AMD upgraded, Electronic Arts 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:
Citi upgraded AMD (AMD) to Buy from Neutral with a price target of $136, up from $120. The company reported "good" Q2 results and bad news of trimmed guidance "ain't that bad," the firm says. [Read more]
Rosenblatt upgraded Pinterest (PINS) to Buy from Neutral with a price target of $35, up from $27, post Q2 results. In a "choppy" advertising market "with cost-pressures galore," Pinterest is making "enticing progress," the firm says. [Read more]
Wolfe Research upgraded Comcast (CMCSA) to Peer Perform from Underperform and removed the firm's prior $39 price target on the shares based on a fair value range of $37-$63 per share that is now rolled forward to calendar year 2024. [Read more]
Wolfe Research upgraded Charter (CHTR) to Outperform from Peer Perform with a $565 price target. The view that FWA and fiber pressure has "peaked," that cable will split net adds with fiber by 2026, and Charter's 2026 free cash flow yield are cited as reasons for the upgrade. [Read more]
BTIG upgraded Match Group (MTCH) to Buy from Neutral with a $60 price target following a Q2 beat. The Tinder net addition outlook is improving, the company's growth is accelerating and estimates are moving higher, the firm notes. [Read more]
Top 5 Downgrades:
UBS downgraded Electronic Arts (EA) to Neutral from Buy with a price target of $142, up from $140. While UBS continues to believe EA is well-positioned in the current environment given proven franchises and a solid pipeline and thinks EA stands to benefit from ongoing market consolidation, UBS sees a trough on near-term comps from the FC24 franchise and says elevated competition from anticipated launches at peers adds execution risk. [Read more]
Susquehanna downgraded Norwegian Cruise Line (NCLH) to Neutral from Positive with a $17 price target. While the firm has confidence in newly promoted CEO Harry Sommer, it is "clear the liner is still in the early-to-middle innings of its turnaround," formal long-term guidance is likely several months away and peer Royal Caribbean (RCL) is potentially hitting their long-term targets sooner than expected, so Susquehanna is moving to the sidelines. [Read more]
Wolfe Research downgraded ZoomInfo (ZI) to Peer Perform from Outperform with a $15-$21 fair value range for the shares. The company reported Q2 results that missed expectations while its 2023 revenue and free cash flow outlook were both revised down substantially, the firm notes. [Read more]
William Blair downgraded Bloomin' Brands (BLMN) to Market Perform from Outperform without a price target following Q2 report. The firm cites the new Brazilian tax legislation and tougher year-over-year comparisons for the downgrade. [Read more]
Benchmark downgraded Exact Sciences (EXAS) to Hold from Buy and removed the firm's previous price target. The firm notes that even with its increased revenue estimates the stock "appears to have modest upside," leading the firm to reduce its rating based on valuation. [Read more]
Top 5 Initiations:
Argus initiated coverage of Crown Castle (CCI) with a Buy rating and $140 price target. The company stands to benefit from increased demand for 5G wireless communications, and the firm has a positive view of Crown Castle's focus on small cells. [Read more]
Citi initiated coverage of Legend Biotech (LEGN) with a Buy rating and $100 price target. After almost two years of selloff and de-ratings due to disappointing product sales as well as setbacks in product globalization, the Asia biotechnology sector is at a "turning point," the firm says. [Read more]
JonesResearch initiated coverage of Kinetik Holdings (KNTK) with a Buy rating and $43 price target. The firm sees "significant growth opportunities" for the company. [Read more]
Barclays initiated coverage of Vesta (VTMX) with an Overweight rating and $42 price target. Mexican industrial real estate continues its strong momentum as rent prices are increasing and low vacancies suggest tight supply amid an expanding demand environment, the firm notes. [Read more]
BofA reinstated coverage of Edenor (EDN) with a Buy rating and $22 price target. The firm sees a de-risking of the stock given a better regulatory framework and believes Edenor could benefit from a positive tariff review in 2024. [Read more]
