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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 Carvana (CVNA) to Overweight from Equal Weight with a price target of $280, up from $260. A sharp pullback in the share price presents "a unique opportunity for investors to gain exposure to a leader in auto retail and fleet fulfillment," says the firm, which recent site visit reinforced the company's competitive advantages.
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BTIG upgraded CrowdStrike (CRWD) to Buy from Neutral with a $431 price target. With the July 19, 2024 IT outage now eight months in the "rearview mirror," CrowdStrike "has much better visibility on forecasts," the firm tells investors in a research note.
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BTIG upgraded Capital One (COF) to Buy from Neutral with a $208 price target. If the merger fails between Capital One and Discover (DFS), the firm thinks Capital One shares are worth $208 and the firm's current price target reflects that view. However, if the merger does go through, the firm thinks Capital One shares are worth $427.
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BofA double upgraded Cloudflare (NET) to Buy from Underperform with a price target of $160, up from $60. The firm identifies two catalysts underpinning growth acceleration, namely a differentiated approach to AI and the company gaining momentum in network security, particularly Secure Access Service Edge.
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Raymond James upgraded HealthEquity (HQY) to Strong Buy from Outperform with a price target of $115, down from $120. The firm expects HealthEquity to utilize its share repurchase program to capitalize on the recent weakness.
Top 5 Downgrades:
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BTIG downgraded Ally Financial (ALLY) to Sell from Neutral with a $30 price target. The firm is expecting a guide-down when Ally reports Q1 earnings, and is 32% below consensus on Q1 earnings, primarily from interest income.
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Jefferies double downgraded Opthea (OPT) to Underperform from Buy with a price target of $1, down from $8, after the company announced that its Eylea combo trial failed to meet its primary endpoint. Leerink and H.C. Wainwright also downgraded the stock to Neutral-equivalent ratings.
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Morgan Stanley downgraded Brown & Brown (BRO) to Equal Weight from Overweight with an unchanged price target of $128. The firm says that given Brown & Brown's strong year-to-date price performance, the stock's valuation is now more in-line with its expectations.
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Mizuho downgraded EOG Resources (EOG) to Neutral from Outperform with a price target of $140, down from $148. The firm reduced its net asset value for the shares to reflect lower go-forward cash margins based on the company's 2025 guidance verses 2024 levels when normalized for commodity prices.
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Citi downgraded Azek (AZEK) to Neutral from Buy with a price target of $51.50, down from $61, following James Hardie's (JHX) announced acquisition of the company.