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

Lululemon upgrade, Foot Locker downgrade, and Deere 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 Lululemon Athletica (LULU) to Buy from Neutral with a price target of $440, up from $350 following quarterly results and fiscal 2023 outlook. [Read more]
  • Wells Fargo upgraded Hershey (HSY) to Equal Weight from Underweight with a price target of $255, up from $230. The company’s new pricing action "changes things" as it protects earnings well into 2024, creating a "unique tail of EPS visibility," the firm says. [Read more]
  • Susquehanna upgraded Carnival (CCL) to Positive from Neutral with a price target of $11, up from $8. The firm sees the various initiatives that Carnival has in place as helping to drive unit margin recovery into fiscal 2024, with liquidity concerns "effectively de-risked" through 2023. [Read more]
  • BofA upgraded Nextracker (NXT) to Buy from Neutral with a price target of $40, up from $36. The company’s project deliveries are accelerating, and the firm is confident in Nextracker’s Inflation Reduction Act positioning with 10GW of announced U.S. steel capacity and more showing up recently. [Read more]
  • Goldman Sachs upgraded Marathon Petroleum (MPC) to Buy from Neutral with a price target of $150, up from $132. The firm believes Marathon Petroleum deserves a premium multiple given its "consistent earnings execution" across segments, a positive MPLX view, and its "best-in-class capital returns story." [Read more]

Top 5 Downgrades:

  • UBS downgraded Foot Locker (FL) to Sell from Neutral with a price target of $30, down from $36. The firm has become "increasingly bearish" on softlines stocks and reduced its calendar 2023 EPS estimates across its coverage by 10%, on average. [Read more]
  • Gordon Haskett downgraded Macy’s (M) to Hold from Accumulate with an $18 price target.  The firm sees trends in its data work that give it pause in the short to medium-term despite a favorable view on the company long-term. [Read more]
  • Morgan Stanley downgraded Ciena (CIEN) to Equal Weight from Overweight with a price target of $57, down from $59. With Ciena noting some digestion from cloud customers, it will be challenging for the company to see revenue upside not tied to backlog release, which is unlikely to get rewarded in multiple expansion in the near term, the firm says. [Read more]
  • UBS downgraded Medtronic (MDT) to Sell from Buy with a price target of $79, down from $127, upon assuming coverage of the stock. Despite the company’s ongoing transformation, the firm lacks conviction that it can return to sustainable, mid-single digit top-line growth. [Read more]
  • UBS downgraded Bath & Body Works (BBWI) to Neutral from Buy with a price target of $35, down from $58, as it becomes "increasingly bearish" on softlines stocks. [Read more]

Top 5 Initiations:

  • Daiwa initiated coverage of Deere (DE) with an Outperform rating and $440 price target. While the firm sees potential downside to the $350 range for the stock, in the event of a hard landing, Daiwa finds Deere uniquely positioned to benefit from the digitization of agriculture, the firm says. [Read more]
  • UBS initiated coverage of Stryker (SYK) with a Neutral rating and $287 price target. The firm sees limited upside from here without meaningful upwards estimate revisions, which are unlikely. [Read more]
  • UBS nitiated coverage of DexCom (DXCM) with a Buy rating and $142 price target. The firm believes DexCom can drive sustainable 20%+ sales growth and  that CGM adoption broadly in the Type 2 basal patient population will ramp quickly. [Read more]
  • UBS initiated coverage of Insulet (PODD) with a Neutral rating and $328 price target. The firm believes there is risk of multiple contraction to more in line with historical levels as growth decelerates in 2024 and beyond. [Read more]
  • UBS initiated coverage of Zimmer Biomet (ZBH) with a Sell rating and $112 price target. While Zimmer has positive product cycles, UBS sees these as merely stemming share losses vs. driving sales gains. [Read more]

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