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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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Wolfe Research upgraded Netflix (NFLX) to Outperform from Peer Perform with a $1,100 price target following the Q4 earnings report. The company's "superior scale" led to accelerating financial returns and expanding potential to capture the long-term total addressable market, the firm tells investors in a research note.
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KeyBanc upgraded Boot Barn (BOOT) to Overweight from Sector Weight with a $190 price target. The firm cites the company's "encouraging" fiscal Q3 preannouncement and recent track record of execution for the upgrade.
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KeyBanc upgraded Revolve Group (RVLV) to Overweight from Sector Weight with a $37 price target ahead of the Q4 results. The company has returned to sales growth and EBITDA margin expansion amid a growing consumer base, the firm tells investors in a research note.
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Piper Sandler upgraded Aptiv (APTV) to Neutral from Underweight with a price target of $65, up from $53, after the company announced its intention to spin off its Electrical Distribution Systems business, thereby creating two separate, publicly-traded companies.
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Morgan Stanley upgraded Logitech (LOGI) to Equal Weight from Underweight with a price target of $92, up from $73. The firm says the consensus long-term growth expectations for Logitech have converged closer to its numbers while the stock has de-rated.
Top 5 Downgrades:
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BofA downgraded Electronic Arts (EA) to Neutral from Buy with a price target of $130, down from $170. The firm is no longer confident that EA can gain enough share of player engagement and spending to drive "meaningful growth in a struggling PC/Console game industry" without football as a main growth engine. BMO Capital also downgraded Electronic Arts to Market Perform from Outperform with a price target of $145, down from $160, while Raymond James cut the stock to Market Perform from Outperform without a price target.
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Goldman Sachs double-downgraded Veeva (VEEV) to Sell from Buy with a price target of $200, down from $261. The firm continues to view Veeva as significantly entrenched in its core Life Sciences customer base, with potential for cross sell over the next decade, though it also sees medium-term risks to the Street and Veeva's 2030 targets.
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Piper Sandler downgraded Boston Beer (SAM) to Neutral from Overweight with a price target of $275, down from $370. The firm updated its model for a diminished outlook on Hard Mtn Dew, which was expected to ramp up more quickly, and slower than expected sales growth on Twisted Tea.
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Jefferies downgraded Dentsply Sirona (XRAY) to Hold from Buy with a price target of $20, down from $30. The firm says that in addition to macro concerns, Dentsply has a number of company-specific issues, such as Byte and the regulatory investigation, that will keep the shares range-bound.
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JPMorgan downgraded Acushnet Holdings (GOLF) to Underweight from Neutral with a price target of $64, down from $69. The firm reduced fiscal 2025 revenue expectations and sees share downside.