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Qualcomm reinstated, Arista upgraded: Wall Street's top analyst calls

1 day ago

The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

  • Rosenblatt upgraded Arista Networks (ANET) to Neutral from Sell with an $85 price target, arguing that the firm’s sell thesis has played out. The firm now finds shares to be “more compelling than before.”

  • BofA upgraded Upstart (UPST) to Neutral from Underperform with an unchanged price target of $53. Shares are down 45% since the company reported Q4 earnings in mid-February, notes the firm, which now thinks the risk-reward is more balanced at current levels.

  • UBS upgraded Crane (CR) to Buy from Neutral with a price target of $190, up from $157. Following Monday’s Q1 update, the firm is increasingly confident in Crane’s long-term earnings outlook and acquisition opportunity.

  • BofA upgraded Diamondback Energy (FANG) to Buy from Neutral with a price target of $170, down from $202. The firm believes Diamondback has an edge over ConocoPhillips (COP) and EOG Resources (EOG) in its lower dividend break even and higher debt-adjusted free cash flow yield.

  • BofA upgraded Chord Energy (CHRD) to Buy from Neutral with a price target of $114, down from $125. The firm is pricing at the low end of its new base case range that assumes 80% of the development program is extended laterals by 2027, lowering its sustaining capex estimate by $100M to $1.3B and providing an $8 tailwind to its valuation.

Top 5 Downgrades:

  • Stephens downgraded Saia (SAIA) to Equal Weight from Overweight with a price target of $255, down from $515. The firm says softer March shipments and yields drove an operating ratio miss in Q1.

  • BofA downgraded ConocoPhillips (COP) to Neutral from Buy with a price target of $107, down from $138. The firm believes Diamondback Energy (FANG) has an edge over ConocoPhillips and EOG Resources (EOG) in its lower dividend break even and higher debt-adjusted free cash flow yield, the analyst tells investors.

  • TD Cowen downgraded Hims & Hers (HIMS) to Hold from Buy with a price target of $30, down from $44. The shares could be range-bound with weight loss drugs no longer in shortage, the firm tells investors in a research note.

  • JPMorgan downgraded Icon (ICLR) to Neutral from Overweight with a price target of $150, down from $265. The firm cites limited visibility in the near-term end market improvement heading into Q1 earnings for the downgrade.

  • Stifel downgraded Builders FirstSource (BLDR) to Hold from Buy with a price target of $125, down from $156. The firm says the depth and duration of the current trough is not fully appreciated by consensus estimates, with the Q1 update unlikely to alleviate uncertainty weighing on the shares.

  • BTIG downgraded InMode (INMD) to Neutral from Buy without a price target following the Q1 report. InMode continues to face a challenging market environment within the higher end of medical aesthetics, the firm tells investors in a research note.