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Check out today's top analyst calls from around Wall Street:
Top 5 Upgrades:
- Needham upgraded Salesforce (CRM) to Buy from Hold with a $230 price target. The firm’s long time neutral stance on Salesforce had been about the lack of efficiencies driving poor margins and lower than expected free cash flow growth, but its initial 2024 outlook for 27% operating margin guidance implies 450 basis points of leverage, the firm said. [Read more]
- TD Cowen upgraded Okta (OKTA) to Outperform from Market Perform with a price target of $100, up from $70. The company reported "strong" Q4 results and improved fiscal 2024 guidance, the firm notes. [Read more]
- Morgan Stanley upgraded Pinduoduo (PDD) to Overweight from Equal Weight with a price target of $113, up from $77. The company will benefit from the "long-term consumption trend” given its low-price user mind-share and its expansion of branded product coverage, the firm says. [Read more]
- Janney Montgomery Scott upgraded Bank of Marin (BMRC) to Buy from Neutral with an unchanged fair value estimate of $35 per share. The stock is down about 7% on above average daily trading volume since the bank reported "consensus beating" Q4 EPS in late January, noted the firm, which sees the opportunity for "a near-term catalyst." [Read more]
- Atlantic Equities upgraded MarketAxess (MKTX) to Overweight from Neutral with a price target of $403, up from $321. While the shares are "richly valued by any standard," the company is close to reaching an inflection point that is likely to lead to rapid revenue growth acceleration, stronger than expected operating leverage, and "very strong" earnings growth, the firm argues. [Read more]
Top 5 Downgrades:
- JPMorgan downgraded Dollar Tree (DLTR) to Neutral from Overweight with a price target of $150, down from $160. The firm also removed the shares from the firm's Analyst Focus List. [Read more]
- Odeon Capital downgraded Capital One (COF) to Sell from Hold with a $94.20 price target. Capital One "is a great company, but even great companies cannot deal with cyclical and secular changes in their industries when those changes are negative," the firm says. [Read more]
- Canaccord downgraded Silvergate Capital (SI) to Hold from Buy with a price target of $9, down from $25, after the company said its annual filing will be late and disclosed subsequent events that look to have transpired in late January and the month of February. [Read more] JPMorgan also downgraded Silvergate Capital to Underweight from Neutral. [Read more]
- Raymond James downgraded ON Semiconductor (ON) to Market Perform from Outperform without a price target, citing valuation and noting that the move is not a call on business conditions or the company's long term growth strategy. [Read more]
- JPMorgan downgraded Axon (AXON) to Neutral from Overweight with a $224 price target. The firm cites valuation for the downgrade and remains positive on the name longer term. [Read more]
Top 5 Initiations:
- Raymond James resumed coverage of Nvidia (NVDA) with a Strong Buy rating and $290 price target, calling the company the "undisputed leader in AI/ML" with "arguably the best autonomous driving solutions." [Read more] The firm also resumed coverage of AMD (AMD) with a Strong Buy rating and $100 price target. [Read more]
- Raymond James resumed coverage of Intel (INTC) with an Outperform rating and $30 price target. The firm believes the near-term bar is "low enough" and the stock can work as long as margins are moving in the right direction. [Read more] Raymond James also started coverage of Western Digital (WDC) with an Outperform rating and $46 price target. [Read more]
- Raymond James resumed coverage of Qorvo (QRVO) with an Outperform rating and $120 price target. The firm says the company is a play on the mid-end 5G transition and potential China smartphone recovery. [Read more] Raymond James also resumed coverage of Micron (MU) with an Outperform rating and $70 price target. [Read more]
- Raymond James resumed coverage of Qualcomm (QCOM) with a Market Perform rating and no price target. The company will benefit from a cyclical recovery, but its secular tailwinds are fading, the firm says. [Read more]
- Needham reinstated coverage of Blink Charging (BLNK) with a Hold rating and no price target. While the firm doesn't doubt that there will be growth ahead for U.S. public EV charging infrastructure, it believes that Blink's shifting revenues and "four-pronged business model" creates uncertainty given the recent growth in direct hardware sales. [Read more]
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