Instacart, Boston Beer 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:

• Gordon Haskett upgraded Instacart (CART) to Buy from Hold with a price target of $45, up from $37. With the Instacart down 20% since Instacart reported earnings and flat relative to the $30 initial public offering price set back in September, “now is an opportune entry point to buy the shares,” the firm tells investors in a research note.
• Morgan Stanley upgraded Boston Beer (SAM) to Equal Weight from Underweight with an unchanged $290 price target. Following a 12% year-to-date decline, the risk-reward on the stock is looking “more balanced,” the firm tells investors in a research note.
• Barclays upgraded Applied Materials (AMAT) and KLA Corp. (KLA) to Equal Weight from Underweight with price targets of $225 and $765, up from $165 and $630, respectively. The firm says a “robust uptick” in China spend and aggressive capex plans at the trailing edge in the U.S. offset some of wafer fab equipment decline and bridged the gap to a more favorable environment in 2025 and beyond.
• JPMorgan upgraded Sunoco LP (SUN) to Overweight from Neutral with a price target of $61, up from $60, after a different at the firm assumed coverage of the name. JPMorgan also placed the placed the shares on “positive catalyst watch” after the acquisition of NuStar as it views the acquisition as a “transformational deal” and sees Sunoco as a more diversified entity with increased stability, scale, and growth opportunities, with particularly attractive synergy capture potential.
• Northland upgraded Hyster-Yale Materials (HY) to Outperform from Market Perform with an unchanged price target of $90. The firm had previously lowered its rating because of valuation, but with shares having declined more than 10% since then it now sees the stock trading at “an attractive level” and notes that its channel checks suggest that underlying fundamentals remain intact.

Top 5 Downgrades:

• DA Davidson downgraded Medifast (MED) to Underperform from Neutral with a price target of $17.50, down from $25. After meeting with Medifast, the firm pushed out its sequential flattening of revenue to Q1 of 2025, which lowered its 2025 sales forecast to down 5% from up 2% year-over-year and its EPS view by 29%.
• Capital One downgraded Marathon Oil (MRO) to Equalweight from Overweight with a $34 price target following ConocoPhillips’ (COP) offer to buy Marathon.
• B. Riley downgraded Titan Machinery (TITN) to Neutral from Buy with a price target of $20, down from $32. The shares are fairly pricing in risk, but upside may be limited from here as net farm income softens weakening demand for new farm equipment as interest rates stay higher for longer, the firm tells investors in a research note.
• Goldman Sachs downgraded Relmada Therapeutics (RLMD) to Sell from Neutral with a price target of $2, down from $3, ahead of Phase 3 RELIANCE II data in adjunctive major depressive disorder. The firm sees increased risk associated with the date expected in the second half of 2025, noting potential impact from the same “trial execution missteps” that led to the failure of the two prior Phase 3 RELIANCE I and RELIANCE III trials in which “implausible results” were observed and potential underpowering of the study.
• Roth MKM downgraded Energy Fuels (UUUU) to Neutral from Buy with a price target of $6.25, down from $6.50. The firm cites the shares reaching the price target and concerns over increased risks as the company diversifies into the rare earths sector for the downgrade.

Top 5 Initiations:

• Wells Fargo initiated coverage of Corpay (CPAY) with an Equal Weight rating and $285 price target. Formerly known as Fleetcor, Corpay continues to deliver sound growth and margins, but Wells thinks Corpay faces unexpected setbacks more often than normal, leading it to believe shares are fairly valued.
• Goldman Sachs initiated coverage of Jazz Pharmaceuticals (JAZZ) with a Buy rating and $169 price target. The firm says that while the investor debate has been on the outlook for the company’s sleep business, it is optimistic on Jazz’s emerging pipeline to support its longer-term growth profile. It sees the stock as attractive at current levels.
• Goldman Sachs initiated coverage of Arrowhead Pharmaceuticals (ARWR) with a Neutral rating and $31 price target. The firm sees the company’s key value drivers as emerging likely in 202 and beyond, starting with plozasiran SHASTA registrational studies and the Phase 2b ARO-RAGE data in asthma.
• Benchmark initiated coverage of EVgo (EVGO) with a Buy rating and $3 price target. EVgo, which currently owns and operates 3,240 stalls in 35 states and is focused on fast chargers for high traffic, high-density locations, should make continued financial progress through 2024, with 2025 expected by the firm to be “a breakout year” as the company achieves positive EBITDA by year end, based on Benchmark estimates.
• Cantor Fitzgerald initiated coverage of Xometry (XMTR) with an Underweight rating and $13 price target. The company’s asset-light, marketplace model can service mostly prototyping orders and is unable to support the parts’ qualification, transparency, and tracking needed for serial production of end-use parts, the firm tells investors in a research note.