Apple downgraded, Amazon 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 Upgrades:
Rosenblatt upgraded Amazon.com (AMZN) to Buy from Neutral with a price target of $184, up from $111. The analyst views the company's Q2 earnings report as "constructive" and says its past concerns, that consensus views were too optimistic, have abated. [read more]
Credit Suisse upgraded FMC Corporation (FMC) to Neutral from Underperform with an unchanged price target of $101. The company's recent results have been under pressure due to significant inventory destocking by customers that have resulted in a sharp decline in earnings in 2023, but many of these issues are likely to be transitory and unlikely to repeat next year, the firm says. [read more]
Raymond James upgraded Shake Shack (SHAK) to Outperform from Market Perform with an $87 price target post the Q2 report. The firm sees the company's annual unit growth of more than 20% creating significant shareholder value should its margins and returns improve. [read more]
Citi upgraded IntercontinentalExchange (ICE) to Buy from Neutral with a price target of $130, up from $117. Following the Q2 earnings beat, the shares finished down 3% as a lowered mortgage technology recurring revenue guide weighed on the stock, the analyst tells investors in a research note. [read more]
Janney Montgomery Scott upgraded Generac (GNRC) to Buy from Neutral with a $131 fair value estimate. Shares of Generac are down about 28% since the company reported Q2 results and lowered FY23 guidance on Tuesday afternoon, notes the analyst, who views this two-day selloff as one that creates an opportunity. [read more]
Top Downgrades:
Rosenblatt downgraded Apple (AAPL) to Neutral from Buy with an unchanged price target of $198. Last night's "mixed" fiscal Q3 report "highlights the slowdown phase in which Apple now sits," the analyst tells investors in a research note. [read more]
TD Cowen downgraded Moderna (MRNA) to Market Perform from Outperform with a price target of $125, down from $145, following the Q2 report. The analyst has conviction in the applicability of the company's mRNA platform, but says near-term catalysts "remain light." [read more]
Evercore ISI downgraded PayPal (PYPL) to In Line from Outperform with a price target of $65, down from $85. Intensifying competition, evidenced During Q2 by the sequential loss of 2.5M consumer accounts and nearly 300 basis point of transaction margin pressure, create increasing headwinds to revenue and earnings growth and the firm sees limited scope for earnings outperformance without a clear path to year-over-year transaction margin expansion, the analyst tells investors. [read more]
TD Cowen downgraded Fortinet (FTNT) to Market Perform from Outperform with a price target of $70, down from $90. Despite solid channel checks into the quarter and positive commentary from additional security vendors, Fortinet's billings came slightly below estimates, the analyst tells investors in a research note. [read more]
William Blair downgraded Mesoblast (MESO) to Market Perform from Outperform after the FDA issued a second complete response letter for remestemcel-L for the treatment of steroid-refractory acute graft-versus-host disease in pediatric patients, citing that additional clinical data was needed to support marketing authorization. [read more] Mesoblast was also downgraded to Neutral from Overweight at Piper Sandler. [read more]
Top Initiations:
SVB Securities initiated coverage of Novocure (NVCR) with an Outperform rating and $51 price target. Novocure is a commercial-stage oncology company with a platform technology called tumor treating fields, the analyst tells investors in a research note. [read more]
Grupo Santander initiated coverage of Coty (COTY) with an Outperform rating and $14.50 price target. [read more]
