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

Accolade upgrade, Coinbase downgrade, and Dynatrace 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: 

• Citi upgraded Pioneer Natural (PXD) to Buy from Neutral with a price target of $210, up from $193, as it  recommends investors "focus on catalysts and quality" within exploration and production. [Read more]
• Guggenheim upgraded Accolade (ACCD) to Buy from Neutral with a $16 price target after benefits survey and management meetings. [Read more]
• Truist upgraded BellRing Brands (BRBR) to Buy from Hold with a price target of $40, up from $25. The firm’s prior caution was due to the overhang created by the Post Holding ownership (POST), but with that now gone and given the end to capacity constraints on the horizon, Truist believes that BellRing Brands can post upside to estimates and the stock can see multiple expansion over the next few quarters. [Read more]
• Citi upgraded Marathon Oil (MRO) to Buy from Neutral with a $27 price target. Capital efficiency should improve for domestic E&Ps on lower service rates, and Marathon offers catalysts given the re-frac opportunity in the Eagle Ford and improving international gas exposure, where Citi sees upside to the forward curve. [Read more]
• Barclays upgraded Regency Centers (REG) to Overweight from Equal Weight with a price target of $70, up from $69. Grocery-anchored shopping center fundamentals, especially in high income areas where Regency focuses, remain attractive, the firm says. [Read more]

Top 5 Downgrades:

• Oppenheimer downgraded Coinbase (COIN) to Perform from Outperform without a price target, citing the Wells Notice from the Securities and Exchange Commission and the recent Economic Report of the President criticizing the digital asset industry. [Read more]
• Deutsche Bank downgraded Chewy (CHWY) to Hold from Buy with a price target of $35, down from $41. Users returned to declines in the Q4, with Chewy seeing users decline by 120,000 in the quarter, the firm notes. [Read more]
• Morgan Stanley downgraded Samsara (IOT) to Equal Weight from Overweight with a price target of $19, up from $18. The firm believes the stock’s outperformance year-to-date balances the risk/reward from here. [Read more]
• KeyBanc downgraded nCino (NCNO) to Sector Weight from Overweight without a price target. The firm believes near-term improvement in enterprise sales cycles, a key positive catalyst for nCino, is unlikely. [Read more]
• Wolfe Research downgraded M&T Bank (MTB) to Peer Perform from Outperform without a price target, citing valuation as the risk/reward looks more balanced following the stock’s recent outperformance. [Read more]

Top 5 Initiations:

• Stifel initiated coverage of Dynatrace (DT) with a Buy rating and $45 price target. The firmviews Dynatrace as a "compelling long-term investment opportunity," given the secular growth within the observability space, the company’s "very healthy" mix of revenue growth and profitability, and the stability that comes from its enterprise focus. [Read more]
• William Blair initiated coverage of Intuitive Surgical (ISRG) with an Outperform rating and no price target. The firm’s scenario analysis suggests a favorable risk/reward profile, with upside as high as 33% and downside of 19% over the next year. [Read more]
• Citi resumed coverage of AMC Entertainment (AMC) with a Sell rating and $1.60 price target. The firm suspects AMC may be able to reduce its leverage as the U.S. box office recovers and via equity issuance, but believes the common equity is overvalued at prevailing levels. [Read more]
• Mizuho resumed coverage of Roper Technologies (ROP) with a Neutral rating and $475 price target. Roper has a fairly full valuation when compared to the software universe, the firm notes. [Read more]
• Bradesco BBI initiated coverage of SQM (SQM) with an Outperform rating and $100 price target, which represents 36% total return. The firm sees lithium prices "remaining higher for longer" due to tight supply/demand dynamics and sees a solid growth pipeline for SQM. [Read more]

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