Tractor Supply downgraded, EVgo 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:

• Deutsche Bank upgraded RTX (RTX) to Hold from Sell with a price target of $129, up from $109. The firm forecasts a Q3 earnings beat and thinks the company’s full-year guide can be maintained despite the strike at Boeing (BA) given an “undemanding” second-half setup.
• JPMorgan upgraded EVgo (EVGO) to Overweight from Neutral with a $7 price target, and placed the shares on “Positive Catalyst Watch.” Unlike its hardware and software peers, EVgo’s fast charging owner-operator model has been scaling well with higher utilization and charge rates in the “current muted” electric vehicle environment, JPMorgan tells investors in a research note.
• Citi upgraded EQT Corporation (EQT) to Buy from Neutral with a price target of $44, up from $37. The firm says the energy markets “appear at a crossroads” with oil fundamentals set to weaken while the U.S. gas market appears set to tighten in 2025, and sees low-cost gas producers like EQT standing to be winners’ in energy.
• BofA upgraded InvenTrust Properties (IVT) to Buy from Neutral with a price target of $33, up from $30, citing valuation. Based on expectations InvenTrust will increase external capital deployment, its positive outlook on Sunbelt grocery-anchored retail, institutional capital formation around quality grocery-anchored assets, and expectations that necessity retail cap rates will continue to compress, the firm notes that it is increasing its 2025 FFO estimates by 1.1%, putting them above consensus.
• Citi upgraded Shoals Technologies (SHLS) to Neutral from Sell with a price target of $5.50, up from $5. At current levels, stock is largely in-line with the target and risk/reward appears balanced, the firm tells investors in a research note.

Top 5 Downgrades:

• Evercore ISI downgraded Tractor Supply (TSCO) to In Line from Outperform with an unchanged price target of $300. The firm cites valuation for the downgrade, saying the shares are “pricing for perfection.”
• Evercore ISI downgraded Academy Sports (ASO) to In Line from Outperform with a price target of $60, down from $65. While the shares are “still not expensive,” the current multiples are at the high-end of Academy Sports’ range over the last three years, the firm tells investors in a research note.
• JPMorgan double downgraded ChargePoint (CHPT) to Underweight from Overweight without a price target. The firm expects ChargePoint will continue underperforming charging peers due to its dependence on a rebound in electric vehicle adoption.
• JPMorgan downgraded Voya Financial (VOYA) to Neutral from Overweight with an unchanged price target of $87, and removed the shares from the firm’s Analyst Focus List. The downgrade is driven by an “incrementally cautious” view of near-term business trends regarding stop-loss margins, asset management flows and retirement spreads, concerns about downside risk to consensus Q3 forecasts, and the stock’s recovery since early August, JPMorgan tells investors in a research note
• Roth MKM downgraded Blue Bird (BLBD) to Neutral from Buy with an unchanged price target of $48. The firm is “incrementally cautious” after channel checks indicated continued inefficiencies at the Environmental Protection Agency in dispersing electric school bus funding.

Top 5 Initiations:

• Stephens resumed coverage of Tyson Foods (TSN) with an Equal Weight rating and $57 price target. Stephens believes Tyson is positioned to create value for shareholders over the longer term, but notes the company faces headwinds in its beef business that are deteriorating profitability.
• Stephens resumed coverage of Hormel Foods (HRL) with an Equal Weight rating and $31 price target. The firm says the current fundamental backdrop “warrants caution,” particularly due to weak turkey fundamentals, as Hormel works to improve its earnings base.
• Stephens resumed coverage of Pilgrim’s Pride (PPC) with an Equal Weight rating and $43 price target. Stephens says Pilgrim’s has scale in all of its major geographies, has been making “steady improvements” to its operations and has consistently focused on growing its mix of prepared food/value-added chicken offerings, but the stock is trading near all-time highs, which “leaves little room for error.”
• Jefferies resumed coverage of Devon Energy (DVN) with a Hold rating and $45 price target following the close of the Grayson Mill acquisition. The firm says Grayson adds depth to Devon’s Bakken position and will be accretive to free cash flow generation as development activity is optimized.
• Oppenheimer initiated coverage of Ligand Pharmaceuticals (LGND) with an Outperform rating and $135 price target. The firm views Ligand as a diversified biotech investment “in which an investor can lean on a highly experienced management team with proprietary access to key opinion leaders, company exposure, and unique networks which provide access to deals to which the average investor does not have access.”