Wynn Resorts upgrade, Dell Technologies downgrade and Immuneering 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:
- Citi analyst George Choi upgraded Wynn Resorts (WYNN) to Buy from Neutral with a price target of $96.50, down from $98. The analyst likes Wynn for its increasing dedication to Premium Mass in Macau. Also, the stock is trading an "undemanding" valuation multiple, Choi tells investors in a research note.
- JPMorgan analyst Stephen Tusa upgraded Vertiv Holdings (VRT) to Overweight from Neutral with a price target of $18, down from $29. The analyst sees a "compelling" risk/reward profits with earnings and free cash flow estimates "reset."
- Credit Suisse analyst Spiro Dounis upgraded Tellurian (TELL) to Outperform from Neutral with a price target of $8, up from $5.50. The analyst believes Tellurian is close to sanctioning the Driftwood liquified natural gas project and is ascribing value to future project phases given the "strong demand" for U.S. LNG.
- JPMorgan analyst Steven Alexopoulos upgraded Comerica (CMA) to Overweight from Neutral with a price target of $115, up from $108. JPMorgan now expects seven total rate hikes by the end of 2022 from the Federal Reserve and an additional three rate hikes in 2023, for a total of ten rate hikes by the end of 2023, Alexopoulos tells investors in a research note. Goldman Sachs analyst Ryan Nash also upgraded Comerica to Neutral from Sell with a price target of $112, up from $102.
- Stifel analyst Derrick Whitfield upgraded Centennial Resource Development (CDEV) to Buy from Hold with a price target of $11.20, up from $8.40. The analyst cites Stifel's new commodity price forecast and the company's strong free cash flow outlook for the upgrade.
Top 5 Downgrades:
- Goldman Sachs analyst Rod Hall downgraded Dell Technologies (DELL) to Neutral from Buy with a price target of $61, down from $68. The analyst also removed the shares from Goldman's Americas Convictions List. Hall continues to believe Dell remains inexpensive compared to its peers, but he sees increasing fundamental headwinds "hindering this value unlock."
- Stifel analyst Scott Devitt downgraded Poshmark (POSH) to Hold from Buy with a price target of $15, down from $19. While the analyst believes the company has "several attractive assets," he sees "numerous growth challenges" for the company relative to other eCommerce ideas.
- H.C. Wainwright analyst Edward White downgraded Silverback Therapeutics (SBTX) to Neutral from Buy without a price target. The company announced it has discontinued the development of SBT6050, its lead product candidate comprised of a TLR8 linker-payload conjugated to a HER2-directed monoclonal antibody targeting Nectin4, White tells investors in a research note. Silverback was also downgraded at Stifel, SVB Leerink and JonesTrading.
- Barclays analyst Adrienne Yih downgraded Gap (GPS) to Underweight from Equal Weight with a price target of $13, down from $17. The analyst downgraded the retail sector to Neutral citing dollar inventory risk from cost inflation, unit inventory risk from earlier receipts and more weeks of supply, and pass through pricing risk from locking in peak inflationary costs well ahead of unknown demand. Yih also downgraded Wayfair (W) to Underweight from Equal Weight with a price target of $103, down from $123.
- Wells Fargo analyst Michael Turrin downgraded Blend Labs (BLND) to Equal Weight from Overweight with a price target of $5, down from $11. Shares have lagged since the company went public in July 2021 as a series of both macro-influenced and company-specific growing pains have surfaced, including a depressed outlook for mortgage volumes, last year's acquisition of Title 365, which brings significant near-term noise/complexity to the model, and muted results in its first series of earnings reports as a public company, Turrin tells investors in a research note. Piper Sandler analyst Arvind Ramnani also downgraded Blend Labs to Neutral from Overweight with a price target of $5.50, down from $10, while Canaccord analyst Joseph Vafi downgraded Blend Labs to Hold from Buy with a price target of $5, down from $28,
Top 5 Initiations:
- Oppenheimer analyst Mark Breidenbach initiated coverage of Immuneering (IMRX) with an Outperform rating and $25 price target. Immuneering is differentiated from the pack in the RAS/MAPK inhibitor space by its proprietary, AI-driven drug discovery engine while its lead program, IMM-1-104, has been "rationally designed to overcome a key resistance mechanism in cancer cells while minimizing collateral damage to healthy tissues," Breidenbach tells investors.
- Stephens analyst Vincent Caintic initiated coverage of Upstart (UPST) with an Equal Weight rating and $124 price target. His view on Upstart is "cautious" and his target reflects a "Sum Of The Funding Parts" analysis where he values bank funding highest and values institutional investor securitizations lowest, Caintic tells investors.
- Summit Insights analyst Srini Nandury initiated coverage of Check Point (CHKP) with a Buy rating and $160 price target. The company is a solid defensive stock for an elevated security spending environment amidst a rising interest rate environment, the analyst tells investors in a research note.
- JPMorgan analyst Philip Cusick reinstated coverage of Paramount (PARA) with a Neutral rating and $42 price target following a period of restriction. The steady growth in subscribers does not come without significant investment, as Paramount+ continues to ramp on both content and new market launches, Cusick tells investors in a research note.
- Stifel analyst Andrew Partheniou initiated coverage of Awakn Life Sciences (AWKNF) with a Speculative Buy rating and C$8 price target. The psychedelic space in the biotech industry has been "challenging" and shares are "not far off all-time lows," noted Partheniou, who views this environment as favorable to long-term investors who can pick "among the best candidates," such as Awakn, at a de-risked entry point.
Symbols:
WYNN DELL IMRX POSH VRT BLND UPST GPS TELL CMA CHKP PARA AWKNF SBTX W - $110.75 /
-10.75 (-8.85%)
Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street