Here’s a summary of the most influential research ratings from Wall Street analysts that could impact market movements. Below are today’s key rating changes compiled by The Fly.
**Top Five Upgrades**
1. **DraftKings (DNKG)** – Northland upgraded the stock from "Underperform" to "Market Perform." The move followed weaker-than-expected Q3 results, attributed to sports outcomes favoring bettors in September, a trend that persisted into October.
2. **Coinbase Global, Inc. (COIN)** – Monness Crespi raised its rating from "Neutral" to "Buy" with a $375 price target. The firm maintained its 2025 earnings forecast while slightly raising 2026 expectations. It cited optimism around stablecoin adoption and potential updates from an upcoming December 17 event, as well as tokenization trends and anticipated SEC commentary.
3. **Eli Lilly (LLY)** – Leerink upgraded the stock from "Market Perform" to "Outperform," raising its target price from $886 to $1,104. The firm expects multiple growth catalysts in obesity treatments, including Medicare/Medicaid coverage expansion by 2027 and new drug launches like orforglipron, retatrutide, and eloralintide.
4. **Paylocity (PCTY)** – Guggenheim upgraded the stock from "Neutral" to "Buy" with a $180 target, implying 27% upside. Despite labor market challenges and AI adoption, the firm sees the stock's risk-reward profile as favorable.
5. **MicroStrategy (MSTR)** – Monness Crespi lifted its rating from "Sell" to "Neutral," noting that downside risks have eased after recent price declines.
**Top Five Downgrades**
1. **Six Flags (FUN)** – Morgan Stanley downgraded the stock from "Overweight" to "Market Perform," slashing its target from $30 to $20, citing weak EBITDA recovery prospects in 2026.
2. **CarMax (KMX)** – Morgan Stanley cut its rating from "Overweight" to "Market Perform," lowering the target from $56 to $35 due to deteriorating sales trends, operational challenges, and leadership uncertainty.
3. **JD.com (JD)** – Morgan Stanley downgraded the stock from "Market Perform" to "Underweight" with a $28 target, calling it the least favorable Chinese e-commerce stock over the next 12 months.
4. **CubeSmart (CUBE)** – KeyBanc downgraded the stock from "Overweight" to "Sector Weight," citing fundamental challenges despite raised guidance and strong NYC performance.
5. **Applied Optoelectronics (AAOI)** – B. Riley downgraded the stock from "Neutral" to "Sell," maintaining a $15 target (43% downside), as Amazon-related growth appears priced in.
**Top Five Initiations**
1. **Circle Internet (CRCL)** – Monness Crespi initiated coverage with a "Buy" rating and $150 target, citing stablecoins' role in dollar dominance and global value transfer.
2. **Cloudflare (NET)** – Oppenheimer initiated with an "Outperform" rating and raised its target to $300 (Wall Street’s highest), citing strong cross-selling and security module adoption.
3. **Hasbro (HAS)** – Seaport Research started coverage with a "Buy" rating and $100 target, highlighting stronger-than-expected growth in toys and Magic: The Gathering’s enduring appeal.
4. **Monopar Therapeutics (MNPR)** – Leerink initiated with an "Outperform" rating and $115 target, citing positive Phase III data for ALXN1840 and potential FDA approval.
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