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

Intel upgrade, LivePerson downgrade, and Nike 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:

• Susquehanna upgraded Intel (INTC) to Neutral from Negative with a price target of $26, up from $23. The firm believes three of its concerns have lessened or abated – AMD (AMD) is no longer gaining PC share, the company has shown better roadmap execution and the Work from Home PC hangover and inventory correction has "run its course." [Read more]
• Susquehanna upgraded Qualcomm (QCOM) to Positive from Neutral with a price target of $140, up from $130. Asian checks suggest Chinese handset sell-through was better for both January and February, which the firm calls "the first positive surprises in our data for over a year." [Read more]
• Mizuho upgraded Block (SQ) to Buy from Neutral with a price target of $93, up from $80. The firm applauds management’s recent commitment to cost containment and notes that its cost analysis shows up to 30% potential upside to Block’s 2023 EBITDA guidance. [Read more]
• Susquehanna upgraded Skyworks (SWKS) to Positive from Neutral with a price target of $135, up from $110. As 2023 sets up as "a softer year" for Apple (AAPL) sell-through, the firm believes Skyworks is now pivoting to capture more premium Android and contends that "content opportunities still abound for this RF integration master.” [Read more]
• Stifel upgraded FedEx (FDX) to Buy from Hold with a price target of $222, up from $171. The firm states that while there are material risks to the environment macro this year, the emerging consensus around an inventory bottom and pull forward with early signs of execution on two significant tranches of cost savings initiatives present a compelling investment opportunity at the stock’s current "deeply-discounted" valuation. [Read more]

Top 5 Downgrades:

• Craig-Hallum downgraded LivePerson (LPSN) to Hold from Buy with a price target of $6, down from $15, saying the firm "flat out got LPSN wrong." [Read more] Roth MKM also downgraded LivePerson to Neutral from Buy with a price target of $6, down from $25. [Read more]
• BofA downgraded Esperion (ESPR) to Underperform from Neutral with a price target of $1.50, down from $8, after the company disclosed that partner Daiichi Sankyo Europe disagreed with the company’s entitlement to a $300M milestone related to bempedoic acid. [Read more]
• Barrington downgraded Fluent (FLNT) to Market Perform from Outperform. Economic challenges contributed to revenue and profit declines in the fourth quarter that are continuing in the early months of 2023, prompting the firm to lower its rating. [Read more]
• SVB Securities downgraded Halozyme (HALO) to Market Perform from Outperform with a price target of $42, down from $61, based upon lower long-term forecasts and new DCF assumptions. [Read more]
• TD Cowen downgraded Mytheresa (MYTE) to Market Perform from Outperform with a price target of $7, down from $13. The potential for muted active customer growth as aspirational shoppers remain more cautious in the U.S. and Europe means EPS upside "could be unlikely in the near-term relative to guidance and expectations," the firm says. [Read more]

Top 5 Initiations:

• Redburn initiated coverage of Nike (NKE) with a Sell rating and $100 fair value estimate. The firm’s currency-neutral sales growth expectation of 8% annually through 2027 is 50 basis points below consensus. [Read more]
• Redburn initiated coverage of Lululemon (LULU) with a Sell rating and $257 fair value estimate. The firm says Lululemon’s next stage will challenge its ability to maintain the current luxury goods-type margins and consequently the degree of premium valuation. [Read more]
• Redburn initiated coverage of Under Armour (UAA) with a Buy rating and $13.50 fair value estimate. There is limited confidence in the company’s growth and margin recovery, which presents an opportunity, the firm says. [Read more]
• UBS initiated coverage of Intuit (INTU) with a Neutral rating and $430 price target. Based on its checks and Evidence Lab data, UBS is forecasting year-over-year revenue growth of 7% in calendar 2023 and 9% in FY24, which are both below the Street’s view. [Read more]
• Piper Sandler initiated coverage of Samsara (IOT) with a Neutral rating and $21 price target. The company is a share gainer in a large total addressable market, but the stock’s valuation isn’t compelling at a greater than 33% growth-adjusted premium to peers, the firm contends. [Read more]

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