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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 Upgrades:
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Raymond James upgraded Progressive (PGR) to Outperform from Market Perform with a $305 price target in conjunction with the firm's 2025 playbook and outlook note for the insurance group. The company's long-term record of growth and value creation "makes it a core holding for large cap growth investors," according to Raymond, which believes the near-term outlook includes "industry leading" policy-in-force growth and better-than-target combined ratios.
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Raymond James upgraded EverQuote (EVER) to Strong Buy from Outperform with an unchanged price target of $35. While the company has produced "solid" results this year, the firm believes the stock's recent performance has been affected by the pending FCC rule change in January 2025 that will impact how websites collect consent when making outbound phone calls to consumers. This one-time reset could depress revenue growth and elevate costs for about 30% of the company's business in the near term, but the demand for the company's leads is expected to be even stronger in 2025/2026 as most personal lines insurance companies rapidly increase advertising budgets, says Raymond.
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H.C. Wainwright upgraded Rapt Therapeutics (RAPT) to Buy from Neutral with a $10 price target after Rapt and a subsidiary of Jiangxi Jemincare Group, a leading pharmaceutical company in China, announced that they have entered into an exclusive license agreement for JYB1904, or RPT904, a clinical-stage, half-life extended anti-immunoglobulin E monoclonal antibody.
Top Downgrade:
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Raymond James downgraded Hagerty (HGTY) to Underperform from Market Perform with no price target in conjunction with the firm's 2025 playbook and outlook note for the insurance group. While the firm continues to view Hagerty as "the premier marketplace for classic and collectible vehicles" and expects the company to generate strong top-line growth in 2025, it notes that shares have been rewarded with a premium valuation.
Top Initiation:
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H.C. Wainwright initiated coverage of Palvella Therapeutics (PVLA) with a Buy rating and $38 price target. The firm believes the key differentiator of QTORIN rapamycin, Palvella's lead product, lies in its unique formulation, which is a topical anhydrous gel that is shelf stable and offers a high dose of drug. With potential total QTORIN rapamycin sales of $80.4M in 2029, growing to $381M by 2034, Wainwright is bullish on Palvella.