Wall Street’s most talked-about and market-moving research calls are now consolidated in one location. The Fly has collected a list of today’s research calls that investors should be aware of.
Top 5 Improvements:
e.l.f. Beauty (ELF) was raised by TD Cowen from Hold to Buy, with a price objective of $190, down from $220. The company believes that by fiscal 2027, e.l.f. might have doubled its revenue, with shelf space and global expansion serving as the main drivers.
Danaher (DHR) was upgraded by HSBC from Hold to Buy, with a $280 price objective as opposed to $250. According to HSBC’s supply chain research, the bio sciences tools industry may be headed toward recovery despite the de-stocking effects and order books.
Omnicom (OMC) was raised by Wells Fargo from Equal Weight to Overweight, with a price objective of $106, up from $91. The company anticipates benefits for its organic growth in new business, media trends, and “Flywheel.”
Antero Resources (AR) was raised by Morgan Stanley from Equal Weight to Overweight, with a price objective of $36, up from $26. According to the firm, the company offers superior exposure to the expanding liquified natural fairway in the Gulf Coast and appealing leverage to rising gas prices.
As the “best positioned dealer” to handle the current market, Guggenheim raised Group 1 Automotive (GPI) to Buy from Neutral with a $305 price target, noting that it is “somehow trading at [the] lowest multiple.”
Top 5 Reductions:
Boeing (BA) was downgraded by Northcoast from Neutral to Sell, with a $140 price objective. The company anticipates that investors’ attention will eventually turn to liquidity and acquisition worries following Boeing’s quarterly earnings announcement in two weeks, which is expected to raise questions about the company’s core fundamentals.
JPMorgan reduced its rating of Fortive (FTV) from Overweight to Neutral, with a $90 price objective as opposed to $95. The shares were taken off of the company’s Analyst Focus List as well. According to JPMorgan, the company’s Precision Technologies order trends have been slow so far this year. Sales will probably decline through the first half of 2024 even with the backing of an excess backlog that is almost completely depleted.
Urban Outfitters (URBN) was downgraded by Jefferies from Hold to Underperform, with a price objective of $32, down from $42. The most recent data available to the company indicates a “notable deceleration” in rolling three-month foot traffic to each of Urban’s three brands.
EQT Corporation (EQT) was downgraded by Wells Fargo from Overweight to Equal Weight, with a price objective of $37, down from $48. The company admits that the recently announced merger with Equitrans Midstream (ETRN) should position the business as a distinct “Gas E&P + Midstream” entity, similar to a small super-major. However, the firm also notes that it is evident that the investor communities in E&P and midstream will require some time to adopt this integrated model, as opposed to the prevalent inclination for pure-play narratives.
Marsh McLennan (MMC) was downgraded by Piper Sandler from Overweight to Neutral, with a $211 price objective remaining constant. According to the company, the shares are currently “reasonably valued” and there aren’t many upcoming catalysts that would alter that.
Top Five Starts:
Amazon.com (AMZN) was first covered by Maxim, which had a $218 price target and a Buy rating. The company is optimistic about its ability to capitalize on consumer internet trends, such as over-the-top, or OTT, video, cloud computing, artificial intelligence, healthcare, and logistics.
Maxim began covering Apple (AAPL) with a $178 price target and a hold rating. According to the company, Apple’s reliance on China is excessive in terms of sales and supply chain, and it has placed too much emphasis on a single product—the iPhone—in relation to its immediate operational outcomes.
Beyond (BYND) was first covered by Maxim, which set a $50 price target and a Buy rating. The company asserts that it will be able to take advantage of the consumer internet trends in 2024, which include prospects for global expansion as well as Blockchain and mobile technology.
GE Vernova (GEV) was first covered by Raymond James, who set an Outperform rating and a $160 price target. According to the company, Vernova is a growth story that is in the mid-single digits, with power trailing behind electrification and wind.
Mizuho began covering Royal Caribbean (RCL) with a $164 price target and a Buy rating. According to the consultancy, Royal offers a special blend of distinct destinations and high-quality ship assets that could lead to an increase in projections.
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