Wayfair upgraded, Under Armour 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:
Raymond James upgraded Ventas (VTR) to Strong Buy from Outperform with an unchanged price target of $55. The analyst believes Ventas' share underperformance verses Welltower (WELL) year-to-date presents a compelling opportunity to increase exposure to seniors housing at an attractive valuation. [read more]
MoffettNathanson upgraded Wayfair (W) to Market Perform from Underperform with a $44 price target. After analyzing recent web traffic, the firm says its work "strongly suggests" that Wayfair is seeing a material benefit from the recent bankruptcy of Bed Bath & Beyond (BBBY), the analyst tells investors. [read more]
Jefferies last night upgraded Principal Financial (PFG) to Hold from Underperform with a price target of $65, up from $60. The company's commercial real estate exposure is more conservative than average and its shares have de-rated from their recent peak, the analyst tells investors in a research note. [read more]
Morgan Stanley upgraded Evotec (EVO) to Overweight from Equal Weight with a price target of $16, up from $12. The analyst believes "strong" underlying execution and potential for new collaboration agreements could drive renewed investor interest in Evotec shares. [read more]
Canaccord upgraded Gibson Energy (GBNXF) to Buy from Hold with an unchanged price target of C$24. The company added a "sizeable growth platform" with the acquisition of the South Texas Gateway Terminal, the analyst says. [read more]
Top 5 Downgrades:
Wells Fargo downgraded Under Armour (UAA) to Equal Weight from Overweight with a price target of $8, down from $12, after taking over coverage of the name. Under Armour is likely to remain range bound for the next 6-12 months given its "outsized" North America wholesale exposure, elevated inventory and recent C-Suite reshuffling, the analyst tells investors in a research note. [read more]
Raymond James downgraded Welltower (WELL) to Outperform from Strong Buy with a price target of $90, up from $82. The analyst is "still constructive" on Welltower but is now "less-enthusiastic" driven by the firm's updated 2024 earnings estimates that are 4% below consensus. [read more]
TD Cowen downgraded Accenture (ACN) to Market Perform from Outperform with a price target of $300, down from $325. The analyst says "further deterioration in demand signals" yields incremental uncertainty, estimate risk and an unfavorable risk/reward on the shares. [read more]
DZ Bank double downgraded Tesla (TSLA) to Sell from Buy with a $210 price target. [read more]
Barclays downgraded Viatris (VTRS) to Underweight from Equal Weight with an unchanged price target of $11. The analyst sees a "show-me" narrative for the company, saying investors need to be convinced about the growth potential of future specialty builds. [read more]
Top 5 Initiations:
Stephens initiated coverage of Hain Celestial (HAIN) with an Overweight rating and $17 price target as the firm rolled out coverage of five consumer packaged food and beverage "disrupters" it sees being "positioned for the next era of food." The firm says Hain has an "expansive portfolio" of better-for-you brands and it views the current valuation as "quite attractive." [read more]
Compass Point initiated coverage of SoFi Technologies (SOFI) with a Sell rating and $5 price target, calling the post debt-ceiling rally in the stock "overdone." The firm believes it is "difficult to justify" owning the stock at current levels with the potential for the balance-sheet growth rate to slow over the next few quarters and credit costs to increase materially with portfolio seasoning before accounting for credit-deterioration risks. [read more]
Truist initiated coverage of Floor & Decor (FND) with a Buy rating and $120 price target. The firm believes flooring demand is "finding a bottom" and notes that its 2023 EPS estimate is above the Street and at the high end of guidance. [read more]
Loop Capital initiated coverage of Lancaster Colony (LANC) with a Buy rating and $237 price target. Given the company's "attractive" growth profile, especially within its licensed retail product business, its history as one of only 13 U.S. companies with 60 straight years of regular cash dividend increases and the likelihood Lancaster's acquisition strategy "will pick up steam soon," the shares deserve to trade at a premium to its peers. [read more]
Piper Sandler initiated coverage of Fluence Energy (FLNC) with a Neutral rating and $24 price target. Stationary storage represents one of the fastest growing sub-sectors within clean energy, but Fluence shares already reflect strong demand tailwinds and a successful turnaround by new leadership, contends the firm. [read more]
