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Rivian upgraded, Qorvo 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:

  • UBS upgraded Rivian Automotive (RIVN) to Buy from Neutral with a price target of $24, down from $26. The firm sees a reduced probability of an additional capital raise over the next year or so with capital likely not needed until the end of 2025 and thinks the market can refocus on improving fundamentals with the fundraising out of the way.

  • BofA upgraded Electronic Arts (EA) to Buy from Neutral with a price target of $150, up from $145. With investors cautious on the rebranding of FIFA and EA Sports, the stock's balance of risk looks attractive again, the firm says.

  • Piper Sandler upgraded Exact Sciences (EXAS) to Overweight from Neutral with an unchanged price target of $90. With strong Cologuard growth and a "clear path" to five years growth rates of above 10%, the 36% pullback in shares since the highs in July "represent a pretty compelling entry point," the firm argues.

  • Jefferies upgraded Pinnacle Financial (PNFP) to Hold from Underperform with an unchanged price target of $71. The firm says the risk of negative estimate revisions due to Bankers Healthcare Group is no longer valid.

  • JPMorgan upgraded Acadia Pharmaceuticals (ACAD) to Overweight from Neutral with a price target of $32, up from $29. The shares have underperformed the broader biotech markets over the recent months and are down 35% from its summer highs due to concerns related to Nuplazid's composition of matter patents, the firm notes.

BRAZIL - 2022/06/13: In this photo illustration, the homepage of the Qorvo website seen on a computer screen through a magnifying glass. (Photo Illustration by Rafael Henrique/SOPA Images/LightRocket via Getty Images)
The homepage of the Qorvo website. (Rafael Henrique/SOPA Images/LightRocket via Getty Images) (SOPA Images via Getty Images)

Top 5 Downgrades:

  • Citi downgraded Qorvo (QRVO) to Sell from Neutral with a price target of $78, down from $116. While the company's China sales have already come down over the last year due to weak China smartphone demand, increasing competition from Chinese domestic RF component makers will lead to potential share losses and a weak sales recovery in 2024, the firm tells investors in a research note.

  • Citi downgraded Skyworks Solutions (SWKS) to Sell from Neutral with a price target of $87, down from $116. The firm sees increased China substitution risk post the recent Huawei Mate 60 phone launch, which it believes uses domestic radio frequency and connectivity chips.

  • JPMorgan downgraded Juniper Networks (JNPR) to Neutral from Overweight with a price target of $29, down from $32. Cloud and service provider headwinds position Juniper for downside earnings risk and a pullback in the stock's valuation multiple, the firm tells investors in a research note.

  • JPMorgan downgraded Corning (GLW) to Neutral from Overweight with a price target of $36, down from $43. The magnitude of earnings upside in the near- to medium-term is likely to be more muted than previously anticipated and the "tepid recovery" is likely to "underwhelm relative to elevated consensus expectations" in Q4 and 2024, the firm argues.

  • UBS downgraded NextEra Energy Partners (NEP) to Neutral from Buy with a price target of $20, down from $74. Following the announcement reducing distribution growth expectations from 12% to 6% year-over-year, the firm sees limited near-term positive catalysts to drive a re-rating of the shares.

SHANGHAI, CHINA - JUNE 15 2023: A view of the company sign of ARM, the British chip design house, at a trade expo in Shanghai. (Photo credit should read LONG WEI / Feature China/Future Publishing via Getty Images)
The company sign of ARM at a trade expo in Shanghai. (LONG WEI / Feature China/Future Publishing via Getty Images) (Future Publishing via Getty Images)

Top 5 Initiations:

  • Daiwa initiated coverage of Arm (ARM) with a Buy rating and $63 price target. Arm's processor architecture speeds time to market and lowers cost, and its expanded portfolio, especially in complex areas, will aid growth and margins, the firm tells investors in a research note.

  • Scotiabank initiated coverage of MongoDB (MDB) with a Sector Perform rating and $335 price target. The firm, which sees "minimal AI tailwind" to MongoDB in 2024, notes that the Street's subscription revenue growth forecast for FY25 is "among the fastest in software."

  • TD Cowen initiated coverage of Advance Auto Parts (AAP) with a Market Perform rating and $55 price target. The firm awaits better visibility into the company's long-term revenue, margin and free cash flow potential as a new CEO works to stabilize and improve trends.

  • TD Cowen initiated coverage of AutoZone (AZO) with an Outperform rating and $2,975 price target. The firm sees catalysts that should support "strong revenue growth," projecting revenue to grow at a 7.7% compound annual growth rate from FY23-FY27.

  • TD Cowen initiated coverage of O'Reilly Automotive (ORLY) with an Outperform rating and $1,100 price target. The firm views O'Reilly as a "best-in-class operator" and expects ongoing market share growth across both its do-it-for-me and do-it-yourself channels.

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