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:
Wells Fargo upgraded Alphabet (GOOGL) to Overweight from Equal Weight with a price target of $387, up from $354. The company has a leadership position in the “three key traits” of an AI winner, namely customer data, distribution, and compute capacity, the firm tells investors in a research note.
Aletheia upgraded Nvidia (NVDA) to Buy from Hold with a $250 price target. The firm views the stock as “too cheap to ignore” into Nvidia’s Q4 report, which it expects to top expectations.
Lake Street upgraded Tandem Diabetes (TNDM) to Buy from Hold with a price target of $50, up from $14. The firm believes Tandem’s transition to a pharmacy model will result in more predictable growth, improved margins, and meaningful free cash flow.
UBS upgraded BlackRock (BLK) to Buy from Neutral with a $1,280 price target. The upgrade is supported by strong Q4 results, positive commentary at the UBS Financials conference, and a solid start to Q1 flows, the firm tells investors in a research note.
Baird upgraded Henry Schein (HSIC) to Outperform from Neutral with a price target of $100, up from $78. The firm believes the bias across its dental names remains to the upside.
Top 5 Downgrades:
Jefferies downgraded Workday (WDAY) to Hold from Buy with a price target of $150, down from $325. The firm says the apps software names have been hit harder than overall software. Jefferies also downgraded DocuSign (DOCU) and Monday.com (MNDY) to Hold from Buy.
BofA downgraded General Mills (GIS) to Neutral from Buy with a price target of $48, down from $55, following the CAGNY conference. The firm’s prior Buy thesis was predicated on a re-acceleration in Pet and stabilization in North America Retail, but “that has gone stale,” it tells investors.
Baird downgraded Arcellx (ACLX) to Neutral from Outperform with a price target of $115, up from $106, after Gilead Sciences (GILD) announced that it has entered into a definitive agreement to acquire the company for $115 per share in cash at closing and one contingent value right of $5 per share, which represents an implied equity value of $7.8B payable at closing. Wells Fargo, Truist, and Canaccord also downgraded the stock to Neutral-equivalent ratings.
JPMorgan downgraded VF Corp. (VFC) to Underweight from Neutral with a price target of $18, down from $19. The firm downgraded the shares after reducing its fecal 2027 and 2028 earnings estimates below consensus.
Jefferies downgraded Deere (DE) to Underperform from Hold with a price target of $550, up from $475. The firm says that while the agriculture cycle should trough this year, a recovery will require an improvement in U.S. farmer incomes with crop prices the key driver.
