JPMorgan, Five Below downgraded: 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:

• Cantor Fitzgerald upgraded Sarepta (SRPT) to Overweight from Neutral with a price target of $167, up from $152, following quarterly results. The firm says that with the stock down 24% since the full label was granted, the entry point is “starting to become much more attractive.”
• Baird upgraded McKesson (MCK) to Outperform from Neutral with a price target of $688, up from $531. The firm says McKesson cleared up several of its concerns and “removed a few major overhangs.”
• Raymond James upgraded U.S. Cellular (USM) and Telephone and Data (TDS) to Outperform from Market Perform with price targets of $86 and $51, respectively. Following the results of the 2024 Presidential election, the firm sees “significant upside” in shares of U.S. Cellular and Telephone and Data given the ongoing strategic review and announced asset sales at the former.
• Leerink upgraded Zymeworks (ZYME) to Outperform from Market Perform with a price target of $25, up from $10, following the advancement of the wholly owned pipeline into the clinical stage setting, and ahead of the November 29th PDUFA for out licensed zanidatimab.
• Compass Point upgraded AvidXchange (AVDX) to Buy from Neutral with a price target of $15, up from $8. Net transaction retention has likely bottomed in Q3, and the firm expects reversion towards the company’s historical run-rate of 105% as CEO confidence is likely to revert higher given certainty in the U.S. presidential race and accounts payable year-over-year growth cyclically reverting higher.

Top 5 Downgrades:

• KeyBanc downgraded Five Below (FIVE) to Sector Weight from Overweight without a price target following Donald Trump’s election win. The firm cites Five Below’s acute China import exposure. KeyBanc also downgraded Dollar Tree (DLTR) to Sector Weight from Overweight without a price target on similar concerns.
• Bernstein downgraded Ford (F) to Market Perform from Outperform with a price target of $11. The company’s Q3 earnings were a “mixed bag,” and the company will face “significant” pricing and free cash flow headwinds in the first half of 2025, the firm tells investors in a research note.
• Piper Sandler downgraded HubSpot (HUBS) to Neutral from Overweight with a price target of $640, up from $570. The firm is encouraged by the company’s “solid” Q3 execution, but says the shares have risen 33% in the last three months and now appear fairly valued.
• Loop Capital downgraded Crocs (CROX) to Hold from Buy with a price target of $110, down from $150. The firm says that while the stock’s valuation is attractive, it sees downside risk to 2025 estimates.
• Baird downgraded JPMorgan (JPM) to Underperform from Neutral with an unchanged price target of $200. The firm urges investors to take profits in JPMorgan shares here, saying current prices offer a poor risk/reward.

Top 5 Initiations:

• UBS initiated coverage of Vulcan Materials (VMC) with a Buy rating and $349 price target. The firm sees Vulcan as a beneficiary of an improving non-residential construction market in the second half of 2025 and 2026, and believes the accompanying earnings uplift is underappreciated.
• Morgan Stanley initiated coverage of Allegro MicroSystems (ALGM) with an Equal Weight rating and $21 price target. The firm says its neutral rating reflects its view that the automotive semiconductor market will enter a period of stagnation with slower content growth across electric vehicles and internal combustion engines, posing a headwind to Allegro’s revenue growth.
• Jefferies initiated coverage of Edison International (EIX) with a Buy rating and $93 price target. Edison is now positioned to grow faster than average and exceed its long-term outlook, addressing investor questions about the outlook given interest rate exposure, the firm tells investors in a research note.
• UBS initiated coverage of Martin Marietta (MLM) with a Buy rating and $730 price target. The firm thinks the stock does not fully reflect the earnings growth potential from a supportive construction market combined with Martin Marietta’s strategic framework
• H.C. Wainwright initiated coverage of Vivani Medical (VANI) with a Buy rating and $3 price target. Vivani is a preclinical-stage biopharmaceutical company focused on the development of miniaturized, subdermal implants based on its proprietary NanoPortal technology platform to enable long-term, near constant-rate delivery of a broad range of medicines to eliminate medication non-adherence, the firm tells investors in a research note.