Restaurant Brands upgrade, Bed Bath & Beyond downgrade and BeiGene 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:
Argus analyst John Staszak upgraded Restaurant Brands (QSR) to Buy from Hold with a $67 price target after its recent second quarter earnings beat.
BMO Capital analyst Gerrick Johnson upgraded Brunswick (BC) to Outperform from Market Perform with a price target of $110, up from $90. The shares have pulled back to an attractive valuation owing to investor concerns about the sustainability of demand as well as the impact of a slowing economy, Johnson contended.
Piper Sandler analyst Michael Lavery upgraded Tyson Foods (TSN) to Neutral from Underweight with an unchanged price target of $79. The company still faces risks from consumers downtrading, but these now appear more fully reflected in the stock's current valuation, Lavery told investors in a research note.
Bank of America analyst Craig Schmidt upgraded Federal Realty (FRT) to Buy from Neutral with a price target of $130, up from $110. The company was "disproportionately" impacted by the pandemic because of its exposure to experiential and lifestyle tenants, but with mandates and "regulatory hindrances" removed, Federal Realty has reached an inflection point to deliver future growth, the analyst argued.
Scotiabank analyst Ben Isaacson upgraded Nutrien (NTR) to Outperform from Sector Perform with a price target of $110, down from $118. The analyst is bullish on nitrogen and says investor conversations on Nutrien "have transitioned to bullish from bearish."
Top 5 Downgrades:
Baird analyst Justin Kleber downgraded Bed Bath & Beyond (BBBY) to Underperform from Neutral with an unchanged price target of $4 after the shares surged 148% since July 27, including 86% in the past two trading days.
Exane BNP Paribas analyst Laurent Vasilescu downgraded Nike (NKE) to Neutral from Outperform with a price target of $118, down from $151. The analyst highlights increased uncertainty in China, potential market share losses and increased discounting in the U.S., its largest market.
Argus analyst Joseph Bonner downgraded Charter (CHTR) to Hold from Buy. The analyst cited the company's "startling decline" in second quarter internet subscribers as it lost 21,000 customers in the quarter after gaining 400,000 in Q2 of last year and 185,000 in Q1 of this year.
Deutsche Bank analyst Brad Zelnick downgraded Palantir Technologies (PLTR) to Sell from Hold with a price target of $8, down from $11. The company's second quarter report leaves "little to hang our hat on," Zelnick told investors in a research note.
Wells Fargo analyst Larry Biegelsen double downgraded Tandem Diabetes (TNDM) to Underweight from Overweight with a price target of $49, down from $82. The analyst believes consensus estimates are too high as he sees downside risk to numbers from new competition in all four of Tandem's key growth lines.
Top 5 Initiations:
JPMorgan analyst Xiling Chen assumed coverage of BeiGene (BGNE) with an Overweight rating and $296 price target. The analyst expects the company's 16 commercial assets and "broad" pipeline to drive "very attractive, diversified long-term growth."
Deutsche Bank analyst Sidney Ho initiated coverage of Rigetti Computing (RGTI) with a Buy rating and $10 price target. The analyst notes that Rigetti has developed the world's first multi-chip quantum processor and believes the company's intellectual property in modular chip architecture is a "relevant competitive advantage in the race to building the next generations of quantum processors."
H.C. Wainwright analyst Vernon Bernardino initiated coverage of Finch Therapeutics (FNCH) with a Buy rating and $17 price target. The company is advancing promising treatments for diseases that emerge from dysbiosis, Bernardino told investors in a research note.
Citi analyst Michael Griffin resumed coverage of Healthcare Realty Trust (HR) with a Neutral rating and $27 price target. The analyst believes the reverse merger with Healthcare Trust (HTA) combined two quality portfolios and gives Healthcare Realty more operating and financial scale in a competitive industry, but he would have preferred to see more initial accretion in the transaction.
Oppenheimer analyst Chris Kotowski assumed coverage of RMR Group (RMR) with a Perform rating and no price target. The analyst believes the intermediate-term RMR's stock price performance will depend on improved performance at the underlying real estate investment trusts.