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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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Rosenblatt upgraded Cisco (CSCO) to Buy from Neutral with a price target of $80, up from $66. In Q2, Cisco increased revenues 9% year-over-year to $14.0B and produced EPS of 94c, exceeding consensus on each, notes the firm, which argues that Cisco deserves multiple expansion due to growth in software subscriptions and as AI becomes a larger driver of total business.
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Leerink upgraded CVS Health (CVS) to Outperform from Market Perform with a price target of $75, up from $55. The firm views the reward as "positively skewed on a risk-adjusted basis" given that CVS is seeing the "important stabilization signs we've been waiting for" on Aetna and healthcare benefits.
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KeyBanc upgraded HubSpot (HUBS) to Overweight from Sector Weight with a $920 price target. With the potential negative catalyst of the 2025 guidance out of the way, the setup for the remainder of the year "looks really favorable for numbers," the firm tells investors in a research note.
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Wells Fargo upgraded Jazz Pharmaceuticals (JAZZ) to Overweight from Equal Weight with a price target of $170, up from $130. The recent IP settlement on the $1B Epidiolex franchise derisks the company's long-term financials, the firm tells investors in a research note.
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Barclays upgraded DuPont (DD) to Equal Weight from Underweight with a price target of $89, up from $85. The firm says better electronics growth, a shorter spin timeline, reduced separation costs, and sum-of-the-parts upside potential are all positive developments for the DuPont investment thesis.
Top 5 Downgrades:
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Gordon Haskett downgraded Target (TGT) to Hold from Buy with a price target of $135, down from $145. While it remains to be seen how holiday 2024 played out for many in retail, on the surface Target's 2.0% same-store sales Holiday-9 update suggests it is losing market share to peers, the firm tells investors. Gordon also downgraded Macy's (M) to Accumulate from Buy with a price target of $16, down from $20.
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Evercore ISI downgraded Trade Desk (TTD) to In Line from Outperform with a price target of $90, down from $135. The firm "materially" reduced estimates following the company's "miss and lower" Q4 earnings results.
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Argus downgraded Restaurant Brands (QSR) to Hold from Buy. The company's Q4 earnings topped estimates, but the firm is concerned about its rising overall costs and the widening gap between meals away from home and groceries, which has hurt results.
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BofA downgraded Kraft Heinz (KHC) to Underperform from Buy with a price target of $30, down from $36, following Q4 results and a "disappointing" initial FY25 outlook. Citi also downgraded Kraft Heinz to Neutral from Buy with a price target of $28, down from $34.
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BTIG downgraded General Dynamics (GD) to Neutral from Buy with no price target. 2025 is "shaping up to be another lackluster year" as continued regulatory and supply chain headwinds could continue to hamper Gulfstream growth, which has driven much of the near-term growth story, the firm tells investors.