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:
-
Citi upgraded Oracle (ORCL) to Buy from Neutral with a price target of $410, up from $240, after “an historic Q1 bookings quarter.” The $330B-plus of bookings in Q1 was “surprising” and gives the firm further confidence in the durability and profitability of Oracle’s AI business, the firm tells investors in post-earnings note. BofA also upgraded Oracle to Buy from Neutral with a price target of $368, up from $295, following the “exceptional” RPO and backlog growth in Q1.
-
TD Cowen upgraded Nike (NKE) to Buy from Hold with a price target of $85, up from $62. The firm sees three reasons to believe in Nike’s turnaround, namely the company’s margins have troughed and a recovery is underappreciated, new management’s execution, and improving Nike and Jordan trends, according to its field checks.
-
Susquehanna upgraded Saia (SAIA) to Positive from Neutral with a price target of $360, up from $340. The firm says Saia’s mid-quarter update and its talks with management suggest a “growing distance” from the company’s challenged fiscal Q1 report. Susquehanna expects Saia’s Q2 earnings to “snap-back.”
-
Morgan Stanley upgraded nCino (NCNO) to Overweight from Equal Weight with a price target of $36, up from $35. The firm believes the cut in estimates provides an opportunity to own nCino.
-
BofA upgraded Rocket Companies (RKT) to Buy from Neutral with a price target of $24, up from $21. The firm cites BofA’s updated Federal Reserve rate cut forecast for the upgrade.
Top 5 Downgrades:
-
BofA double downgraded Synopsys (SNPS) to Underperform from Buy with a price target of $525, down from $625, citing the persistent uncertainty of foundry potential at top customer Intel (INTC), which historically has made up about 12% of sales, as well as higher initial integration costs for the Ansys acquisition. Rosenblatt and Baird also downgraded Synopsys but to Neutral-equivalent ratings after the company’s earnings results missed expectations.
-
Morgan Stanley downgraded Trade Desk (TTD) to Equal Weight from Overweight with a price target of $50, down from $80. The firm admits to being wrong about the durability of Trade Desk’s growth.
-
BofA downgraded BorgWarner (BWA) to Neutral from Buy with a price target of $46, up from $41. Shares are currently approaching BorgWarner’s historical valuation median range and the firm sees further multiple expansion as challenging given its topline growth expectations.
-
BofA downgraded Lear (LEA) to Neutral from Buy with a price target of $123, down from $135. Shares are currently trading below Lear’s historical valuation, but the firm sees little room for the stock to re-rate higher given the challenges the automotive industry is currently facing as the lack of support from auto production is a hurdle for Lear to deliver growth and margin expansion.
-
Evercore ISI downgraded HP Inc. (HPQ) to In Line from Outperform with an unchanged price target of $29. The stock is trading around the firm’s price target, and the firm needs to see a clear path to EPS and free cash flow estimates moving higher to see further upside, but views that as “unlikely to happen in the near-term given a host of cross currents.”
Top 5 Initiations:
-
Northland initiated coverage of BWX Technologies (BWXT) with an Outperform rating and $205 price target. BWX, with exposure to large nuclear defense programs that provide sticky business while also having strong upside exposure as a merchant supplier to the nuclear power industry is “a company that can play both offense and defense,” the firm tells investors.
-
Truist initiated coverage of Janux Therapeutics (JANX) with a Buy rating and $100 price target. The firm believes the company’s masking platform has the potential to overcome the limitations of T-cell engagers in solid tumors by improving safety and efficacy through tumor-activated masking. Stifel also started coverage of the name with a Buy rating.
-
Barclays initiated coverage of Ametek (AME) with an Equal Weight rating and $200 price target. The firm views Ametek as one of the highest quality multi-industry companies, but believes the stock’s current valuation captures the company’s growth and margin outlook.
-
Stifel resumed coverage of Syndax (SNDX) with a Buy rating and $44 price target. The firm believes the commercial launches of two of the company’s assets create a path to non-GAAP profitability in the second half of fiscal 2026.
-
Oppenheimer initiated coverage of Ralliant (RAL) with an Outperform rating and $55 price target. The firm believes the company’s Sensors and Safety Systems business offers an attractive play on grid hardening, higher power needs, and larger aerospace and defense budgets.