PayPal upgraded, UiPath downgraded: Wall Street’s top analyst calls

PayPal upgraded, UiPath downgraded: Wall Street’s top analyst calls

PayPal Upgraded, UiPath Downgraded: Top Wall Street Analysts Call

The most talked about and most notable calls for studies on 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:

  • Improved Mizuho PayPal (PYPL) buy from neutral with a price target of $90, up from $68. The company’s analysis of PayPal’s new Fastlane product shows potential for transaction margin growth of $1.0 billion to $1.5 billion in the medium term, given the $1.43 trillion annual e-commerce expenses that can be processed.

  • Improved BofA Data Dog (DDOG) buy from neutral with a price target of $155, up from $143. The company is emerging as the “next high-quality large-cap stock” in software, the company tells investors in a research note.

  • Evercore ISI upgraded Okta (OKTA) to outperform In Line with a price target of $122, up from $102. The company reported strong first-quarter results that beat moderate expectations, accompanied by a “much more optimistic tone,” suggesting that past missteps and execution issues are now behind Okta, the company said in a statement. investors in a research note.

  • Improved Northland C3.ai (AI) to outperform relative to market performance with an unchanged price target of $35 following the fiscal fourth quarter report. C3.ai reported accelerated subscription growth of 41% in the fourth quarter, proving that headwinds from migrating to a usage-based revenue model are easing, the company told investors in a note. research.

  • Wells Fargo Enhanced American cell phone (USM) overweight from Equal Weight with a price target of $75, up from $38. Company says US Cellular’s sale of wireless services to T-Mobile (TMUS) is just the first step of many the company believes it can take to unlock shareholder value.

Top 5 downgrades:

  • Needham downgraded UiPath (PATH) to hold from buy without a price target, citing a combination of macroeconomic pressure, uncertainty around near-term execution due to a change in CEO and a changing go-to-market strategy, and a compression of margins from one year to the next creating an unfavorable short term. forward financial profile for decommissioning. KeyBanc, William Blair, TD Cowen, Truist and BofA also downgraded UiPath to a Neutral equivalent rating.

  • Piper Sandler downgraded Cava Group (HOW ARE YOU) to neutral from overweight with a price target of $92, up from $63, following the company’s first quarter results. Piper’s updated price target only implies about a 4% upside from current levels, leading the company to view the risk-reward ratio as more balanced at present.

  • Mizuho downgraded First solar (FSLR) to neutral from buy with a price target of $274, down from $209. The company cites a valuation for the degradation.

  • Guggenheim downgraded Générac (GNRC) sell from neutral with a price target of $120. The company believes an active hurricane season is “already in the numbers” and says it’s difficult to see upside potential from current estimates for 2024.

  • BofA downgraded Set of facts (MSDS) to underperform from neutral with a price target of $407, up from $500. The company believes that the company’s annual subscription value and revenues “will remain stuck in a multi-quarter rut” amid an uncertain operating environment and sluggish capital markets activity.

Top 5 initiations:

  • Goldman Sachs reinstated coverage of Johnson & Johnson (JNJ) with a neutral rating and a price target of $160. The company expects J&J’s revenue and earnings growth during 2024 and 2025 will likely remain stuck at relatively modest single-digit levels as the portfolio faces near-term headwinds related to loss of major product exclusivities. Goldman also started covering GSK (GSK)GE Health (GEHC)Zimmer Biomet (ZBH)Baxter (BAX)and Stryker (SYK) with neutral notes.

  • Goldman Sachs initiated coverage of Intuitive surgical (ISRG) with a Buy rating and a price target of $500. There remains “sufficient room” for Intuitive to increase the penetration of robot-assisted surgery, driven by advancements in its next-generation products, according to the company. Goldman also began covering Boston Scientific (BSX)Edwards Life Sciences (EW)Abbott (ABT)Becton Dickinson (BDX)AstraZeneca (AZN)Novartis (NVS)Novo Nordisk (NGO) with purchase notes.

  • Goldman Sachs initiated coverage of Medtronic (MDT) with a Sell rating and a price target of $83. Even though the company demonstrates consistent revenue growth, the Street’s earnings estimates have downsides due to the need to reinvest in the business to sustain growth amid stable end markets and industry dynamics relatively competitive, the company argued. Goldman also started covering Solventum (RESOLVED) with a note of sale.

  • Redburn Atlantic began coverage DexCom (DXCM) with a neutral rating and a price target of $130. The company’s core markets are increasingly penetrated and its growth now relies more on capturing market share in new areas, the company tells investors in a research note.

  • Redburn Atlantic began coverage Isolate (PODCAST) with a Buy rating and a price target of $235. Insulet disrupted the insulin delivery market and the company has maintained momentum as patch pumps continue to convert users to pump therapy, the company told investors in a research note. Redburn also began covering Tandem Diabetes (TNDM) with a Buy rating and a price target of $60.

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