The Fly
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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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Raymond James upgraded DoorDash (DASH) to Strong Buy from Outperform with a price target of $260, up from $215. The firm believes the synergy potential with Deliveroo is underappreciated at current share levels, forecasting mid-teens EBITDA accretion in 2026 and high-teens in 2027.
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Melius Research upgraded AMD (AMD) to Buy from Hold with a price target of $175, up from $110, citing the view that "many things have changed for the better since the beginning of the year."
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Deutsche Bank upgraded Estee Lauder (EL) to Buy from Hold with a price target of $95, up from $71. The firm sees increasing evidence that the company's strategy is diversifying well beyond China and travel retail for future growth, underpinned by moves to accelerate innovation and migrate decision-making geographically closer to where business gets done.
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BofA upgraded Omnicom (OMC) to Neutral from Underperform with an unchanged price target of $80. The firm shares investor concerns around the pending Interpublic Group (IPG) merger and related integration risks, but the firm's recent trip to the Cannes Lions and meeting with various industry stakeholders provide "enough confidence on both structural trends and cyclical dynamics" to upgrade the shares.
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Wells Fargo upgraded FMC (FMC) to Overweight from Equal Weight with a price target of $50, up from $41. The firm is "increasingly confident" that 2024 will mark the near-term bottom for FMC's earnings given positive market trends and strategic actions.
Top 5 Downgrades:
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Craig-Hallum downgraded Oklo (OKLO) to Hold from Buy with a price target of $59, up from $43. Given its "build, own, operate" model, Oklo is charting a regulatory path in which it will be both the nuclear technology provider and the project owner with it supplying baseload zero emissions power and heat to end users in the AI data centers and other applications, the analyst tells investors.
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Scotiabank downgraded AST SpaceMobile (ASTS) to Sector Perform from Outperform with an unchanged price target of $45.40. The firm cites valuation for the downgrade with the shares above the price target following the "impressive rally."
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BofA downgraded Equifax (EFX) to Neutral from Buy with a price target of $285, down from $300. The firm was "underwhelmed" by the company's investor day.
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BMO Capital downgraded Dow Inc. (DOW) to Underperform from Market Perform with a price target of $22, down from $29. The "significant weakness" across the company's end markets resulting in soft pricing and lower volumes is likely to result in "severely challenged" Q2 EBITDA and second half of the year estimates "coming solidly lower," the analyst tells investors in a research note.
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KeyBanc downgraded KBR (KBR) to Sector Weight from Overweight without a price target after the Department of Defense formally terminated KBR's HomeSafe program for cause last Wednesday. The firm believes that for investors to appreciate KBR's discount valuation, they "needed a defensible rebasing" of the long-term outlook.
