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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 Steel Dynamics (STLD) to Peer Perform from Underperform and removed the firm's prior $106 price target. The upgrade reflects "tariff-juiced results" in 2025 and better free cash flow in 2026, the firm tells investors.
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Jefferies upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $48, up from $40. The firm is upgrading Freeport-McMoRan back to Buy due to encouraging recent updates regarding Indonesia as well as the potential significant benefit to the company from tariffs on U.S. copper imports.
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Northland upgraded Nutanix (NTNX) to Outperform from Market Perform with a price target of $97, up from $77. January quarter incremental ARR being "impressively" up 27% year-over-year signals that ARR growth is likely inflecting up and April quarter guidance that was "healthily above consensus" is pointing toward ARR growth likely inflecting up as well, the firm tells investors in a post-earnings note.
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DA Davidson upgraded Sterling Infrastructure (STRL) to Buy from Neutral with an unchanged price target of $185. The firm views the recent pullback in the shares as a buying opportunity.
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B. Riley upgraded Madrigal Pharmaceuticals (MDGL) to Buy from Neutral with a price target of $422, up from $236. The firm notes the erosion of three key pillars to the prior cautious outlook, including Rezdiffra script volume growth within pre-cirrhotic metabolic dysfunction-associated steatohepatitis patients indication, expansion prospects within cirrhotic via the MAESTRO-MASH Outcomes trial data availability in 2027, the firm tells investors in a research note.
Top 5 Downgrades:
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Summit Insights downgraded Nvidia (NVDA) to Hold from Buy. The stock should continue to outperform consensus expectation based on current market demand, supply chain checks and product leadership, but the risk-reward on the stock is no longer favorable due to persistent high whispers numbers and rumor of entry into the PC Client MPU market, the firm tells investors in a research note.
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Morgan Stanley downgraded Constellation Brands (STZ) to Equal Weight from Overweight with a price target of $202, down from $220. Given pressure from health/wellness, less younger age alcohol consumption than in prior generations, cannabis, competition, a more mature Constellation brand portfolio and muted category growth, the firm has increased concern over long-term beer growth.
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Keefe Bruyette downgraded Goldman Sachs (GS) to Market Perform from Outperform with a price target of $660, down from $690. The firm cites the stock's "elevated valuation" and a more balanced risk/reward for the downgrade.
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Raymond James downgraded Ibotta (IBTA) to Market Perform from Outperform without a price target following the Q4 report. The print "missed targets across the board, with a significantly weaker" Q1 outlook, the firm tells investors in a research note. Citi also downgraded Ibotta to Neutral from Buy with a price target of $44, down from $82.
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KeyBanc downgraded AvidXchange (AVDX) to Sector Weight from Overweight without a price target. The company's fiscal 2025 guidance "was a disappointment top to bottom" as macro challenges and a softer 2024 exit rate of customer additions are folded into the outlook, adding "further scrutiny" to the AvidXchange growth algorithm, the firm tells investors in a research note.