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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BofA upgraded PayPal (PYPL) to Buy from Neutral with a price target of $103, up from $86. PayPal is demonstrating increased turnaround progress just over a year after C-level management change, says the firm, which sees potential 2025 acceleration in underlying transaction profit growth.
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Barclays upgraded Robinhood (HOOD) to Overweight from Equal Weight with a price target of $49, up from $26. The firm sees a “uniquely differentiated growth opportunity set and an increasingly demonstrated ability to execute.” execute.
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JPMorgan upgraded Victoria’s Secret (VSCO) to Neutral from Underweight with a price target of $45, up from $29. Following recent leadership changes across management and merchandising functions, Victoria’s is beginning to realize topline growth improvement across both the namesake and PINK brands, the firm tells investors in a research note.
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Baird upgraded VeriSign (VRSN) to Outperform from Neutral with a price target of $250, up from $200. The firm says that with regulatory concerns now behind the company, the focus shifts to domain growth, where data is beginning to show improvement.
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KeyBanc upgraded Rockwell Automation (ROK) to Overweight from Sector Weight with a $345 price target. While acknowledging the upgrade could be viewed as early given the limited cycle visibility and Rockwell’s recent earnings misses, the firm thinks management’s renewed focus on cost-out initiatives and improving its operational excellence metrics could place the company back on a path of driving earnings growth and margin expansion in coming years.
Top 5 Downgrades:
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BofA downgraded AMD (AMD) to Neutral from Buy with a price target of $155, down from $180. The firm sees higher competitive risks for AMD in artificial intelligence against “best-of-breed” Nvidia’s (NVDA) dominance.
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Keefe Bruyette downgraded Shift4 Payments (FOUR) to Market Perform from Outperform with an unchanged price target of $112. The company’s founder CEO Jared Isaacman is key to the investment thesis, and following news of a potential transition Isaacman has been nominated for the position of NASA Administrator, it may be hard to convince investors that the story is unchanged, the firm tells investors in a research note.
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BofA downgraded Capital One (COF) to Neutral from Buy with a price target of $200, down from $203 following recent outperformance. Shares have rallied following the election as investors believe the potential Discover (DFS) deal will be more likely to close as the Trump administration is considered to be more accommodative to M&A, the firm says.
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Wells Fargo downgraded Victoria’s Secret to Equal Weight from Overweight with a price target of $45, up from $33. The firm applauds the changes being made at Victoria’s Secret, but following a material rally this year, shares now reflect the majority of the upside potential.
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Citi downgraded Fortive (FTV) to Neutral from Buy with a price target of $86, down from $92. The firm sees minimal catalysts for the shares ahead, saying the planned separation could limit near-term upside.
Top 5 Initiations:
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Wedbush initiated coverage of eBay (EBAY) with a Neutral rating and $70 price target. Wedbush sees a path to modestly faster gross merchandise value growth over the intermediate-term as focus categories expand to a greater share of GMV and market-specific initiatives continue to scale.
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Benchmark initiated coverage of Rivian Automotive (RIVN) with a Buy rating and $18 price target, telling investors that Rivian is “well positioned to gain significant share of a massive market opportunity in the coming decade.”
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Melius Research initiated coverage of Qualcomm (QCOM) with a Hold rating and $180 price target. Despite Qualcomm being “an innovator in powerful chipsets” with an “attractive” valuation multiple, the firm sees “a few years of headwinds that are hard to ignore.”
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Jefferies initiated coverage of Six Flags Entertainment (FUN) with a Buy rating and $59 price target. The combination of Six Flags and Cedar Fair presents a beneficial long-term opportunity, with Six Flags’ management well positioned to maximize the true earnings potential of the new company and realize the stated $200M in synergies by the end of 2026, the firm tells investors in a research note.
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Jefferies initiated coverage of Scotts Miracle-Gro (SMG) with a Hold rating and $72 price target. The firm says the quality of management’s playbook is better than years’ past, but its enthusiasm is tempered by cumulative inflation and retailer private label aspirations.
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