Disney downgraded, Micron 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:
Piper Sandler upgraded Micron Technology (MU) to Neutral from Underweight with a price target of $70, up from $45, following quarterly results. The upgrade is primarily based on improving end market inventory conditions with a potential improvement in volumes and pricing in the second half of 2023, the firm says. [Read more]
Canaccord upgraded Intercept Pharmaceuticals (ICPT) to Buy from Hold with a price target of $19, up from $12. With the NASH indication out of the picture, shares of Intercept are now valued purely on the company's Ocaliva commercial operation, and there is now no clinical risk associated with the story, the firm says. [Read more]
Susquehanna upgraded Schneider National (SNDR) to Positive from Neutral with a price target of $33, up from $29. The Q2 earnings reports "should be deeply challenging" for truckload-levered transports, but this will likely mark the bottom, the firm says. [Read more]
Barrington upgraded Opko Health (OPK) to Outperform from Market Perform with a $2 price target after the company and partner Pfizer (PFE) announced that the FDA had approved Ngenla, a long-acting human growth hormone indicated for the treatment of pediatric patients aged three years and older who are experiencing growth failure due to inadequate secretion of endogenous growth hormone. [Read more]
Morgan Stanley upgraded Freyr Battery (FREY) to Overweight from Equal Weight with an unchanged price target of $13. The firm sees the next six months as a "catalyst window for unlocking shareholder value." [Read more]
Top 5 Downgrades:
KeyBanc downgraded Disney (DIS) to Sector Weight from Overweight without a price target. The company's Domestic Parks expectations "appear high" and its direct-to-consumer subscriber growth has stalled, the firm says. [Read more]
Credit Suisse downgraded Pfizer (PFE) to Neutral from Outperform with a price target of $40, down from $47. As Pfizer enters a "period of uncertainty and limited pipeline catalysts," there is greater opportunity for growth among other U.S. major pharma stocks, the firm says. [Read more]
Loop Capital downgraded RH (RH) to Hold from Buy with an unchanged $300 price target. The firm notes that the rating change is driven by the stock's current valuation rather than a more bearish view of the company's fundamentals. [Read more]
Loop Capital downgraded ContextLogic (WISH) to Sell from Hold with a price target of $6, down from $7. The firm, which has lowered its sales expectations, says the company has "consistently missed consensus for revenues," and it doesn't see a change this quarter. [Read more]
UBS downgraded Symbotic (SYM) to Neutral from Buy with a price target of $40, up from $34. The firm sees a more balanced risk/reward following the 230% year-to-date stock appreciation, though UBS remains supportive on Symbiotic's growth prospects and warehouse automation tech leadership. [Read more]
Top 5 Initiations:
Berenberg initiated coverage of Atlassian (TEAM) with a Hold rating and $150 price target. With the shares trading at 10.5-times estimated 2023 sales, a Buy rating would entail pricing in growth expectations for fiscal 2023 and 2024 that may be difficult to meet, given the current macro environment, or sizeable margin expansion, which is unlikely, the firm says. [Read more]
Guggenheim initiated coverage of Wingstop (WING) with a Neutral rating and no price target. The firm believes material upside to the current share price would require assuming a discount rate above where it is comfortable in the current interest rate environment. [Read more]
Piper Sandler a initiated coverage of TJX (TJX) with an Overweight rating and $110 price target. The off-price channel has both near-and long-term secular trends that make it one of the most attractive sectors in apparel retail, the firm says. [Read more]
Piper Sandler initiated coverage of Ross Stores (ROST) with a Neutral rating and $112 price target. Ross continues to see macro pressures within the lower-income consumer and improvements to the merchandise assortment are underway, says the firm. [Read more]
Piper Sandler initiated coverage of Burlington Stores (BURL) with a Neutral rating and $155 price target. The firm would look to be "opportunistic" with the shares if "Burlington 2.0 looks to take hold" as it thinks there is a "high degree of self-help underway." [Read more]
