T-Mobile upgrade, Best Buy downgrade and Opendoor Technologies 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:
- Scotiabank analyst Maher Yaghi upgraded T-Mobile (TMUS) to Outperform from Sector Perform with a price target of $167, up from $153. Yaghi expects T-Mobile to outgrow wireless peers and notes that the company is also seeing significant uptake in fixed wireless and mobile/internet bundling.
- Edward Jones analyst Logan Purk upgraded Qualcomm (QCOM) to Buy from Hold, citing his belief that the stock does not fully reflect the growth outlook for "the industry leader in 5G technology."
- Stifel analyst Christopher Growe upgraded Kraft Heinz (KHC) to Buy from Hold with an unchanged price target of $43. The analyst recommends "taking advantage of some near-term dislocation in the stock" against the backdrop of a "solid and improving operating environment for the business."
- Oppenheimer analyst Timothy Horan upgraded Equinix (EQIX) to Outperform from Perform with a $750 price target. The analyst argued that risks from his original on September 10, 2021 downgrade are now priced in, including inflationary costs, power, supply-chain bottlenecks and higher rates, and having navigated the worst, these headwinds should become tailwinds with increased prices the major one.
- Credit Suisse analyst Maheep Mandloi upgraded Enphase Energy (ENPH) to Outperform from Neutral with a price target of $281, up from $174, post second quarter results. The analyst cited strong execution and IQ8 pricing power for the upgrade.
Top 5 Downgrades:
- R5 Capital analyst Scott Mushkin downgraded Best Buy (BBY) to Sell from Buy with a price target of $62, down from $107, after the company lowered guidance. Jefferies analyst Jonathan Matuszewski also downgraded Best Buy to Hold from Buy with a price target of $71, down from $106.
- Bank of America analyst David Barden downgraded Verizon (VZ) to Neutral from Buy with a price target of $51, down from $64. Verizon made a gamble in 2009 that moving fast to 4G would extend its leadership and it worked, but Verizon "gambled again in the last several years that 5G would give birth to a similar degree of novel consumer and/or business demand [and it] has not," Barden contended.
- Goldman Sachs analyst Nathan Rich double downgraded Align Technology (ALGN) to Sell from Buy with a price target of $250, down from $380, based on reduced estimates and lower target multiples that reflect a more cautious view on Align's long-term growth and margin opportunity.
- Piper Sandler analyst Brent Bracelin downgraded Shopify (SHOP) to Neutral from Overweight with a price target of $32, down from $38. The company's second quarter results point to a "volatile path ahead for post-COVID Shopify" as the company adjusts to e-commerce normalization while balancing internal and external dynamics that complicate the near-term growth and profitability outlook, Bracelin argued.
- Goldman Sachs analyst Cindy Motz downgraded Teladoc Health (TDOC) to Neutral from Buy with a price target of $36, down from $55, following quarterly results.
Top 5 Initiations:
- JPMorgan analyst Dae Lee initiated coverage of Opendoor Technologies (OPEN) with an Overweight rating and $9 price target. The analyst sees a "large and underpenetrated" total addressable market for the company and a "clear path" to $50B revenue with a track record of solid execution.
- Wells Fargo analyst Derek Archila initiated coverage of Incyte (INCY) with an Equal Weight rating and $76 price target. While the analyst expects Incyte's base Jakafi business to perform well in the near-term and Opzelura's launch to gain steam, likely exceeding Street's out-year expectations, based on his survey, he thinks there is limited upside for shares.
- Citi analyst Smedes Rose resumed coverage of Public Storage (PSA) with a Buy rating and $367 price target following the completion of the sale of PSB to Blackstone.
- Morgan Stanley analyst Lauren Schenk initiated coverage of Shutterstock (SSTK) with an Equal Weight rating and $54 price target. The analyst sees risk to medium-term estimates given an "eroding macro backdrop," particularly across the smaller business and advertising backdrop, and has longer-term concerns that rising customer acquisition costs could limit margin upside.
- Barclays analyst Steve Valiquette reinstated coverage of Centene (CNC) with an Overweight rating and $107 price target following second quarter earnings and PANTHERx divestiture closing.
Symbols:
TMUS QCOM KHC EQIX - $681.65 /
+28.96 (+4.44%)
ENPH - $271.40 /
+16.64 (+6.53%)
BBY VZ ALGN SHOP TDOC OPEN INCY PSA SSTK CNC Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street