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:
- Jefferies upgraded Airbnb (ABNB) to Buy from Hold with a price target of $185, up from $165. The firm believes the company’s lodging share gains will be augmented by increased adoption of experiences, an opportunity it says Airbnb “is uniquely well positioned to capture.”
- Raymond James upgraded Shift4 Payments (FOUR) to Strong Buy from Outperform with a $140 price target. The firm is also adding it to the Analyst Current Favorites list following the recent pullback.
- JPMorgan upgraded DocuSign (DOCU) to Neutral from Underweight with a price target of $75, up from $70. JPMorgan views the valuation for DocuSign “as not all that demanding,” and sees some “subtle improvements developing” in fundamental business trends following a prolonged business reset post the pandemic pull-forward period.
- BMO Capital upgraded Samsara (IOT) to Outperform from Market Perform with an unchanged price target of $48. Piper Sandler this morning also upgraded the shares to Overweight. The “outsized” selloff following the company’s Q4 results “provides a tactical opportunity to upgrade,” BMO tells investors in a research note.
- KeyBanc upgraded Paycom (PAYC) to Overweight from Sector Weight with a $245 price target following meetings with management. The firm came away with greater confidence in the company’s sales growth acceleration potential, international growth opportunities, and EBITDA margin upside.
Top 5 Downgrades:
- Jefferies downgraded Sherwin-Williams (SHW) to Hold from Buy with a price target of $380, down from $423. The firm believes the upside case for the shares now looks more challenging, particularly given the stock’s “significant premium to quality peers and other coatings companies.
- Barclays downgraded Emerson (EMR) to Underweight from Equal Weight with a price target of $110, down from $135. The company has the highest sales exposure in the group to oil and gas, where the capex outlook could be soft for the rest of this decade, the firm tells investors in a research note.
- Raymond James downgraded Occidental Petroleum (OXY) to Outperform from Strong Buy with a price target of $64, down from $81. The firm updated the company’s estimates to reflect the Q4 report and the big drop in oil prices.
- Truist downgraded UDR (UDR) to Hold from Buy with a price target of $46, up from $45, after updating its apartment REIT models to reflect all information received since 4Q24, including any disclosed January/February portfolio results. Despite the above-average financial leverage, Truist is forecasting slightly-below-average three- and five-year growth for UDR, and thinks the shares appear fairly valued.
- Compass Point downgraded Host Hotels (HST) to Neutral from Buy with a price target of $18, down from $20. The firm’s Hotel REIT coverage group’s initial 2025 guidance was weaker than expected as the impact from recent storms and fires are expected to impact results, coupled with higher costs.
Top 5 Initiations:
- Mizuho initiated coverage of SanDisk (SNDK) with an Outperform rating and $60 price target. The firm sees improving industry fundamentals with NAND pricing to inflect higher in the second half of 2025 as wafer capacity is expected to decline 13% year-over-year, improving supply/demand balance.
- Rosenblatt re-initiated coverage of Super Micro (SMCI) with a Buy rating and $60 price target. The firm says the company’s AI revenues are now nearly 70% of sales and are accelerating.
- TD Cowen initiated coverage of SailPoint (SAIL) with a Buy rating and $30 price target. The firm views SailPoint as well positioned to “disrupt” a $55B total addressable market opportunity and sustain over 20% annual recurring revenue and profitable growth in the coming years. BofA, Truist, Jefferies, BTIG, RBC Capital, BMO Capital, Barclays, Piper Sandler and Evercore ISI also started the stock with Buy-equivalent ratings, while Mizuho, Goldman Sachs, JPMorgan and Morgan Stanley initiated coverage of the name with Neutral-equivalent ratings.
- RBC Capital initiated coverage of Karman (KRMN) with an Outperform rating and $35 price target. The firm says the company offers exposure to most of the leading national security and space missile and launch programs, supporting an 18% organic growth outlook annually. Baird, Citi, William Blair, and Evercore ISI also started coverage of the stock with Buy-equivalent ratings.
- Guggenheim initiated coverage of ArriVent Biopharma (AVBP) with a Buy rating and $45 price target.. The firm’s investment thesis is centered on its lead product candidate, firmonertinib, which is not yet approved in the U.S. but the firm views as “clinically de-risked to an unusual degree by its extensive clinical and commercial history” in China.