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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KeyBanc upgraded DoorDash (DASH) from Sector Weight to Overweight with a price target of $177. The company emerged from its third quarter mobility and delivery survey with increased confidence that DoorDash is gaining traction in its core and emerging verticals, which should sustain gross order volume growth of more than 15% and EBITDA of $3.5 billion by 2026, or 6% above consensus. .
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Morgan Stanley has undergone an upgrade AutoNatie (AN) to Overweight from Equal Weight with a $200 price target, up from $145. The company believes its previous latent concerns about the franchise dealer business model have been “largely allayed” and now sees greater risks in other parts of its US auto coverage.
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Barclays upgraded HP Enterprise (HPE) from Overweight of Equal Weight with a $24 price target, up $20. The company is confident that the company will continue to grow its artificial intelligence server revenues and improve storage, and is pleased with the growth resulting from the Juniper Networks (JNPR) deal.
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Wells Fargo upgraded Baker Hughes (BKR) to Overweight from Equal Weight with a price target of $42, up from $40, as part of a broader Energy Services research note. The company is increasing the multiple for the Industrial & Energy Technology segment, IET, reflecting better prospects and valuation opportunities for this diversified segment, which helps offset the lower multiple for the Oilfield Services & Equipment segment, OFSE, which are ‘muted views’ reflects for this company that is consistent with its peers.
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JP Morgan has upgraded Petrobras (PBR) to Overweight from Neutral with a $19 price target, up from $16.50. The company cites the company’s “supportive” free cash flow and “short” valuation for the upgrade.
Top 5 downgrades:
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Morgan Stanley lowered the rating Rivian car industry (RIVN) to Equal Weight from Overweight with a $13 price target, down from $16. The company believes that Rivian’s ability to drive competitive computing advances in a financially sensible manner is limited.
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Morgan Stanley lowered the rating General engines (GM) to Underweight from Equal Weight with a price target of $42, down from $47, and Ford (F) from overweight to equal weight with a price target of $12, down from $16. Morgan Stanley cites expectations of greater market share losses through the end of the decade, price/mix headwinds and China risk for both Ford and GM’s downgrades.
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William Blair has downgraded his rating Global payments (GPN) to Market Perform from Outperform without price target after the investor day. The company’s trading business faces structural competitive challenges that hinder the acceleration of long-term organic revenue growth, the company told investors in a research note. Seaport Research and BTIG also downgraded Global Payments to Neutral following the company’s investor day.
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TD Cowen has lowered its rating Expedia.com (EXPE) to Hold from Buy with a price target of $150, up from $130. The company said the recovery from Expedia’s weak business-to-consumer business, which has led to cuts over the past three quarters, may take longer than expected.
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Piper Sandler has downgraded its rating Tyson Food (TSN) to Underweight from Neutral with a $50 price target, down from $57. The company sees more downside risks that don’t appear to be priced into the stock.
