Wall Street’s top analysts are calling

Tesla upgraded, Nio downgraded: 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:

  • KGI Securities upgraded Tesla (TSLA) outperforms Neutral with a price target of $335. Tesla expects its “huge” U.S. investments in EV assembly and batteries “to bear fruit in 2023,” the company says. (Continue reading)

  • Wolfe Research updated oracle (ORCL) will outperform peer perform with a price target of $130. The company cites the company's accelerated revenue and profit growth due to cloud adoption and artificial intelligence as a tailwind for the upgrade. (Continue reading)

  • BofA upgraded carnival (CCL) is buying from Neutral with a $20 price target (down from $11) after meeting with all three Miami-listed cruise lines. After the meetings, the company was more confident that industry demand remains stable, the pricing environment is rational, and booking curves are in line with the company's expectations. (Read more) JPMorgan also upgraded Carnival to overweight from neutral, with a price target of $16 (down from $11). (Continue reading)

  • Evercore ISI updated AutoZone (AZO) will outperform with a price target of $2,700 (down from $2,640). The stock's 6% decline since reporting third-quarter results “represents an attractive entry point for an industry leader in a popular subsector of the auto aftermarket,” the company says. (Continue reading)

  • Morgan Stanley has upgraded SentinelOne (S) from Equal Weight to Overweight with a price target of $20 (previously $15). Despite the company's recent missteps, the market is mistaking SentinelOne's inherent value as a long-term stock winner and the potential for significant margin improvement, the company said.
    (Continue reading)

Top 5 downgrades:

  • Nomura has been downgraded noo (NIO) upgraded from a ‘buy' to neutral with a price target of $7.50 (down from $25.80) after another analyst took over research coverage on the stock. The company reported lackluster shipments in the first quarter with a declining gross margin profile, the company notes. (Read more) CMB International also downgraded Nio to hold from buy with a price target of $8.50 (down from $21). (Continue reading)

  • Evercore ISI downgraded floor & decor (FND) to In Line from Outperform with a price target of $95. The company sees a growing risk to the company's earnings in the second half of 2023 in a declining home improvement market. (Read more)

  • Morgan Stanley was downgraded The invoice (BILL) to Equal Weight from Overweight with an unchanged target price of $105. The company says industry analysis of virtual card adoption suggests Bill's ability to expand take rate expansion is limited. (Continue reading)

  • Evercore ISI downgraded American Homes 4 Rent (AMH) to In Line from Outperform with a price target of $36. The shares have significantly outperformed their peers this year and the new price target offers limited upside potential, the company said. (Continue reading}

  • Evercore ISI downgraded National Storage (NSA) to In Line from Outperform with a price target of $42 (down from $49). The company's Q2 update came in weaker than expected and raises concerns about net operating income growth in 2024 and beyond, the company said. (Continue reading)

Top 5 initiations:

  • Jefferies began reporting on Saia (SAIA) with a buy rating and a price target of $350. The company is confident that Saia can achieve revenue growth and margin increases in excess of its peers as the company improves its network density through ongoing terminal expansions and closes the “appreciable price gap” with its peers. (Continue reading)

  • Jefferies began reporting on Old Dominion (ODFL) with a Hold rating and a price target of $350. The company is “best-in-class” in transportation and logistics, but its award multiple reflects that, the company said. (Continue reading)

  • Jefferies began reporting on ArcBest (ARCB) with a Buy rating and a price target of $110 as the company expects the Street to downgrade the company's multimodal offering. (Continue reading)

  • SVB Securities has started coverage of oculis (OCS) with an Outperform rating and a price target of $22. The company believes that OCS-01 has the potential to be the first approved eye drop for DME, a still large unmet need that can be addressed with anti-VEGF injections. (Read more) HC Wainwright has also started coverage on Oculis with a Buy rating and a price target of $28. (Continue reading)

  • Morgan Stanley resumed coverage of valvolines (VVV) with an equal weight rating and a price target of $40. The company argues that the long-term risk of EVs and a full assessment warrants a neutral stance. (Continue reading)

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