Upgrades and Downgrades Summarized:
In the hub of Wall Street’s most discussed and market-influencing research calls, today’s highlights have been compiled by The Fly, offering investors valuable insights into the latest upgrades and downgrades.
Top 5 Upgrades:
1. **Rivian Automotive (RIVN)** – UBS upgraded RIVN to Buy from Neutral, setting a price target of $24 (revised from $26). The firm predicts reduced chances of an additional capital raise in the near future, allowing the market to shift its focus towards improving fundamentals post fundraising.
2. **Electronic Arts (EA)** – BofA upgraded EA to Buy from Neutral and adjusted the price target to $150 (previously $145). The firm noted an attractive risk balance for investors, especially amidst concerns surrounding the FIFA and EA Sports rebranding.
3. **Exact Sciences (EXAS)** – Piper Sandler upgraded EXAS to Overweight from Neutral, maintaining the price target at $90. The firm highlighted strong Cologuard growth and an encouraging growth trajectory for the next five years, deeming the current share price dip as a compelling entry point.
4. **Pinnacle Financial (PNFP)** – Jefferies upgraded PNFP to Hold from Underperform, with a price target of $71. The firm emphasized that the risk of negative estimate revisions due to Bankers Healthcare Group is no longer a concern.
5. **Acadia Pharmaceuticals (ACAD)** – JPMorgan upgraded ACAD to Overweight from Neutral, raising the price target to $32 (previously $29). The firm cited the recent underperformance in the biotech markets and outlined concerns related to Nuplazid’s patents.
Upgrades and Downgrades Summarized:Top 5 Downgrades:
1. **Qorvo (QRVO)** – Citi downgraded QRVO to Sell from Neutral, adjusting the price target to $78 (revised from $116). The firm pointed to weak China smartphone demand and increased competition from Chinese domestic RF component makers.
2. **Skyworks Solutions (SWKS)** – Citi downgraded SWKS to Sell from Neutral and revised the price target to $87 (from $116). The firm cited heightened China substitution risk post the Huawei Mate 60 phone launch.
3. **Juniper Networks (JNPR)** – JPMorgan downgraded JNPR to Neutral from Overweight and adjusted the price target to $29 (previously $32). The firm noted cloud and service provider headwinds, indicating downside earnings risk and a potential stock valuation pullback.
4. **Corning (GLW)** – JPMorgan downgraded GLW to Neutral from Overweight, setting a revised price target of $36 (previously $43). The firm pointed to a potential earnings upside shortfall in the near to medium term, potentially falling short of consensus expectations.
5. **NextEra Energy Partners (NEP)** – UBS downgraded NEP to Neutral from Buy and adjusted the price target to $20 (from $74). The firm cited a reduced distribution growth outlook, foreseeing limited positive catalysts in the near term.
