Piper Sandler initiation of Coinbase and Citi reinstatement of GE also among today's top calls
Check out today's top analyst calls from around Wall Street, compiled by The Fly.
DOORDASH UPGRADED AT WELLS, TRUIST: Truist analyst Youssef Squali upgraded DoorDash (DASH) to Buy from Hold with a price target of $185, up from $180. The analyst cites the company's stronger than expected Q1 results and "sustained momentum" into FY21 being indicative of its "solid execution" and a growing roster of complementary offerings. DoorDash's goal of building a marketplace and a broader platform for delivery across geographies is "well underway", and has been buoyed by the pandemic, Squali tells investors in a research note.
Wells Fargo analyst Brian Fitzgerald also upgraded DoorDash to Overweight from Equal Weight with a price target of $170, up from $165. Fitzgerald thinks DoorDash's beat and raise is large enough to offset the rotation to "value" that has afflicted growth stocks year-to-date, the analyst tells investors in a research note.
AIRBNB UPGRADED: Wells Fargo analyst Brian Fitzgerald upgraded Airbnb (ABNB) to Overweight from Equal Weight with a $200 price target. Airbnb's strong Q1 results demonstrate the company's positive momentum exiting the pandemic, with Airbnb se to benefit from secular demand shifts, increasing category familiarity/favorability, and shifts in workplace flexibility, which represent long-term tailwinds for the short-term rentals market, Fitzgerald tells investors in a research note.
GOLDMAN SAYS BUY SNOWFLAKE: Goldman Sachs analyst Kash Rangan upgraded Snowflake to Buy from Neutral with a price target of $275, up from $270. The shares have corrected 34% since January 21 compared to an 11% decline across the broader software coverage and a 3% decline for the Nasdaq, Rangan tells investors in a research note. Given its "strong" competitive positioning, Snowflake is well positioned to capitalize on a "generational shift" of data and analytics to the cloud, says the analyst. Rangan believes Snowflake is well positioned to capitalize on the shift in data and database to the cloud, "which remains in relatively early innings." PIPER SANDLER OVERWEIGHT COINBASE: Piper Sandler analyst Richard Repetto initiated coverage of Coinbase (COIN) with an Overweight rating and $335 price target. The analyst expects volatility, he believes Coinbase has a "trusted brand name" and "commanding position" in the cryptoeconomy. The company has the ability to grow organically through both new product offerings supporting additional cryptoassets, and it faces positive industry trends, Repetto tells investors in a research note. He believes Coinbase has expanded market share in a growing industry. GE REINSTATED: Citi analyst Andrew Kaplowitz reinstated coverage of General Electric (GE) with a Buy rating and $17 price target. The analyst says that with evidence of improving execution across much of GE's portfolio and given an expectation of "gradual but likely" accelerating recovery in the company's Aviation business, he sees "material upside" in the shares. A demand recovery and operational improvements support "growing and more consistent/sustainable" cash flow generation in 2021 and beyond, Kaplowitz tells investors in a research note.
DISNEY SHARES TO TRADE DOWN: Citi analyst Jason Bazinet expects shares of Disney (DIS) to trade down today saying Disney+ subscribers fell towards the low end of buy-side expectations. As of April 3, Disney+ had 103.6M subscribers, compared to estimated buy-side expectations of 104M to 105M, Bazinet tells investors in a research note. Management also suggested Disney+ subs may decelerate in the second half of fiscal 2021, says the analyst. Bazinet adds, however, that management did stress that it is maintaining its long-term subscriber forecast of 230M to 260M in 2024. He keeps a Buy rating on Disney with a $230 price target.
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