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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:
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Morgan Stanley upgraded Alibaba (BABA) to Overweight from Equal Weight with a price target of $180, up from $100. The firm forecasts Alibaba's cloud revenue will double in three years, and values AliCloud at $100 per share under a "high-end scenario."
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Jefferies upgraded Nike (NKE) to Buy from Hold with a price target of $115, up from $75. The company's new CEO is tackling product and distribution issues "head-on, positioning the brand to again outgrow the market and take back lost share," the firm tells investors in a research note.
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BMO Capital upgraded Block (XYZ) to Outperform from Market Perform with a price target of $89, down from $100. The firm sees an attractive entry point following the post Q4 earnings selloff.
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Guggenheim upgraded Wingstop (WING) to Buy from Neutral with a $280 price target. Despite soft same store sales trends to start 2025, the firm says its appreciation for both the competitive strengths of the business and the sustainability of strong unit growth "gives us the confidence to underwrite a healthy multiple for shares."
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Oppenheimer upgraded BioMarin (BMRN) to Outperform from Perform with a $98 price target. BioMarin reported strong Q4 results, and Oppenheimer has increased confidence in the company's longer-term financial outlook as the newer management team increases operational efficiency, reduces costs, and focuses investment.
Top 5 Downgrades:
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BofA downgraded Rivian Automotive (RIVN) to Underperform from Neutral with a price target of $10, down from $13. Rivian "remains one of the most viable" among the startup electric vehicle original equipment manufacturers and is making progress towards sustainably positive gross margins, but the 2025 outlook was softer than expected and the Volkswagen (VWAGY) partnership is complicating earnings forecasts for at least the next four years, all while competition is increasing and demand for EVs is slowing, the firm tells investors.
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Redburn Atlantic downgraded Lucid Group (LCID) to Sell from Neutral with a price target of $1.13, down from $3.50. The firm's work suggests it may be challenging for Lucid's peers to replicate the efficiency of its vehicles before 2030, but says the company's resultant cost advantage requires volumes to build sharply once the mid-sized platform is launched in the second half of 2026.
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Mizuho downgraded Intra-Cellular (ITCI) to Neutral from Outperform with a price target of $132, down from $140, after Johnson & Johnson (JNJ) agreed to acquire all of the company's outstanding shares for $132 in cash.
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Morgan Stanley downgraded Boyd Gaming (BYD) to Equal Weight from Overweight with a price target of $81, down from $82. The firm says its thesis has played out over the past two quarters as the stock has re-rated, and sees a more balanced risk/reward from here.
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Goldman Sachs downgraded Conagra Brands (CAG) to Neutral from Buy with a price target of $26, down from $33. After a second operational issue in six months from a supply constraint issue, the path of improvement for Conagra "has been elongated with less visibility," the firm tells investors in a research note.