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

Regeneron upgrade, Block downgrade, and Farfetch 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:

• Jefferies upgraded Regeneron Pharmaceuticals (REGN) to Buy from Hold with a price target of $925, up from $675. Dupixent "well exceeded" the buy-side bar, showing a 30% reduction over placebo in patients with uncontrolled chronic obstructive pulmonary disease, the analyst tells investors. [read more]
• Wells Fargo upgraded First Horizon National (FHN) to Overweight from Equal Weight with an unchanged price target of $25. The pending takeover by TD Bank (TD) is still on track, creating an attractive opportunity in First Horizon at current share levels, the analyst tells investors in a research note. [read more]
• Truist upgraded Genuine Parts (GPC) to Buy from Hold with an unchanged price target of $186. Despite some potential weather-related headwinds in Q1, the company reiterated its fiscal 2023 guidance, the analyst said. [read more]
• Argus upgraded Cracker Barrel (CBRL) to Buy from Hold with a $126 price target. The company’s new menu items that include alcoholic beverages and appetizers are appealing to younger customers and helping to raise the average check, the firm said. [read more]
• Needham upgraded Axonics (AXNX) to Buy from Hold with a $71 price target. The firm is becoming more encouraged by the company’s accelerated revenue growth and progress toward profitability in recent quarters,  [read more]

Top 5 Downgrades:

• Atlantic Equities downgraded Block (SQ) to Neutral from Overweight with a price target of $70, down from $95. The Hindenburg Research short report allegations focused on Cash App’s predatory fees, fake user accounts, and links to criminal activity, the analyst tells investors. [read more]
• TD Cowen downgraded Coinbase (COIN) to Underperform from Market Perform with a $36 price target. The analyst sees "incremental risks" to the company’s operations from the SEC Wells notice and crypto banking "crackdown." [read more]
• UBS downgraded Crane (CR) to Neutral from Buy with a price target of $120, down from $132. The analyst thinks Crane’s path to unlocking further shareholder value is "likely bumpier and slower in the near term." [read more]
• Jefferies downgraded UBS (UBS) to Hold from Buy with a price target of CHF 20, down from CHF 24. The Credit Suisse (CS) "deal maths are compelling on a three-year view," but risks and uncertainty are high in the next 12 months, the analyst tells investors in a research note. [read more]
• Stifel downgraded Volkswagen (VWAGY) to Hold from Buy with a price target of EUR 149, down from EUR 295. The firm’s previous Buy thesis was based on the "three pillars" that scale provides an advantage in the EV transition, the Porsche IPO unlocks value and the company’s strong cash flows, but says that "all three seem less valid now." [read more]

Top 5 Initiations:

• JMP Securities initiated coverage of Farfetch (FTCH) with a Market Perform rating and no price target. Farfetch is a dominant platform within personal luxury retail, but "challenged upper funnel trends" and relatively low consumer savings rates may hinder the company’s growth near-term, the analyst tells investors in a research note. [read more]
• Rosenblatt initiated coverage of RingCentral (RNG) with a Buy rating and $35 price target. The analyst views the stock’s valuation as "fair" since the company’s growth profile of 10% year-over-year falls below the 15% average of its peer group. [read more]
• William Blair initiated coverage of MDxHealth (MDXH) with an Outperform rating and no price target. The company is a well positioned "pure-play" asset in prostate cancer diagnostics, with upcoming catalysts to drive shares higher, the analyst tells investors in a research note. [read more]
• Lake Street initiated coverage of Vital Farms (VITL) with a Buy rating and $22 price target. Vital Farms "represents a tentpole institutional investment" given that the next-generation animal protein company has consistent 25%-plus volume growth and stable, premium pricing versus legacy producers like Cal-Maine (CALM) with flat volume growth and "significant commodity pricing exposure." [read more]
• RBC Capital initiated coverage of Legend Biotech (LEGN) with an Outperform rating and $73 price target. The analyst sees Carvykti as setting a new efficacy standard in multiple myeloma. [read more]

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