Adobe upgraded, BorgWarner downgraded: 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 Adobe (ADBE) to Buy from Neutral with a price target of $630, up from $575. The firm says the company is emerging as an artificial intelligence leader. [Read more]
Rosenblatt upgraded Coherent (COHR) to Buy from Neutral with an unchanged price target of $45. The firm sees the shares' 30% selloff on the company's weaker than expected fiscal 2024 guidance as overdone. [Read more]
JPMorgan upgraded Alcon (ALC) to Overweight from Neutral with a price target of $89.30, up from $79.80. The firm says concerns on the company's implantables growth is likely to be short-lived. [Read more]
Wolfe Research upgraded Hexcel (HXL) to Outperform from Peer Perform with an $83 price target. The firm has higher confidence in the company's sales, earnings and free cash flow growth. [Read more]
Craig-Hallum upgraded Tower Semiconductor (TSEM) to Buy from Hold with a price target of $38, down from $53. With Intel's (INTC) planned acquisition of Tower Semiconductor officially over, the firm now considers the company on a standalone basis. [Read more]
Top 5 Downgrades:
Nomura downgraded BorgWarner (BWA) to Neutral from Buy with a price target of $44, down from $60, noting that the stock is up 13% year-to-date, even after the recent selloff of autos and auto parts companies exposed to North America. [Read more]
Jefferies downgraded Advent Technologies (AND) to Hold from Buy with a price target of 60c, down from $4. With Advent's business model inflection "tightly linked" to near-term clarifications, interpretations and implementations of the European Union hydrogen policy initiatives, the risk of a timing mismatch, and consequently more equity dilution, remains high, the firm says. [Read more]
BMO Capital downgraded SL Green Realty (SLG) to Market Perform from Outperform with a price target of $35, up from $32. The firm says SL Green has high leverage and some refinancing headwinds, in the face of a rising interest rate environment. [Read more]
BTIG downgraded Invitation Homes (INVH) to Neutral from Buy without a price target. The firm continues to see generally positive demand trends in the U.S. housing market but says "several confounding factors" are causing concern. [Read more]
Alliance Global Partners downgraded 22nd Century (XXII) to Neutral from Buy with a price target of $2.25, down from $3. Data on the progress of VLN cigarettes remains limited, with the company's legacy tobacco business experiencing its own pressures, the firm says. [Read more]
Top 5 Initiations:
Jefferies initiated coverage of BeiGene (BGNE) with a Buy rating and $287 price target. The firm calls BeiGene an "oncology powerhouse" and says its "deep and broad" pipeline will sustain long-term growth. [Read more]
JPMorgan initiated coverage of AppFolio (APPF) with an Overweight rating and $200 price target. The firm believes AppFolio has attractive exposure to U.S. real estate with high growth and solid unit economics. [Read more]
UBS initiated coverage of Landstar System (LSTR) with a Neutral rating and $209 price target. The firm believes the stock is already reflecting the expectation of a meaningful cyclical upturn. [Read more]
RBC Capital initiated coverage of Lennox (LII) with a Sector Perform rating and $391 price target. The company's "outsized" 70% residential exposure poses an elevated risk at this time given higher interest rates and the potentially slowing macro environment, says the firm. [Read more]
DA Davidson initiated coverage of Commvault Systems (CVLT) with a Buy rating and $85 price target. The firm says Commvault's subscription-based term license annual recurring revenue is growing at "healthy rates" excluding perpetual migrations despite a slow growing on-premise market. [Read more]
