Wall Street’s top analysts are calling

Tesla Downgraded, Adobe Upgraded: Wall Street's Top Analysts Say

Tesla Downgraded, Adobe Upgraded: Wall Street’s Top Analysts Say

The most talked about and market-moving research calls around Wall Street are now in one place. Here are today’s research calls investors need to know, compiled by The Fly.

Top 5 upgrades:

  • BMO Capital upgraded Adobe (ADBE) is expected to outperform the market with a price target of $570 (previously $500). The company believes that generative AI can help Adobe gain value and new users, adding that the feedback from the recent Adobe Express survey was positive. (Continue reading)

  • Wolfe Research updated Spotify (SPOT) outperforms Peer Perform with a price target of $190 after another analyst at the company took over coverage of the name. The company sees a path for increased sales, steady margin expansion, and the potential for sustained upward revisions to Street’s estimates over the next 12 months or so. (Continue reading)

  • Benchmark updated LiveRamp (RAMP) to Buy from Hold with a price target of $33. LiveRamp’s upcoming offshoring and automation cost initiatives are underestimated and point to a visible and significant margin increase through FY25, the company said. (Continue reading)

  • Loop capital updated OneSpaWorld (OSW) to buy from hold with price target unchanged at $13. The stock has declined following the partial sale of the company’s former private-equity owner, but cruise operators have cited continued outsized growth at recent investor meetings, the company notes. (Continue reading)

  • KeyBanc updated avangrid (AGR) moved from “underweight” to “sector weight” as some backlogs were cleared, including Avangrid, which prevailed in NEECEC legal challenges and achieved constructive tariff settlements in New York and Maine. (Continue reading)

Top 5 downgrades:

  • Barclays was downgraded Tesla (TSLA) from Overweight to Equal Weight with a price target of $260 (previously $220). The stock’s performance during its recent rally has been “too strong compared to difficult near-term fundamentals” amid questions about margins and demand elasticity, the company says. (Continue reading)

  • Susquehanna was demoted Infosys (INFY) from Neutral to Negative with a price target of $13, down from $15. While the company calls Infosys “one of the largest technology companies in the world with a strong brand built on operational excellence,” it worries that some of the company’s current competitive advantages could be eroded due to architectural changes. (Continue reading)

  • Rosenblatt has been downgraded Coherent (COHR) down from ‘Buy’ to ‘Neutral’ with a price target of $55 (up from $41). While the company understands that investors are looking for AI profiteers and “doesn’t want to get in the way of a good secular story,” it believes the bull thesis and the stock are “outperforming.” (Continue reading)

  • Wolfe Research has been downgraded peloton (PTON) will underperform with a price target of $6 after another analyst at the company took over coverage of the name. Wolfe warns that the company will see lower demand for a longer period of time, but expresses a lack of confidence in management’s new growth initiatives. (Continue reading)

  • Wolfe Research has been downgraded match group (MTCH) was upgraded from Outperform to Peer Perform after another analyst at the company took over coverage of the name. Wolfe believes that the secular growth drivers in online dating are fading, execution still remains an issue, and growth areas are relatively small to contribute to sustained revenue growth. (Continue reading)

Top 5 initiations:

  • JPMorgan has started coverage of Tyler Technologies (TYL) with an Overweight rating and a price target of $472. The company likes Tyler’s investment case because the company is “a clear market leader” focused solely on the public sector, has a large install base, and should see “strong long-term tailwinds.” (Continue reading)

  • RBC Capital has started coverage of avant-garde (AVTR) with an Outperform rating and a price target of $27. Following the ThermoFisher playbook of combining a global life science tools distribution business with a leading manufacturer of tooling products, Avantor is well positioned to emerge from the pandemic as the leading one-stop shop for the biopharmaceutical industry , according to the company. (Continue reading)

  • DA Davidson began reporting on Private Bancorp of America (PBAM) with a Buy rating and a price target of $39. CalPrivate Bank’s approach has resulted in strong deposit growth, superior loan yields and a strong organic growth rate with a “steadily improving profitability profile,” the company told investors. (Continue reading)

  • DA Davidson began reporting on California Ban Corp (CALB) with a Buy rating and a price target of $25. According to the company, California Bank of Commerce has successfully achieved positive operating leverage and improved returns after making significant investments in 2018-2020. (Continue reading)

  • DA Davidson began reporting on Avid Bank Holdings (AVBH) with a Buy rating and a price target of $24. The company’s venture capital business came under pressure in March after the failure of Silicon Valley Bank. However, the company reckons that Avidbank could expand its efforts in this segment over time as small venture capital funds emerge. (Continue reading)

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