Spotify upgrade, Edison International downgrade, and DoorDash 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:
- Raymond James analyst Andrew Marok upgraded Spotify (SPOT) to Outperform from Market Perform with a $150 price target. The stock has traded off significantly from all-time highs in early 2021 due to slower than expected scaling of the company's podcasting business and, most recently, soft margin guidance, Marok tells investors in a research note.
- Morgan Stanley analyst Hamza Fodderwala upgraded Crowdstrike (CRWD) to Overweight from Equal Weight with a price target of $215, up from $195. The company offers "defensive positioning" in an uncertain macro environment and the recent pullback in the shares provides an attractive entry point, Fodderwala tells investors in a research note.
- Bernstein analyst Aneesha Sherman upgraded Lululemon (LULU) to Market Perform from Underperform with a $300 price target. "Lofty multiples on growth names are long gone" and shares of Lululemon are down 22% year-to-date despite positive earnings revisions as its multiple has de-rated disproportionately versus the market, Sherman tells investors in a research note.
- Stifel analyst W. Andrew Carter upgraded Aurora Cannabis (ACB) to Hold from Sell with a price target of C$2.15, down from C$2.50. The analyst cites the company's "enhanced" liquidity position following the recent $173M bought deal offering for the upgrade.
- Edward Jones analyst Kyle Sanders upgraded American Express (AXP) to Buy from Hold. The analyst says the company's "loyal base" of affluent customers will be less affected by inflationary pressures, making American Express better position to sustain strong spending trends relative to its credit card peers.
Top 5 Downgrades:
- H.C. Wainwright analyst Robert Burns downgraded Turning Point Therapeutics (TPTX) to Neutral from Buy with a price target of $76, down from $161, after the company entered into a definitive merger agreement with Bristol-Myers Squibb (BMY). In the wake of this transaction, the analyst points out to investors several other precision oncology companies in his universe that he believes could be acquisition targets for major pharma, including: PMV Pharmaceuticals (PMVP), Springworks Therapeutics (SWTX) and Revolution Medicines (RVMD). Cowen analyst Tyler Van Buren downgraded Turning Point Therapeutics to Market Perform from Outperform, telling investors in a research note that he does not believe another party is likely to offer a higher price and he expects the deal to close during Q3.
- B. Riley analyst Alex Rygiel downgraded L.B. Foster (FSTR) to Neutral from Buy with a price target of $14, down from $18. The company's Q1 results were below our expectations due in part to supply chain disruptions within the Rail segment and continued material and labor inflation across the board, Rygiel tells investors in a research note.
- UBS analyst Gregg Orrill downgraded Edison International (EIX) to Neutral from Buy with a price target of $73, down from $75. The analyst sees the investment positives and negatives as more balanced with the stock nearing the price target.
- RBC Capital analyst Ashish Sabadra downgraded Dun & Bradstreet (DNB) to Sector Perform from Outperform with a price target of $18, up from $16. The company's investments this year are "front-loaded" and will weigh on EBITDA growth in the first half, Sabadra tells investors in a research note.
- Raymond James analyst Steve Hansen downgraded Good Natured Products (SLGBF) to Market Perform from Outperform with a C$1.00 price target. While Good Natured Products continues to demonstrate solid results in the face of stiff macro and inflationary headwinds, the downgrade is based on sustained inflationary concerns and the lack of obvious catalysts in the near-term, Hansen tells investors in a research note.
Top 5 Initiations:
- Raymond James analyst Aaron Kessler initiated coverage of DoorDash (DASH) with a Market Perform rating and no price target. The analyst sees a large total addressable market for food delivery and says DoorDash has established itself as the leading food delivery platform in the U.S. with 50% plus market share.
- BofA analyst Michael Cherny reinstated coverage of GoodRx (GDRX) with a Buy rating and $11.00 price target. The analyst notes that the stock's recent sell-off has been driven by the COVID case slowdown and then exacerbated by the PBM dispute with Kroger (KR), resulting in a 79% year-to-date sell-off, but GoodRx remains the leading market place for prescription transparency and its market position remains strong.
- Citi analyst Joanne Wuensch initiated coverage of Bausch + Lomb (BLCO) with a Buy rating and $22 price target. This is" just the beginning" of the Bausch + Lomb story as it has 77% brand recognition versus peers and new products will accelerate revenue growth, Wuensch tells investors in a research note.
- Morgan Stanley analyst Elizabeth Porter initiated coverage of Semrush (SEMR) with an Equal Weight rating and $13 price target. Semrush is a "leader" in Online Visibility Management that offers tools to improve website rankings in search engine results, generate content to drive website traffic, and analyze competitors' strategies, said Porter.
- Stephens analyst Matt Breese initiated coverage of Hanover Bancorp (HNVR) with an Overweight rating and $25.50 price target. He anticipates about 20% loan growth in NYC multi-family, CRE, and the bank's legacy non-QM residential products over the next 12-24 months, said Breese, who cites Hanover's "fresh capital, growth mindset, and above average profitability" for his Overweight rating.
Symbols:
SPOT CRWD - $164.16 /
+2.095 (+1.29%)
LULU DASH ACB AXP TPTXTurning Point Therapeutics
BMY PMVP SWTX RVMD FSTR EIX DNB GDRX KR BLCO SEMR HNVR SLGBF Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street