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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Loop Capital upgraded Roku (ROKU) to Buy from Hold with a price target of $100, up from $80. The firm cites expectations that the Amazon.com (AMZN) advertising partnership announced yesterday should begin positively impacting Roku’s financial results starting next year for the upgrade.
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UBS upgraded Alkermes (ALKS) to Buy from Neutral with a price target of $42, up from $33. The firm says its recent physician survey drives confidence that ALKS-2680 is well positioned to potentially establish itself as an attractive treatment option in narcolepsy idiopathic hypersomnia.
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Goldman Sachs upgraded Nio (NIO) to Neutral from Sell with a price target of $3.80, up from $3.70. The firm believes management’s cost reduction efforts will help improve the company’s profit levels over the next three years by 4%-10%.
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Goldman Sachs upgraded XPeng (XPEV) to Buy from Neutral with a price target of $24, up from $16.40. A series of efforts, including organization and supply chain restructuring, technology cost-down, and platformization, have transformed the company’s product and cost structure competitiveness, providing higher visibility for sustainable sales volume growth as well as profit margin improvement, the analyst firm investors.
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Needham upgraded Cooper Companies (COO) to Buy from Hold with a $94 price target after meeting with management. The firm believes a “dislocation” between the company’s valuation and fundamentals has created an attractive entry point into the shares.
Top 5 Downgrades:
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Goldman Sachs downgraded Sarepta (SRPT) to Neutral from Buy with a price target of $29, down from $100. The firm sees an “uncertain outlook” amid safety concerns following the second reported death of a non-ambulatory Elevidys-treated Duchenne muscular dystrophy patient due to acute liver failure.
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KeyBanc downgraded Sunrun (RUN), Enphase Energy (ENPH) and SolarEdge (SEDG) to Underweight from Sector Weight after Senate Republicans last night released a bill that would end tax credits for wind and solar earlier than for other sources.
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GLJ Research downgraded SolarEdge (SEDG) to Sell from Hold with an unchanged price target of $6.90 following what the firm calls “surprisingly bearish” Senate tax-and-spend bill language.
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GLJ Research downgraded Sunrun (RUN) to Sell from Hold with a 1c price target following the firm’s analysis of Sunnova Energy’s (NOVA) “hidden ‘second set of books’” and the Senate’s tax-and-spend bill language.
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Raymond James downgraded Nutrien (NTR) to Market Perform from Outperform with an unchanged price target of $68. The firm cites valuation for the downgrade with the shares up 40% year-to-date.
Top 5 Initiations:
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Morgan Stanley initiated coverage of Monday.com (MNDY) with an Equal Weight rating and $330 price target. Moving upmarket, expanding to multi-product and shifting to a sales led growth motion comes with risk, but the firm thinks Monday.com can successfully navigate most of these major changes, which represent “a large and compelling opportunity.”
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Piper Sandler initiated coverage of Vertex (VERX) with an Overweight rating and $48 price target. The company has proven business model with low churn that is operating at a $700M-plus run-rate scale with multiple upside tailwinds that could reaccelerate sales growth from 13% in Q1 to 15-20% through 2030, the firm tells investors in a research note.
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Stephens initiated coverage of EOG Resources (EOG) with an Equal Weight rating and $137 price target. With a “best-in-class, under-levered” balance sheet and projected free cash flow of about $4B, the company is well-positioned to aggressively repurchase shares, while the firm anticipates capital efficiencies will continue to improve as longer laterals reduce the company’s “peer-leading” Delaware Basin and Eagle Ford well costs.
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Bernstein initiated coverage of ASML (ASML) with a Market Perform rating and $806 price target. The firm says that while ASML’s dominance in extreme ultraviolet lithography is undisputed, the space is taking up too much of leading edge logic capex with diminishing returns.
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Citi initiated coverage of Novavax (NVAX) with a Sell rating and $6 price target. The firm notes that the company’s “overwhelming concentration” in respiratory vaccines, an area that is seeing a decline in vaccination rates and has many entrenched players, along with healthcare policies that are “in flux” and “not encouraging” towards vaccines, makes it challenging to establish a line of sight to success for Novavax.
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