Netflix upgrade, Electronic Arts downgrade and Bill.com 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:
- Evercore ISI analyst Mark Mahaney upgraded Netflix (NFLX) to Outperform from In Line with a price target of $300, up from $245. The company's advertising supported tier and password sharing revenue opportunities constitute catalysts that can drive a "material reacceleration" in revenue growth, Mahaney told investors in a research note.
- Atlantic Equities analyst Kunaal Malde upgraded Activision Blizzard (ATVI) to Overweight from Neutral with a price target of $84, down from $95. The analyst views the stock's risk/reward as positive given the "substantial upside" if the Microsoft (MSFT) acquisition is approved and "much more limited downside" if the deal does not complete.
- Wedbush analyst Tom Nikic upgraded Deckers Brands (DECK) to Outperform from Neutral with a price target of $410, up from $320. The analyst also added Deckers Brands to the Wedbush Best Ideas List.
- Credit Suisse analyst Benjamin Chaiken upgraded Wynn Resorts (WYNN) to Outperform from Neutral with a $117 price target. At current levels, the analyst thinks Wynn is one of the more compelling stories in gaming.
- Jefferies analyst Ashley Helgans upgraded Nordstrom (JWN) to Buy from Hold with a price target of $24, up from $21, after assuming coverage of the name. The analyst believes the market is already pricing in lower estimates versus consensus for the department stores.
Top 5 Downgrades:
- Atlantic Equities analyst Kunaal Malde downgraded Electronic Arts (EA) to Neutral from Overweight with a price target of $130, down from $140. The analyst believes the shares are fairly valued and said that he currently prefers Activision Blizzard.
- Jefferies analyst Ashley Helgans downgraded Kohl's (KSS) to Hold from Buy with a price target of $29, down from $40, after taking over coverage of the name. The analyst would like to see Kohl's sales trend and margins stabilize before becoming more constructive.
- Jefferies analyst Joseph Gallo downgraded IronNet (IRNT) to Underperform from Hold with a price target of $1, down from $2.25. The company's annual recurring revenue declined quarter-over-quarter for the fourth time in six quarters and two key executives resigned amid the announcement of a 35% workforce restructuring, Gallo told investors in a research note. BTIG analyst Gray Powell also downgraded IronNet to Sell from Neutral with a $0.15 price target.
- Credit Suisse analyst Dominic Lunn downgraded AstraZeneca (AZN) to Neutral from Outperform with a 11,000 GBp price target. The analyst noted that while AstraZeneca continues to score well in his PharmaValues 2023 Strategic Analysis, following strong year-to-date stock price performance, EV/NPV valuation is less attractive.
- Credit Suisse analyst Dominic Lunn downgraded Novartis (NVS) to Underperform from Neutral with a price target of CHF 78, down from CHF 88. Lunn noted that Novartis scores poorly in PharmaValues 2023 Strategic Conclusions, ranking second-last amongst EU Majors for branded pharma growth due to its high generic risk exposure and worst sales growth to 2025 versus its EU Major peers.
Top 5 Initiations:
- Susquehanna analyst James Friedman initiated coverage of Bill.com (BILL) with a Positive rating and $190 price target. The analyst likes the company's long-term prospects to expand its customer base, grow TPV, and increase its take rate materially.
- Jefferies analyst Joseph Gallo initiated coverage of Zscaler (ZS) with a Hold rating and $200 price target. The analyst views the shares as fairly priced, with appreciation driven by upside that is likely to be "more muted than prior years."
- Jefferies analyst Joseph Gallo initiated coverage of Fortinet (FTNT) with a Buy rating and $65 price target. The company "represents a rare blend" of growth and GAAP profitability as it continues to execute on its vision of converged security and networking, Gallo told investors in a research note.
- Jefferies analyst Joseph Gallo initiated coverage of Okta (OKTA) with a Buy rating and $90 price target. The stock's 73% decline year-to-date on "myriad issues," including the cyber incident, macro environment and sales integration, is an "overcorrection," Gallo told investors in a research note.
- Jefferies analyst Joseph Gallo assumed coverage of Palo Alto Networks (PANW) with a Buy rating and $220 price target after taking over primary coverage of the name. Palo Alto's recent results "appear immune to macro" as it has accelerated billings growth three straight quarters, Gallo said.
Symbols:
NFLX - $236.00 /
+11.695 (+5.21%)
ATVI MSFT DECK WYNN JWN EA KSS IRNT AZN NVS BILL - $163.00 /
+0.065 (+0.04%)
ZS FTNT OKTA PANW Keywords: analyst, analyst calls, upgrades, downgrades, initiations, research, wall street