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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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Mizuho upgraded Tesla (TSLA) to Outperform from Neutral with a price target of $515, up from $230. The firm, which believes Tesla's autonomy software stack is improving towards broad commercialization, sees a loosening regulatory framework positioning the autonomous segments for upside.
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Morgan Stanley upgraded Quest Diagnostics (DGX) to Overweight from Equal Weight with a price target of $172, up from $145. The firm sees "incremental clarity" into Quest's medium- and longer-term outlook and growth entering 2025 against the backdrop of a "seemingly lasting robust" utilization environment.
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JPMorgan upgraded Zimmer Biomet (ZBH) to Overweight from Neutral with a price target of $128, up from $125. The firm sees a path to multiple expansion for Zimmer as the company "aims to get back on course following a more mixed" 2024.
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Barclays upgraded Epam Systems (EPAM) and Cognizant (CTSH) to Overweight from Equal Weight with price targets of $95 and $290, up from $80 and $250, respectively. The firm believes the headwinds impacting IT services growth may turn to tailwinds progressing through fiscal 2025, "leading to a thawing of investment dollars."
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BMO Capital upgraded Ecolab (ECL) to Outperform from Market Perform with a price target of $290, up from $279. The firm sees a "solid path" for Ecolab to post double-digit earnings growth in 2025 through 2027 "with a relatively high degree of certainty."
Top 5 Downgrades:
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Jefferies downgraded Match Group (MTCH) to Hold from Buy with a price target of $32, down from $40. Tinder continues to see weak monthly active user trends with new verification requirements potentially adding to headwinds against a "high bar" for a second half of 2025 improvement and user acceleration into 2026, the firm tells investors in a research note.
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JPMorgan downgraded Molina Healthcare (MOH) to Neutral from Overweight with a price target of $350, down from $378, after transfer of analyst coverage. Entering 2025, the firm is "cautiously optimistic" that Medicaid rate updates can narrow the disconnect between rates and utilization and acuity, but sees a more balanced relative risk/reward for Molina Healthcare.
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Loop Capital downgraded Honest Company (HNST) to Hold from Buy with an unchanged $7 price target. The firm notes that following a 120% run in the stock year-to-date, driven by healthy sales growth and profitability and balance sheet improvements, Honest shares have reached the firm's price target.
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Barclays downgraded Marqeta (MQ) to Equal Weight from Overweight with a price target of $4, down from $5. The firm cites regulatory-driven revenue-conversion delays that are set to weigh meaningfully on revenue growth and moderating tailwinds from Marqeta's high growth verticals for the downgrade.
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Morgan Stanley downgraded CommScope (COMM) to Underweight from Equal Weight with an unchanged price target of $5. The firm believes in a telecom spend recovery, but sees it as built into Street estimates for CommScope, limiting share upside.