BTIG initiation of Bumble, upgrade of Match also among today's top calls
Check out today's top analyst calls from around Wall Street, compiled by The Fly.
'APPLE-ESQUE' ECOSYSTEM: Canaccord Genuity analyst Jed Dorsheimer upgraded Tesla (TSLA) to Buy from Hold with a price target of $1,071, up from $419. The stock closed Friday down $6.78 to $677.02.The company is positioned to "attack and conquer" another trillion-dollar market as its ramps up its focus on energy generation and storage, Dorsheimer tells investors in a research note. The analyst predicts Tesla's generation and storage unit could yield $8 billion of revenue by 2025. Tesla "is rapidly creating an Apple (AAPL)-esque ecosystem of energy products, harmonized in electrification, to become The Brand in energy storage," Dorsheimer writes. The analyst believes that as battery supply constraints ease, Tesla will be able to meet demand for its Powerwall home storage. Tesla "holds a several-year lead and is now expanding aggressively into storage and thus feel our multiple is warranted," writes Dorsheimer.
CHIPOTLE UPGRADED: Raymond James analyst Brian Vaccaro upgraded Chipotle (CMG) to Outperform from Market Perform with an $1,800 price target. Vaccaro believes the company's sales have fully participated in strengthening industry trends over the last 4 weeks, likely pushing recent AWS in excess of $50K, the analyst tells investors in a research note. He now sees significant upside to Q1 expectations, and says prior concerns regarding the company's margin recovery algorithm seem less relevant in the current environment.
BUMBLE STARTED AT BUY: BTIG analyst Jake Fuller initiated coverage of Bumble (BMBL) with a Buy rating and $77 price target. The online dating category looks appealing with a strong secular growth and margin profile, coupled with near-term re-opening tailwinds as in-person interaction becomes "more viable", the analyst tells investors in a research note. 2021 should see a pricing tailwind for Bumble tied to Bumble Premium and a likely rising propensity to pay in a post-vaccine environment, Fuller adds.
BTIG analyst Fuller also upgraded Match Group (MTCH) to Buy from Neutral with a $175 price target. The analyst says that the year-to-date pullback in the stock price is the "immediate catalyst", though he also sees upside to the company's 2022-2025 expectations on re-opening tailwinds, new products, Hyperconnect acquisition and emerging brand/live streaming opportunities. Fuller adds that the pandemic depressed Tinder ARPU, but he looks for re-opening, Platinum launch, and the addition of Hyperconnect to drive the upside in the second half of this year.
MOST OF 5G PRICED IN: Evercore ISI analyst C.J. Muse downgraded Qualcomm (QCOM) to In Line from Outperform with a price target of $150, down from $195. With the stock up 146% since before the Apple settlement, he now believes "the lion's share" of the 5G smartphone upcycle is priced into the stock price and looking ahead Muse sees sentiment on Qualcomm related to Apple turning from 5G design win to potential insourcing, he tells investors. In addition, he sees increasing competitive pressure from Mediatek, Samsung and internal silicon, Muse added.
PLUG RESUMED AT EQUAL WEIGHT: Morgan Stanley analyst Stephen Byrd resumed coverage of Plug Power (PLUG) at Equal Weight, down from Overweight, with a $35 price target. Though he sees rapid, multidecade growth ahead for Plug Power given the adoption and expansion of the use of green hydrogen, Byrd sees only "modest stock price upside" even after forecasting double-digit revenue growth and strong margin expansion, he tells investors.
Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street