Intel upgrades, Meta Platforms downgrade, and Geron 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:
- Barclays analyst Blayne Curtis upgraded Intel (INTC) to Equal Weight from Underweight with an unchanged price target of $30. The analyst sees a "bottom in sight" for the shares with PCs closer to a bottom and cost cuts "an important sober step after two years of unrealistic optimism." Summit Insights analyst KinNgai Chan also upgraded Intel to Buy from Hold, telling investors after the company's Q3 earnings report that he thinks the company's Q4 outlook and qualitative 2023 view "encapsulate most, if not all, the current challenges for the company."
- Piper Sandler analyst Do Kim upgraded Gilead Sciences (GILD) to Overweight from Neutral with a price target of $96, up from $79. The analyst says "multiple roadblocks have cleared" for the company's HIV and oncology franchises, providing greater visibility on future revenue growth.
- Roth Capital analyst John White upgraded Amplify Energy (AMPY) to Buy from Neutral with a $12 price target. White believes the litigation/lawsuits surrounding the Southern California Pipeline Incident have reached a satisfactory stage, the analyst tells investors in a research note. He believes that the criminal fines not covered by insurance will be easily met with Amplify's cash on hand and free cash flow.
- Goldman Sachs analyst Eric Sheridan upgraded Ubisoft (UBSFY) to Neutral from Sell with a price target of EUR 37, down from EUR 41. The analyst sees a more balanced risk/reward at current share levels.
- Wolfe Research analyst Steve Fleishman upgraded First Solar (FSLR) to Outperform from Peer Perform with a $170 price target. The company had "another surge of bookings" in Q3 at even higher rates, Fleishman tells investors in a research note.
Top 5 Downgrades:
- Edward Jones analyst David Heger downgraded Meta Platforms (META) to Hold from Buy following the Q3 earnings report. While Meta is executing relatively well in the difficult macroeconomic environment and continues to steadily grow users across its platforms, Heger is concerned about how long the growing metaverse investment will take to deliver a sufficient return, the analyst tells investors in a research note.
- Deutsche Bank analyst Nicole Deblase downgraded Caterpillar (CAT) to Hold from Buy with a price target of $221, up from $196. "There is simply not enough upside potential left vs. the current stock price to maintain a Buy rating," Deblase tells investors in a research note.
- Raymond James analyst Brian Gesuale downgraded L3Harris Technologies (LHX) to Market Perform from Outperform without a price target. The stock's year to date outperformance, coupled with what he views as a downward bias to 2023 models and tense risk/reward debate on the 2023 guidance, no longer supports outperformance despite L3Harris remaining one of the higher quality defense names in the firm's coverage space, Gesuale tells investors in a research note.
- Credit Suisse analyst Benjamin Chaiken downgraded Travel + Leisure (TNL) to Underperform from Outperform with a price target of $31, down from $77. While Chaiken feels Travel + Leisure is a "quality" company, he thinks they will underperform peers due to its plans to move up the FICO spectrum, which should cause tour flow to come in lower than expected, the analyst tells investors in a research note.
- UBS analyst Rayna Kumar downgraded Western Union (WU) to Sell from Neutral with a $12 price target, reflecting 14% downside. The provided a "lackluster" outlook for a 2%-4% adjusted revenue decline in 2023 and a potential recession provides incremental risk given that management indicated its 2023 forecast does not include deterioration from current macro trends, Kumar tells investors in a research note.
Top 5 Initiations:
- Wedbush analyst Robert Driscoll initiated coverage of Geron (GERN) with an Outperform rating and $5 price target. The company is developing telomerase inhibitor imetelstat for the treatment of a number of hematological diseases, including lower-risk myelodysplatic syndrome and myelofibrosis, Driscoll tells investors in a research note. The analyst anticipates positive top-line data from the ongoing Phase 3 study in LRMDS in early 2023, allowing for approval and initial launch in the first half of 2024 "in a large commercial market."
- BTIG analyst Jonathan DeCourcey assumed coverage of Green Thumb Industries (GTBIF) with a Buy rating and C$28 price target as part of a broader research note expanding coverage of the Cannabis industry. The analyst cites the company having posted its 8th consecutive quarter of profitable earnings results, adding that he is confident that positive results will continue through his forecast period and beyond even in the face of macro headwinds.
- BTIG analyst Jonathan DeCourcey assumed coverage of Trulieve Cannabis (TCNNF) with a Buy rating and C$26 price target as part of a broader research note expanding coverage of the Cannabis industry. The analyst states that further upside for Trulieve will come with greater clarity on Florida's hurricane impact as well as the anticipated timing of potential Connecticut and Pennsylvania recreational cannabis launches.
- B. Riley analyst Kalpit Patel initiated coverage of Mirati Therapeutics (MRTX) with a Neutral rating and $72 price target. Despite a belief that Mirati is likely to gain accelerated approval for adagrasib in second-line metastatic non-small cell lung cancer by the December FDA action date date, a recent disappointment in the field, Amgen's (AMGN) weak data from its confirmatory trial in a similar setting, may limit commercial uptake relative to Street expectations, Patel tells investors in a research note.
- Raymond James analyst David Feaster assumed coverage of Coastal Financial Corporation (CCB) with a Strong Buy rating and $57 price target. Coastal's Q3 results exceeded Street forecasts, and its growth outlook remains robust as it continues to add new partners, where it maintains a solid pipeline of new potential partners, Feaster tells investors in a research note.
Symbols: META CAT LHX TNL GERN AMPY UBSFY GILD FSLR INTC WU GTBIF TCNNF MRTX CCB
Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street