Apple downgraded, Tesla upgraded: Wall Street’s top analyst calls

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:

• Phillip Securities upgraded Tesla (TSLA) to Reduce from Sell with a price target of $230, up from $135. The company reported a “nice surprise” in Q3, and the firm cities stronger contributions from Tesla’s energy and services businesses for the upgrade.
• Citi upgraded Denny’s (DENN) to Buy from Neutral with a price target of $7.50, up from $7. The firm believes “investors received three updates off their wish list” with accelerated store closures, greater discipline at the cost level, and a clearer view of the KeKe’s growth plans.
• Wedbush upgraded Toll Brothers (TOL) to Outperform from Neutral with a price target of $175, up from $148. The firm believes the recent pullback in the shares due to rising mortgage rates has created a buying opportunity.
• Redburn Atlantic upgraded Air Products (APD) to Neutral from Sell with a price target of $330, up from $255. The firm says the Mantle Ridge activist campaign addresses most of the issues around the company’s balance sheet risk, capital allocation and management that underpinned its Sell thesis.
• Maxim upgraded Annovis Bio (ANVS) to Buy from Hold with a $25 price target. The company recently provided an update on its Alzheimer’s disease program for lead asset buntanetap, announcing the FDA has approved its advancement to a Phase 3 program, and the firm is turning positive on a more clear path forward for the AD program, the analyst tells investors in a research note.

Top 5 Downgrades:

• KeyBanc downgraded Apple (AAPL) to Underweight from Sector Weight with a $200 price target. The firm’s consumer survey “disproves one major bull case” that the iPhone SE is not purely additive to iPhone sales.
• Raymond James downgraded T-Mobile (TMUS) to Market Perform from Outperform without a price target. The firm feels its thesis has played out and is “not going to arbitrarily raise valuation multiples to justify a higher target versus surging actual stock price.”
• BofA downgraded Beyond (BYON) to Underperform from Neutral with a price target of $6, down from $12.50, after disappointing Q3 results and an “Investor Event” that left the firm uncertain on the timing and potential for turnaround efforts.
• Stifel downgraded Kraft Heinz (KHC) to Hold from Buy with a price target of $38, down from $40. The firm lowered estimates, standing near consensus, noting that its downgrade reflects a lack of near term catalyst, softer volume recovery relative to peers, and potential for greater reinvestment requirements to improve volume growth.
• Citi downgraded Bristol Myers (BMY) to Neutral from Buy with a price target of $55, down from $75, following a transfer of analyst coverage. The firm sees growth headwinds from the Eliquis and Opdivo loss of exclusivities.

Top 5 Initiations:

• Benchmark initiated coverage of Uber (UBER) with a Hold rating and no price target. The firm has “substantially more confidence” the company can achieve its medium-term outlook relative to Lyft (LYFT), but cites “moderate concern” with Uber’s elevated levels of investor sentiment heading into the holidays for the Hold rating.
• Benchmark initiated coverage of Lyft with a Hold rating and no price target. The firm is not confident the company can achieve its medium-term outlook, although says it is “seemingly more confidence than the Street.”
• UBS initiated coverage of Builders FirstSource (BLDR) with a Buy rating and $232 price target. The growth thesis for Builders FirstSource is solid, with levers for margin expansion, and UBS forecasts a roughly 13% adjusted EPS compound annual growth rate through the end of 2026 and 16% through the end of 2027.
• RBC Capital initiated coverage of Apellis (APLS) with a Sector Perform rating and $25 price target. Complement inhibitors Syfovre and Izervay were approved for geographic atrophy on slowing the growth of atrophy in the retina, not on a functional benefit like vision gains, the endpoint used for anti-VEGFs in wAMD, notes the firm.
• KeyBanc initiated coverage of Regency Centers (REG) with an Overweight rating and $80 price target. The firm says Regency is in a unique position heading into 2025 and 2026 given its improving internal growth profile, development platform that is positioned to create value through accretive investments at a point in the cycle where there is little new development taking place, and strong balance sheet with below-average leverage.