The most talked about and market-moving research calls on Wall Street are now collected in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.
Top 5 upgrades:
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BMO Capital upgraded Kroger (KR) to outperform Market Perform with a $60 price target, up from $58. The stock has retreated on fears of increasing price investments in the sector, but the company believes these are largely supplier-funded with a smaller portion of retail-funded promotions, and believes Kroger’s positioning will benefit the company to continue managing the competitive environment with stable gross margins.
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Goldman Sachs has upgraded STMicroelectronics (STM) from Sell to Neutral with a price target of $45.80, up from $35.50. The company cites the company’s improving demand conditions in several end markets and the company’s underperformance since the beginning of the year versus its benchmark index and comparable intermediates.
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Citi upgraded Sunoco LP (SUN) to buy at Neutral with a $65 price target. After the recent underperformance, which the company says was mainly caused by technical factors, Citi expects a total return of more than 30%.
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Argus upgraded Juniper berry (JNPR) to buy from hold with a $40 price target. The company cites the impending acquisition by HP Enterprise (HPE), but notes that its stance on the deal is “more constructive.”
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Craig-Hallum upgraded QuinStreet (QNST) to Buy from Hold with a $22 price target. The company notes that it has been on the sidelines over the past year, waiting for evidence of a recovery in auto insurance, as well as a leveling out in estimates, but is believes that both are now in force, combined with a recent setback. in equities, have created the right entry point.
Top 5 downgrades:
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Phillip Securities downgraded Apple (AAPL) from Accumulate to Neutral after considering recent price movements, while the company’s price target was raised from $194 to $220.
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Janney Montgomery Scott has lowered his rating First solar energy (FSLR) to Neutral from Buy with an estimated fair value of $260, up from $236. Having recently had the opportunity to catch up with First Solar’s management heading into the quarter end, the company believes its updated valuation construct is “more in line with how the buyside is currently thinking”, adding that it thinks its core profit margin will increase. “It could be more difficult from the current level.”
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JPMorgan downgraded the rating Sports radar (SRAD) from Overweight to Neutral with a $12 price target, down from $13, as another analyst at the company assumed coverage of the stock. The company believes the current valuation “appropriately accounts for a degree of execution risk” given concerns over data rights cost inflation, a CFO transition and the effectiveness of the recent strategic realignment.
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Wells Fargo has downgraded its rating Aerovate Therapeutics (AVTE) to Overweight Equal Weight with a $2 price target, down from $35, following the company’s announcement that AV-101 did not meet its primary endpoint or demonstrate meaningful improvements in the secondary endpoint of change in six-minute walking distance.
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Oppenheimer has lowered his rating Ovidius Therapeutics (OVID) to perform based on better performance. The company notes that Ovid recently reported that partner Takeda (TAK) failed to achieve statistical significance on the primary endpoint in both the pivotal Phase 3 studies of Soticlestat in Dravet syndrome and Lennox-Gastaut syndrome.
Top 5 initiations:
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Argus started reporting on Pilgrim pride (PPC) with a buy rating and a price target of €41. The company is seeing strong demand for chicken at both full-service restaurants and fast-food chains due to beef shortages and expectations that supply will increase in the low single digits over the next five years.
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Deutsche Bank resumed coverage of DigitalBridge (DBRG) with a buy rating with a price target of $17, down from $21. The company calls DigitalBridge “a thematically unique, underappreciated ‘AI’ story” whose fundamentals reflect an “impressive increase” in fee-earning assets under management, or FEEUM, and fee-related revenue, or FRE.
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Cantor Fitzgerald started reporting on it Innovative (INVA) with an Overweight rating. Innoviva has a unique business model consisting of a portfolio of royalties and healthcare assets, including royalties derived from GSK (GSK) respiratory products, a critical care and infectious disease platform known as Innoviva Specialty Therapeutics, and a portfolio of strategic investments in healthcare assets. , the company tells investors in a research note.
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Northland started coverage of Cardlytica (CDLX) with an Outperform rating and a $14 price target. Cardlytics has made significant improvements across the company and the company believes the company is positioned to reaccelerate growth, which the company believes is not reflected by the current share price.
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Alliance Global Partners has begun coverage of Chromocell therapy (CHRO) with a buy rating and a price target of €8.50. Chromocell’s pipeline includes two major non-opioid pain-relieving candidates, CC8464 and CT2000, and the company’s sum-of-parts analysis values CT2000 at $5 per share, CC8464 for idiopathic small fiber neuropathy, or ISFN, at $1.50 per share. and the company’s remaining compounds, underlying technology and cash for $2 per share.
