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:
Benchmark upgraded Shopify (SHOP) to Buy from Hold with a $150 price target. The firm expects «comfortable upside» to reported and guided gross merchandise value, but with more enterprise and Plus-driven upside to monthly recurring revenue and GMV than witnessed historically.
Loop Capital upgraded Aspen Technology (AZPN) to Buy from Hold with a price target of $315, up from $265. The firm believes that Elliott’s attempt to leverage its 9% stake in Aspen and oppose the current tender offer from Emerson will likely result in a meaningfully higher bid.
BofA upgraded Mobileye (MBLY) to Neutral from Underperform with a price target of $19, up from $12. 2025 guidance provided along with the Q4 report was below BofA and consensus, but it limits downside risk to estimates, the firm tells investors.
UBS upgraded Johnson Controls (JCI) to Buy from Neutral with a price target of $103, up from $90, implying about 20% upside from current levels. The firm is positive on the appointment of the new, outsider CEO Joakim Weidemanis, and has now greater confidence in Johnson’s profit improvement potential.
Wolfe Research upgraded Oneok (OKE) to Outperform from Peer Perform with a $110 price target. The company’s export joint venture with MPLX creates strategic value and adds to a proposition of competitive growth coupled with rapidly increasing capital return, the firm tells investors in a research note.
Top 5 Downgrades:
Phillip Securities downgraded Amazon.com (AMZN) to Accumulate from Buy with a price target of $270, up from $240, post the Q4 report. The firm cites valuation for the downgrade following the recent strength in the shares.
Argus downgraded Skyworks (SWKS) to Hold from Buy. The firm notes Apple (AAPL) is by far Skyworks’s largest customer, but it will now dual-source a premier RF socket in the new upcoming iPhone 17 generation family that Skyworks had formerly sole-sourced, and further points out the company has recently revealed that it would lose 20%-25% content in the iPhone 17 launch due to launch in fall 2025.
Susquehanna downgraded NetApp (NTAP) to Neutral from Positive with a price target of $130, down from $155. The firm sees increased downside risk to consensus estimates, especially in the July and October quarters, as NetApp’s compares become challenging.
Barclays downgraded Illumina (ILMN) to Underweight from Equal Weight with a price target of $100, down from $130. The firm sees greater risk to management’s ability to deliver on their plan due to China uncertainty and increasing competition from Roche in the clinical market.
TD Cowen downgraded Merck (MRK) to Hold from Buy with a price target of $100, down from $121. The firm says its Buy thesis «broke down» with Gardasil’s challenges in China.
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