Check out today's top analyst calls from around Wall Street, compiled by The Fly.
CREDIT SUISSE CHEERS ACCOLADE DEAL: Credit Suisse analyst Jailendra Singh upgraded Accolade (ACCD) to Outperform from Neutral with a price target of $60, up from $45, following the company's announcement that it will acquire 2nd.MD for $460M. Singh sees significant cross-sell synergy opportunities from the deal given the leading positioning of the two companies in their respective markets, adding that the deal also significantly expands Accolade's payor distribution relationships. Overall, Singh says the combined TAM is now $46B.
Meanwhile, Baird analyst Matthew Gillmor raised the firm's price target on Accolade to $55 from $50 and keeps an Outperform rating on the shares. The analyst said its recently announced acquisition of 2nd.MD makes perfect sense both strategically and financially as it will expand the addressable market and brings obvious cross-sell opportunities between both legacy client bases.
3D SYSTEMS CUT AFTER 200% RALLY: JPMorgan analyst Paul Coster downgraded 3D Systems (DDD) to Underweight from Neutral with an $18 price target. The analyst cites valuation for the downgrade with the shares up 200% year-to-date. The risk/reward "tilts unfavorable" as 3D printing and additive manufacturing has not "suddenly hit an inflection point," Coster tells investors in a research note. The analyst thinks demand will improve post-pandemic but expects annual growth in the 5%-10% range going forward, which he says is not enough to justify an "aggressive re-rating."
WEDBUSH UPS TESLA PRICE TARGET: Wedbush analyst Daniel Ives raised the firm's price target on Tesla (TSLA) to $950 from $715 and keeps a Neutral rating on the shares. Ives significantly raised his forecast in the Wedbush Tesla Delivery Model with expectations that Tesla now exceeds the 1 million delivery threshold in 2022 and could start to approach 5 million deliveries annually by the end of the decade if global EV demand continues at this pace. Ives believes overall that EVs, which make up 3% of global auto sales today, could reach 5% by the end of 2021 and 10% by 2025. He feels that the China growth story is worth at least $100 per share in a bull case to Tesla.
NEW MARKET PENETRATION: Morgan Stanley analyst James Faucette upgraded Axon (AAXN) to Overweight from Equal Weight with a price target of $185, up from $115. Recent U.S. Federal contract wins signal faster than expected penetration into one of "many new market opportunities" he sees for Axon, said Faucette, who thinks Corrections, International, and broader public safety software can follow. He continues to view Axon as best positioned to deliver on next-gen software products and as the leading supplier of non-lethal electronic weapons and body worn cameras, the analyst added.
SPOTIFY DOWNGRADE: Citi analyst Jason Bazinet downgraded Spotify Technology (SPOT) to Sell from Neutral with a $310 price target. Among the four subscription based stocks, Spotify, Roku (ROKU), Netflix (NFLX) and SiriusXM (SIRI), Spotify is the only company where the Street's long-terms forecasts "do not comport to the prevailing valuation," Bazinet tells investors in a research note. The analyst suspects "this disconnect stems from recent enthusiasm around Spotify's recent podcast pivot." However, its premium gross additions through Q3 and app download data through Q4 do not show any material benefit from recent podcast investments, says Bazinet. As such, the analyst downgrades Spotify to Sell.
Accolade
+5.39 (+11.30%)
3D Systems
-2.25 (-7.04%)
Tesla
+11.67 (+1.38%)
Symbol AXON
+14.9 (+9.96%)
Spotify
-9.99 (-2.92%)
Roku
+2.72 (+0.65%)
Netflix
+2.53 (+0.51%)
Sirius XM
-0.02 (-0.34%)