Top 5 Upgrades:
- Wolfe Research upgraded Roku(ROKU) to Peer Perform from Underperform without a price target. The firm now sees less downside risk "for arguably the best in-class gatekeeper to streaming TV."
- Barclays upgraded Match Group (MTCH) to Overweight from Equal Weight with an unchanged price target of $52. At current levels, the firm sees limited downside and a "number of upside catalysts" from app optimizations, higher priced tiers, ad revenue, and reduced App Store fees.
- Baird upgraded Argenx(ARGX) to Outperform from Neutral with an unchanged price target of $460. The firm sees a good entry point into the stock ahead of what it anticipates will be successful registrational trial results for CIDP in Q2, which could "reintroduce a strong acquisition premium into the stock.”
- Tigress Financial upgraded Acushnet Holdings (GOLF) to Buy from Neutral with a price target of $62, up from $50. The company is well-positioned to gain from the ongoing post-pandemic growth in golf as its strong brand equity, "industry-leading products" and upcoming cadence of new product introductions should drive further share price gains, the firm tells investors.
- Credit Suisse upgraded Pinnacle West (PNW) to Outperform from Neutral with a price target of $80, up from $77, following several positive developments in the AZ jurisdiction which is now putting the firm's EPS outlook well above Consensus.
Top 5 Downgrades:
- JMP Securities downgraded Seagen(SGEN) to Market Perform from Outperform without a price target following the proposed acquisition by Pfizer (PFE).
- JMP Securities downgraded Qualtrics(XM) to Market Perform from Outperform without a price target after the company entered into a definitive agreement to be acquired by Silver Lake Group and Canada Pension Plan Investment Board for $18.15 cash per share. Raymond James also downgraded Qualtrics to Market Perform from Outperform.
- Jefferies downgraded Provention Bio (PRVB) to Hold from Buy with a price target of $25, up from $22, after the company reached an agreement to be acquired by Sanofi (SNY) in an all-cash transaction valued at $2.9B or $25 per share.
- Oppenheimer downgraded Lightning eMotors (ZEV) to Perform from Outperform without a price target. The company continues to work through an "especially challenging" backdrop while continuing to help pioneer the commercial electric vehicle market segment, which puts the stock in a "challenging position," the firm says.
- JPMorgan downgraded Ovintiv(OVV) to Neutral from Overweight with a price target of $53, down from $59. The firm also removed the shares from the firm's Analyst Focus List.
Top 5 Initiations:
- Jefferies initiated coverage of Dick's Sporting(DKS) with a Hold rating and $155 price target. The company is a "best-in-class" sports retailer but the shares have few upside catalysts on the horizon, the firm says.
- TD Cowen initiated coverage of Estee Lauder (EL) with an Outperform rating and $28 price target. The company's "iconic" brand portfolio, geographic and category diversification, and "deep" customer loyalty drive stable high single digit sales growth, the firm says.
- Jefferies initiated coverage of Academy Sports (ASO) with a Buy rating and $73 price target. The firm prefers Academy Sports in the sporting goods retail sector, saying its value-oriented market position will drive outperformance over the next 12-18 months.
- Jefferies initiated coverage of Hibbett(HIBB) with a Hold rating and $69 price target. The firm sees the company at most at-risk from a "rising promotional tide" in sporting goods retail.
- Barclays initiated coverage of EncompassHealth (EHC) with an Equal Weight rating and $57 price target. Greater risks related to upcoming IRF rate updates from Centers for Medicare and Medicaid Services are a concern, the firm notes.
