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

Adobe upgrade, Walmart downgrade, and Ulta Beauty 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: 

• Erste Group upgraded Adobe (ADBE) to Buy from Hold. Adobe is again forecasting revenue and profit growth for this fiscal year, the firm notes. [Read more]
• Redburn upgraded FactSet (FDS) to Neutral from Sell with a $393 fair value estimate. The firm believes the valuation appears more attractive post the recent underperformance of the shares. [Read more]
• BofA upgraded Paramount (PARA) to Buy from Neutral with a price target of $32, up from $24. The company has a unique collection of assets that would generate significant buyer interest if ever put up for sale, the firm tells investors in a research note. [Read more]
• Wells Fargo upgraded Carnival (CCL) to Equal Weight from Underweight with an unchanged price target of $9 following the Q1 results. [Read more]
• RBC Capital upgraded Elevance Health (ELV) to Outperform from Sector Perform with a price target of $572, up from $523. The firm came away from Elevance’s investor day with a greater appreciation for the momentum building in Carelon, specifically in value-based arrangements, which RBC believes will drive earnings growth through 2027. [Read more]

Top 5 Downgrades:

• Erste Group downgraded Walmart (WMT) to Hold from Buy as Walmart will show lower sales growth in 2023 and 2024 than in the previous year while adjusted net income is expected to decline slightly in 2023. [Read more]
• BofA downgraded Fox Corp. (FOXA) to Neutral from Buy with a price target of $34, down from $42. The firm does not see near-term catalysts to drive shares of Fox higher. [Read more]
• BofA downgraded iHeartMedia (IHRT) to Underperform from Neutral with a price target of $4.00, down from $6.50. The current macro environment, coupled with iHeartMedia’s capital structure, is likely to weigh on shares in the near-term. [Read more]
• JPMorgan downgraded Marathon Petroleum (MPC) to Neutral from Overweight with a price target of $149, up from $137. While the firm thinks Marathon is executing well and has continued potential to aggressively return capital, even in a refining downturn, it now sees slightly below-average upside potential relative to the group average. [Read more]
• Erste Group downgraded Nutrien (NTR) to Hold from Buy as the firm believes the company’s sales and profit will fall "significantly" this year. [Read more]

Top 5 Initiations:

• Canaccord initiated coverage of Ulta Beauty (ULTA) with a Buy rating and $622 price target. The firm believes the beauty category has shown resilience and should outperform even in a weaker macro environment, with Ulta expected to continue to gain share. [Read more]
• Erste Group resumed coverage of Regeneron (REGN) with a Buy rating, removing the stock from Under Review, following the company’s successful phase 3 study in COPD. [Read more]
• Barclays initiated coverage of Blink Charging (BLNK) with an Equal Weight rating and $11 price target, citing a "highly competitive market" that is characterized by limited pricing power for the equipment and for charging. [Read more]
• Evercore ISI initiated coverage of Astria Therapeutics (ATXS) with an Outperform rating and $18 price target. The firm believes its STAR-0215 is "quite derisked" could offer a significant improvement over the 26 injections required by market leader Takhzyro. [Read more]
• BofA initiated coverage of Foghorn Therapeutics (FHTX) with a Buy rating and $10 price target. The firm sees "optionality" in the shares with multiple clinical catalysts over the next 12 months. [Read more]

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