AT&T upgrade, Nvidia downgrade and Rivian initiation among today's top calls on Wall Street Institutional investors and professional traders rely on The Fly to learn which companies the best analysts on Wall Street are saying to buy and sell.
Research analysts at Wall Street's largest banks issue recommendations on whether a stock should be bought, held, or sold. The Fly's team of financial market experts scours hundreds of research notes daily to uncover the best trading ideas. Check out today's top analyst calls from around Wall Street, compiled by The Fly.
Top 5 Upgrades:
- JPMorgan analyst Philip Cusick upgraded AT&T (T) to Overweight from Neutral with a price target of $22, down from $34, as he resumed coverage of the stock following a period of restriction. After shedding "the distractions and revenue drag" of a declining satellite video business and the capital obligations of the Warner media businesses, the "more Communications-focused" AT&T now looks "more like Verizon [VZ] than it has in years," Cusick told investors.
- Atlantic Equities analyst Hamilton Faber upgraded Warner Bros. Discovery (WBD) to Overweight from Neutral with a $40 price target. Discovery (DISCA) closed its merger with WarnerMedia after the close on Friday, April 8 and began trading as Warner Bros. Discovery on Monday, April 11. Evercore ISI analyst Vijay Jayant also upgraded Warner Bros. Discovery to Outperform from In Line with a price target of $40, down from $45
- Citi analyst Keith Horowitz upgraded Wells Fargo (WFC) to Buy from Neutral with a price target of $56, down from $58. He also recommends a pair trade to be overweight Wells Fargo and be underweight U.S. Bancorp (USB), which Horowitz downgraded to Neutral from Buy in the same note to investors.
- MKM Partners analyst Conor Cunningham upgraded JetBlue (JBLU) to Neutral from Sell with an unchanged $13 price target as part of a broader research note on Travel. Much of the bad news is now baked into the stock and he does not expect "material downside" from current levels.
- Wells Fargo analyst Mike Mayo double upgraded KeyCorp (KEY) to Overweight from Underweight with a price target of $27, up from $23. The stock decline of 24% from its year-to-date peak seems to reflect what's likely a weak first quarter but fails to appreciate better traditional banking growth and avoidance of the types of risks of the largest banks, the analyst contended. Meanwhile, Jefferies analyst Ken Usdin downgraded KeyCorp to Hold from Buy with a price target of $195, down from $220.
Top 5 Downgrades:
- Baird analyst Tristan Gerra downgraded Nvidia (NVDA) to Neutral from Outperform with a price target of $225, down from $360. The analyst noted that order cancellations recently started in consumer GPUs as a result of excess inventories, a slowdown in consumer demand, slowdown in PC demand, and the Russia embargo.
- JPMorgan analyst Richard Shane downgraded American Express (AXP) to Neutral from Overweight with a $200 price target. Credit and loan growth are normalizing for card issuers and underbanked, but normalization for auto and student lending has likely been delayed, said Shane, who has lowered target multiples across the consumer finance sector by about 18%, on average, to reflect economic uncertainty. The analyst also downgraded Navient (NAVI) to Underweight from Neutral with a price target of $17, down from $21.
- MoffettNathanson analyst Nick Del Deo downgraded SBA Communications (SBAC) to Neutral from Buy with a price target of $380, down from $393. SBA has long been his preferred name in the tower space and although "nothing about the business's fundamentals has changed," at current prices he does not see a disconnect with "a realistic warranted value," nor material unrecognized sources of outperformance.
- Raymond James analyst Simon Leopold downgraded CommScope (COMM) to Underperform from Market Perform without a price target. While Leopold expects sales to be above consensus in the first quarter with earnings per share in line with expectations, he expects full year earnings to miss consensus.
- Roth Capital analyst Craig Irwin double downgraded Ameresco (AMRC) to Sell from Buy with a price target of $52, down from $76, following an update that the SCE project likely faces delayed completion.
Top 5 Coverage Initiations:
- Exane BNP Paribas initiated coverage of Rivian Automotive (RIVN) with an Underperform rating and $35 price target. Exane called Rivian "a serious brand with true staying power," but said the company's price increase plans suggest its original R1T/R1S pricing was "structurally unprofitable."
- Loop Capital analyst Laura Champine initiated coverage of Match Group (MTCH) with a Buy rating and $140 price target. The analyst stated that the implementation of unique mobile dating features, the steps taken to build out its virtual economy, and the outlook of loosening in-app payment restrictions have all contributed to Match Group's strong position and potential future growth.
- Monness Crespi analyst Brian White initiated coverage of Palantir (PLTR) with a Buy rating and $20 price target. Palantir has built out a "strong presence" across government organizations based in "liberal democracies" and the conflict in Ukraine showcases the importance for the U.S. and allies to maintain a strong military, White told investors.
- Wells Fargo analyst Stan Berenshteyn initiated coverage of GoodRx (GDRX) with an Equal Weight rating and $20 price target. Although the analyst sees GoodRx extending its market leadership long-term, he also expects to see diminishing returns within the core business that could weigh on overall pace of revenue growth, which Berenshteyn sees plateauing toward high-teens over the next 5 years and mid-teens over the next 10. The analyst also started coverage of Accolade (ACCD) with an Underweight rating and $9 price target.
- Deutsche Bank analyst Edison Yu initiated coverage of Archer Aviation (ACHR) with a Buy rating and $10 price target. Following the evolution of battery electric cars from "a niche market to the foundation of every automaker's future relevance," Yu believes the aviation industry is "similarly ripe for generational disruption" and envisions the conventional helicopter ultimately becoming redundant as small, quiet electric aircraft get used regularly in large metro areas.
Symbols:
T - $18.98 /
+0.7497 (+4.11%)
WBD - $25.18 /
+0.7501 (+3.07%)
DISCA WFC JBLU KEY NVDA - $220.07 /
-11.03 (-4.77%)
AXP NAVI SBAC COMM AMRC RIVN MTCH PLTR GDRX ACCD ACHR VZ Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street