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

Roku upgrade, Lightning eMotors downgrade, and Dick’s Sporting 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:

• Wolfe Research upgraded Roku (ROKU) to Peer Perform from Underperform without a price target. The firm now sees less downside risk "for arguably the best in-class gatekeeper to streaming TV." [Read more] 
• Barclays upgraded Match Group (MTCH) to Overweight from Equal Weight with an unchanged price target of $52. At current levels, the firm sees limited downside and a "number of upside catalysts" from app optimizations, higher priced tiers, ad revenue, and reduced App Store fees. [Read more] 
• Baird upgraded Argenx (ARGX) to Outperform from Neutral with an unchanged price target of $460. The firm sees a good entry point into the stock ahead of what it anticipates will be successful registrational trial results for CIDP in Q2, which could "reintroduce a strong acquisition premium into the stock.” [Read more] 
• Tigress Financial upgraded Acushnet Holdings (GOLF) to Buy from Neutral with a price target of $62, up from $50. The company is well-positioned to gain from the ongoing post-pandemic growth in golf as its strong brand equity, "industry-leading products" and upcoming cadence of new product introductions should drive further share price gains, the firm tells investors. [Read more]
• Credit Suisse upgraded Pinnacle West (PNW) to Outperform from Neutral with a price target of $80, up from $77, following several positive developments in the AZ jurisdiction which is now putting the firm’s EPS outlook well above Consensus. [Read more]

Top 5 Downgrades:

• JMP Securities downgraded Seagen (SGEN) to Market Perform from Outperform without a price target following the proposed acquisition by Pfizer (PFE). [Read more]
• JMP Securities downgraded Qualtrics (XM) to Market Perform from Outperform without a price target after the company entered into a definitive agreement to be acquired by Silver Lake Group and Canada Pension Plan Investment Board for $18.15 cash per share. [Read more] Raymond James also downgraded Qualtrics to Market Perform from Outperform. [Read more] 
• Jefferies downgraded Provention Bio (PRVB) to Hold from Buy with a price target of $25, up from $22, after the company reached an agreement to be acquired by Sanofi (SNY) in an all-cash transaction valued at $2.9B or $25 per share. [Read more] 
• Oppenheimer downgraded Lightning eMotors (ZEV) to Perform from Outperform without a price target. The company continues to work through an "especially challenging" backdrop while continuing to help pioneer the commercial electric vehicle market segment, which puts the stock in a "challenging position," the firm says. [Read more] 
• JPMorgan downgraded Ovintiv (OVV) to Neutral from Overweight with a price target of $53, down from $59. The firm also removed the shares from the firm’s Analyst Focus List. [Read more]

Top 5 Initiations:

• Jefferies initiated coverage of Dick’s Sporting (DKS) with a Hold rating and $155 price target. The company is a "best-in-class" sports retailer but the shares have few upside catalysts on the horizon, the firm says. [Read more]
• TD Cowen initiated coverage of Estee Lauder (EL) with an Outperform rating and $28 price target. The company’s "iconic" brand portfolio, geographic and category diversification, and "deep" customer loyalty drive stable high single digit sales growth, the firm says. [Read more] 
• Jefferies initiated coverage of Academy Sports (ASO) with a Buy rating and $73 price target. The firm prefers Academy Sports in the sporting goods retail sector, saying its value-oriented market position will drive outperformance over the next 12-18 months. [Read more]
• Jefferies initiated coverage of Hibbett (HIBB) with a Hold rating and $69 price target. The firm sees the company at most at-risk from a "rising promotional tide" in sporting goods retail. [Read more] 
• Barclays initiated coverage of Encompass Health (EHC) with an Equal Weight rating and $57 price target. Greater risks related to upcoming IRF rate updates from Centers for Medicare and Medicaid Services are a concern, the firm notes. [Read more]

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