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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

Costco upgrade, Embark Technology downgrade, and Upstart 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:

  • Northcoast upgraded Costco (COST) to Buy from Neutral with a $560 price target. The company’s fiscal Q2 performance exceeded expectations and set the stage for a strong second half of fiscal 2023 despite the challenges of high inflation and the reluctance of many consumers to purchase discretionary merchandise, the firm says. [Read more]
  • Evercore ISI upgraded Delta Air Lines (DAL) to Outperform from In Line with a price target of $47, up from $40. The firm also notes that while Delta shares have significantly lagged legacy peers year-to-date, a recent pilot contract ratification lowers Delta’s cost outlook uncertainty compared to them and thinks the planned June investor day will give Delta "a good opportunity to refine financial targets." [Read more]
  • Argus upgraded DraftKings (DKNG) to Buy from Hold with a $22 price target. The firm expects DraftKings’ revenue to increase to $3.1B in 2023 from $323M in 2019 as more states legalize online sports betting and consumers allocate more of their income to wagers. [Read more]
  • Credit Suisse upgraded Esperion Therapeutics (ESPR) to Neutral from Underperform with a price target of $7, up from $6.50. The firm sees more limited downside risk following release of the full CLEAR Outcomes trial dataset. [Read more]
  • KeyBanc upgraded Kimbell Royalty Partners (KRP) to Overweight from Sector Weight with a $21 price target. The firm has conviction on the company’s 2023 production, given increased scale in the Permian, and also sees an improving leverage profile.  [Read more]

Top 5 Downgrades:

  • Baird downgraded Embark Technology (EMBK) to Neutral from Outperform with a price target of $3, down from $15, after the company announced a workforce reduction of 70% and is exploring strategic alternatives to commercialization and company assets. [Read more]
  • Northcoast downgraded Trimble (TRMB) to Sell from Neutral with a $40 price target. The firm believes the company’s acquisition-driven growth model does not create economic value over time. [Read more]
  • Deutsche Bank downgraded Joby Aviation (JOBY) to Sell from Hold with a price target of $4, down from $6. There are "important risks being overlooked" by the market and Joby‘s premium valuation is "too lopsided" relative to peer Archer Aviation (ACHR), the firm tells investors in a research note. [Read more]
  • Stephens downgraded CareDx (CDNA) to Equal Weight from Overweight with a price target of $9, down from $19, following the recent release of a new CMS billing policy that "significantly restricts" the use and frequency of transplant testing. [Read more]
  • Barrington downgraded Anika Therapeutics (ANIK) to Market Perform from Outperform without a price target following the "mixed" Q4 results. [Read more]

Top 5 Initiations:

  • Compass Point initiated coverage of Upstart (UPST) with a Sell rating and $6 price target. The AI enabled marketplace lender has recently run into trouble as the demand for personal loans has slowed, the firm notes. [Read more]
  • Canaccord initiated coverage of Perrigo (PRGO) with a Buy rating and $49 price target. The company recently restructured its portfolio of brands and shifted focus away from prescriptions and toward self-care with the acquisition of several self-care brands, the firm notes. [Read more]
  • Bernstein reinitiated coverage of Smith & Nephew (SNN) with an Outperform rating and $36 price target following a period of leave. The analyst names Smith & Nephew the firm’s top pick in European medical devices and services. [Read more]
  • Credit Suisse initiated coverage of Hesai (HSAI) with an Outperform rating and $28 price target, implying 47% upside. Hesai is the largest LiDAR maker globally, with a 58% market share in the Level-4 autonomous mobility LiDAR market and a 36% market share in the Level-3 ADAS LiDAR market, the notes. [Read more]
  • Piper Sandler initiated coverage of Allakos (ALLK) with an Overweight rating and $22 price target. The firm calls Allakos "a controversial name" and "a show me story" due to failure in two Phase 3 trials, but disagrees with the investor sentiment and believes in the mechanism of action of lirentelimab. [Read more]

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