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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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Barclays upgraded HubSpot (HUBS) to Overweight from Equal Weight with an unchanged price target of $815. The firm cites the company's near-term benefit from a price increase, new core customer ramp, and easier compares for the upgrade.
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Loop Capital upgraded Crocs (CROX) to Buy from Hold with an unchanged price target of $110. The stock's valuation is attractive, and management "sounded on plan" at Loop's conference this week, the firm tells investors in a research note.
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Rosenblatt upgraded Rubrik (RBRK) to Buy from Neutral with a $77 price target ahead of the company reporting Q4 on March 13. The firm expects in-line to marginally better results in Q4 and notes that since the firm's initiation report on December 16 the stock has declined about 25%.
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Evercore ISI upgraded Capital One (COF) to Outperform from In Line with an unchanged price target of $200. The firm believes the stock's valuation does not fully discount the company's long-term upside to earnings and returns driven by the combined Capital One/Discover (DFS) franchise.
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KeyBanc upgraded Eaton (ETN) to Overweight from Sector Weight with a $340 price target following the investor day. The recent pullback in the shares provides a "unique entry point" into one of the "highest-quality names" in the sector, the firm tells investors in a research note.
Top 5 Downgrades:
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Jefferies downgraded PepsiCo (PEP) to Hold from Buy with a price target of $170, down from $171. The stock offers limited upside after rallying 7% from the January lows, the firm tells investors in a research note.
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Daiwa downgraded HP Enterprise (HPE) to Neutral from Outperform with a price target of $16, down from $25, following the company's Q1 report on March 6. The year is "starting with many issues" and Dell (DELL) and NetApp (NTAP) also saw choppiness in January, says the firm, which calls "the most materiel concern" whether President Trump will push the economy into a recession and higher inflation due to tariffs.
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Wolfe Research downgraded Verizon (VZ) to Peer Perform from Outperform after the company's investor presentation at the Deutsche Bank Conference. Verizon's cash flow looks solid, but its new outlook adds to concerns about the cost of maintaining the largest and highest priced mobile network, the firm says.
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Wedbush downgraded Arvinas (ARVN) to Neutral from Outperform with a price target of $12, down from $57, after the company reported topline VERITAC-2 data in patients with ER+/HER2- breast cancer previously treated with CKD4/6 inhibitors plus endocrine therapy. Vepdeg demonstrated a statistically significant improvement in PFS in the ESR1 mutant population compared to patients treated with fulvenstrant, but did not meet statistically significant improvement in PFS in the ITT, Wedbush notes.
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Jefferies downgraded Sunrun (RUN) to Hold from Buy with a price target of $8, down from $14. The firm says the lack of recovery in residential solar coupled with persistent Inflation Reduction Act uncertainty make it difficult to underwrite any share outperformance in the residential solar group, even a "best in class" stock like Sunrun.