the analyst tells investors in a research note. [read more]

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