The most talked-about and market-moving research calls around Wall Street are now in one place. Here are today’s research calls investors need to know, compiled by The Fly.
Top 5 upgrades:
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UBS has upgraded DocuSign (DOCU) from Sell to Neutral with a price target of $62 (previously $48). The shares are now fairly valued, the analyst told investors in a research note.
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Raymond James has upgraded GitLab (GTLB) is expected to outperform the market with a price target of $70. The analyst expects GitLab’s year-over-year growth rate to reach or exceed 30% during fiscal 2025.
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Wolfe Research updated Mobileye (MBLY) will outperform Peer Perform with a price target of $41. The analyst sees limited risk to Street’s near-term estimates and expects the company’s advantages in supervision and chauffeur services to become more apparent over the next 6 to 12 months.
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Williams Trading upgraded last night Boot Barn (BOOT) to Buy from Hold with a price target of $113, up from $80. The company says “Cowboy Carter,” Beyoncé’s new album, is providing the positive same-store sales catalyst it needed.
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Mizuho has been updated Ecolab (ECL) to Buy at Neutral with a price target of $260 (previously $216). The analyst has become more confident that the company “appears to have returned to its historic hit-and-raise visibility.”
Top 5 downgrades:
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JPMorgan was downgraded Corteva (CTVA) from Overweight to Neutral with a price target of $57 (previously $58). The analyst says 2024 will likely start slowly for Corteva as mining of plant chemicals continues in South America and Europe.
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Rosenblatt was demoted Arista Networks (ANET) to Sell to Buy with a price target of $210. The stock is trading at its current value because most people believe Arista will be a big AI beneficiary, but the company believes that while Ethernet is “a long-term successful technology,” Arista may not benefit as much , as would be needed to support AI current stock price or higher, the analyst tells investors.
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Exane BNP Paribas downgraded VF Corp. (VFC) from Outperform to Neutral with a price target of $14 (previously $18). The company is “currently in a difficult position,” the analyst told investors in a research note.
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Stifel demoted Hospitality in sight (TH) is choosing “Hold” over “Buy” with a price target of $12 (up from $13) after Arrow Holdings and TDR Capital recently made a bid to take the company private. While the company expects a slightly higher offer may be required to win approval from Target Hospitality’s board, it does not expect an outside bidder to emerge.
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Zelman was demoted DR Horton (DHI) from Outperform to Neutral with a price target of $156.
Top 5 initiations:
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Citi has begun reporting Respect (CIEN) with a Sell rating and a $44 price target. The analyst likes Ciena’s established leadership position in the optical transport market, particularly in connecting data centers, but says the benefits of artificial intelligence network traffic are years away.
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Citi resumed reporting on the matter Cisco (CSCO) with a neutral rating and a $52 price target. The analyst also opened a “90-day positive catalyst watch” on the shares. While estimates for the next two quarters are expected to decline due to a continued inventory correction and Splunk’s impact, the stock’s value is expected to rise modestly as the company benefits from Stage 2 artificial intelligence-related network demand from sovereign states and cloud providers benefits, the analyst tells investors in a research note.
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Janney Montgomery Scott initiated reporting on First solar (FSLR) with a Buy rating and an estimated fair value of $236. The utility solar module business is oversold with a backlog of more than $23 billion through 2026, providing a “unique level of long-term certainty” and insulating the company from ongoing challenges related to project cancellations that unfold in 2024-2025 will impact the domestic energy supply landscape, the analyst tells investors.
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Stephens resumed reporting on Wing stop (WING) with an Overweight rating and a price target of $425. The company notes that Wingstop is “one of the few publicly traded restaurant names to deliver consistent same-store sales growth” while providing investors with targeted exposure to the chicken mega-trend, and believes the company “perhaps offers the most unique and attractive growth.” “is making history,” the analyst tells investors.
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Stephens resumed reporting on Chipotle (CMG) with an Equal-Weight rating and a price target of $3,010. The company differentiates itself from its fast-casual dining competitors through best-in-class execution and offers impressive unit economics in its company-owned stores coupled with a growing digital offering, the analyst tells investors in a research note.