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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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Redburn Atlantic upgraded Spotify (SPOT) to Neutral from Sell with a price target of $545, up from $230, after resuming coverage of the name. The firm expects "more to come" from audiobooks and Spotify's super-premium tiering, but it believes the share price already reflects an "optimistic" near-term outlook.
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Baird upgraded Capital One (COF) to Outperform from Neutral with a price target of $200, up from $190. The firm believes the recent weakness in the shares has resulted in an opportunity to "buy a business that should be one of the most profitable risk-adjusted returns in credit sensitive financials over the next several years."
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Citizens JMP upgraded Unity (U) to Outperform from Market Perform with a $30 price target. The firm believes the upcoming launch of Vector represents a "significant catalyst" that can drive share gains of the $100B mobile gaming advertising market.
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Wolfe Research upgraded MSG Entertainment (MSGE) to Outperform from Peer Perform with a $46 price target. The company's high-single-digit sales growth potential and "permanent winner status are deeply undervalued" at current share levels, the firm tells investors in a research note.
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Goldman Sachs upgraded GE HealthCare (GEHC) to Buy from Neutral with a price target of $100, up from $85. The firm's confidence in the outlook for medical equipment spending in China has improved based on its "on-the-ground due diligence."
Top 5 Downgrades:
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Oppenheimer downgraded Freshpet (FRPT) to Perform from Outperform without a price target. The firm says that following the company's "disappointing" guidance at CAGNY Conference, "more subdued" commentary from management lately, and a slowdown to start the year, investors should await signs of sales stabilization "before playing for a potential reacceleration trade."
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Keefe Bruyette downgraded Lennar (LEN) to Market Perform from Outperform with a price target of $141, down from $152. Lennar's valuation is now near parity to its large-cap peers and there are potential downside risks to estimates, the firm says.
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Morgan Stanley downgraded Afya (AFYA) to Underweight from Equal Weight with a price target of $17, down from $19. The Brazil education sector is facing regulatory headwinds and margin constraints, the firm tells investors in a research note.
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Jefferies downgraded Green Plains (GPRE) to Hold from Buy with a price target of $6, down from $14. The firm reduced estimates to reflect likely pressure on the company's ethanol and protein margins.
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Leerink downgraded 2seventy Bio (TSVT) to Market Perform from Outperform with a price target of $5, down from $9, to reflect the pending takeover by Bristol Myers (BMY). The firm does not expect an alternative acquirer will emerge, and thinks the transaction with Bristol will close.