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The most talked-about market-moving research calls on Wall Street have been compiled into one convenient place by The Fly. Here’s what investors need to know about today’s research calls, including upgrades, downgrades, and new initiations.
Top Upgrades
Benchmark upgraded Playstudios (MYPS) to Speculative Buy from Hold with a $2 price target after the company’s results "demonstrated operating resilience and strategic focus despite topline pressure" in Q1. This upgrade suggests that Benchmark believes Playstudios has the potential to bounce back from its current challenges.
In addition to upgrading Playstudios, Benchmark also upgraded Lakeland Financial (LKFN) to Outperform from Market Perform with a $72 price target. The firm believes that Lakeland Financial’s recent results demonstrate the company’s ability to navigate the current market conditions and come out stronger on the other side.
Hovde Group was even more bullish on Lakeland Financial, upgrading it to Outperform from Market Perform with a $72 price target. Hovde Group also upgraded HBT Financial (HBT), First Savings (FSFG), and Bank First (BFC) to Outperform from Market Perform.
Northcoast upgraded Scansource (SCSC) to Buy from Neutral with a $42 price target, becoming more optimistic about the stock. The firm believes that Scansource has a strong potential for growth and is well-positioned in its market.
Susquehanna also upgraded CN (CNI) to Positive from Neutral and raised its price target of $120 from $113. Susquehanna believes that CN’s recent results demonstrate the company’s ability to adapt to changing market conditions and come out stronger on the other side.
Top Downgrades
Argus downgraded Comcast (CMCSA) to Hold from Buy with no price target, citing a tough market for broadband subscribers – its key connectivity business. Argus notes that increasingly aggressive fixed wireless and fiber broadband telecom competitors are posing a significant threat to Comcast’s business.
Monness Crespi downgraded Coinbase (COIN) to Neutral from Buy and removed the firm’s price target ahead of the company’s Q1 report. Monness Crespi is concerned that Q1 is "likely to be light" and come with "tepid" quarter-to-date revenue results and Q2 guidance.
Northcoast also downgraded McDonald’s (MCD) to Neutral from Buy without a price target, expressing concerns about McDonald’s converting sales to earnings. Northcoast believes that consumers are seeking value while costs remain a headwind for the company.
UBS downgraded Skechers (SKX) to Neutral from Buy with a price target of $63, down from $64. UBS notes that Skechers has entered into a definitive agreement to be acquired by 3G Capital, under which will pay $63.00 per share in cash for all of Skechers’ outstanding shares.
TD Cowen downgraded Church & Dwight (CHD) to Hold from Buy with a price target of $100, down from $117. TD Cowen believes that Church & Dwight’s business model and categories have not maintained the above-peer growth rate expected.
Top Initiations
BMO Capital initiated coverage of Shopify (SHOP) with an Outperform rating and $120 price target. The company has achieved better growth and operating leverage in recent quarters, since divesting logistics in 2023, BMO Capital notes.
BMO Capital also initiated coverage of Vital Farms (VITL) with an Outperform rating and $44 price target, which implies 23% upside from the current share price. Vital is a "high-growth" branded food company, focused on production, marketing, and distribution of pasture-raised eggs and butter.
Evercore ISI resumed coverage of Diamondback Energy (FANG) with an Outperform rating and $165 price target. The company elected to drop activity in reaction to shifts in the external environment as it has a "keen sense of wellhead economics but also its own intrinsic value and manages accordingly," Evercore ISI notes.
Needham initiated coverage of Broadridge (BR) with a Buy rating and $300 price target. Needham believes that Broadridge’s product suite is "extensive, helping customers across the globe process trades and communicate with investors across asset classes."
Benchmark initiated coverage of Canaan (CAN) with a Buy rating and $3 price target. Benchmark believes that Canaan’s vertically integrated approach differentiates it within the bitcoin mining space, while positioning it to capitalize on both chip and rig sales and proprietary mining revenues.
Conclusion
In conclusion, today’s research calls from The Fly highlight several upgrades, downgrades, and new initiations across various sectors. Investors should take note of these developments as they may have a significant impact on market performance in the coming days. It is essential for investors to stay informed about the latest market trends and developments to make well-informed investment decisions.
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