Tesla, Airbnb upgraded: Wall Street’s top analyst calls

The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

• BofA upgraded Tesla (TSLA) to Buy from Neutral with an unchanged price target of $220 after the company reported what the firm says were better-than-expected Q1 results.
• Mizuho upgraded Airbnb (ABNB) to Buy from Neutral with a price target of $200, up from $150. The potential launch of sponsored listings is expected to generate double-digit EBITDA upside over the long-term, the firm tells investors in a research note.
• Wells Fargo upgraded Neurocrine (NBIX) to Overweight from Equal Weight with a price target of $170, up from $140. The firm thinks the company’s pipeline is “turning a corner.”
• Keefe Bruyette upgraded Globe Life (GL) to Outperform from Market Perform with a price target of $110, down from $130. The stock is down 40% over the past six weeks from a Department of Justice subpoena over agent sales practices and a short report alleging wider spread fraud, and while the firm acknowledges ongoing risk from these accusations, it feels better following Globe Life’s response on the Q2 earnings call that included a willingness to accelerate and possibly increase buybacks.
• B. Riley upgraded Children’s Place (PLCE) to Neutral from Sell with a price target of $7, down from $12. The firm says that if the company can achieve Riley’s “muted” 2024 and 2025 estimates, there is a chance the company’s “odd and unlikely set of circumstances may yield a positive outcome for shareholders in time.”

Top 5 Downgrades:

• Citi downgraded Molson Coors (TAP) to Sell from Neutral with a price target of $56, down from $66The firm says that while Molson has sounded bullish on Q1 trends and spring shelf space resets, it believes cycling a record sales and profit year “could be extremely difficult.”
• Oppenheimer downgraded MSCI (MSCI) to Perform from Outperform. The firm’s downgrade is predicated upon increased risk of downward earnings revision.
• Benchmark downgraded Hibbett (HIBB) to Hold from Buy after JD Sports Fashion announced an agreement to acquire the company for $87.50 per share in cash.
• BTIG downgraded HashiCorp (HCP) to Neutral from Buy without a price target. The firm sees a balanced risk/reward after the stock’s recent run following takeover speculation.
• Piper Sandler downgraded Independent Bank (IBTX) to Underweight from Neutral with a price target of $38, down from $48. The firm believes Independent Bank “looks poised to underperform peers” from an overall profitability perspective.

Top 5 Initiations:

• BofA initiated coverage of GE Vernova (GEV) with a Neutral rating and $150 price target. While the firm views shares as “an attractive multi-year self-help story,” it does not have conviction on near-term positive catalysts.
• BofA resumed coverage of Altice USA (ATUS) with an Underperform rating and $1.50 price target. The firm believes that Altice USA “remains fundamentally challenged” and does not believe a sale to Charter (CHTR) is likely in the near term.
• Piper Sandler initiated coverage of Kura Sushi (KRUS) with a Neutral rating and $114 price target. The firm is “very impressed” by the company but says Kura’s risk/reward is relatively balanced at current levels with the stock’s valuation already reflective of a sizable premium to its full-service industry peer set, at least using conventional metrics.
• KeyBanc initiated coverage of Supermicro (SMCI) with a Sector Weight rating and no price target. The shares are currently trading relatively in line with Supermicro’s infrastructure peer group, the firm tells investors in a research note.
• Wells Fargo resumed coverage of APA Corp. (APA) with an Overweight rating and $55 price target. The firm says long-duration option value for Suriname and global oil production support bullish rating.