SUPERNEWS

Equities

Analysts Initiate Coverage and Adjust Price Targets for Key Companies

Wall Street's flurry of analyst calls highlights upgrades, downgrades, and price target adjustments across sectors.

By Alex P. Chase

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4/3, 08:52 EDT
Ally Financial Inc.
Costco Wholesale Corporation
Carlisle Companies Incorporated
Ecolab Inc.
Meta Platforms, Inc.
PepsiCo, Inc.
SoFi Technologies, Inc.
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Key Takeaway

  • Needham initiates SoFi with a buy rating and $10 target, highlighting growth; KBW raises Coinbase target to $230, optimistic on performance.
  • Citi upgrades Hologic to buy, Wells Fargo downgrades Wolfspeed to equal weight; JPMorgan lowers Ally Financial to underweight.
  • Deutsche Bank cuts Tesla price target to $189 but maintains buy; Wells Fargo adjusts Meta's target to $600, still sees ad growth potential.

Analyst Ratings and Initiatives

Wall Street witnessed a flurry of analyst calls on Wednesday, with several companies across various sectors receiving notable attention. Needham initiated coverage on SoFi Technologies with a buy rating and a $10 price target, citing the financial company's promising blend of growth and profits. Similarly, Baird initiated Informatica at overweight, highlighting its evolution into a cloud data management leader well-positioned for generative AI use cases. Piper Sandler started coverage on Ecolab with an overweight rating and a $260 price target, pointing to the water treatment company's upside potential.

Upgrades and Downgrades

The day also saw a mix of upgrades and downgrades across the board. Citi upgraded Hologic to buy from neutral, emphasizing the diagnostic company's significant recovery trajectory. Conversely, Wells Fargo downgraded Wolfspeed to equal weight from overweight due to weaker demand for silicon carbide products. JPMorgan downgraded Ally Financial to underweight from neutral, citing persistent headwinds despite a valuation run-up.

Price Target Adjustments

Several firms adjusted their price targets for high-profile companies. KBW raised its price target on Coinbase to $230 per share from $160, maintaining a market perform rating. Wells Fargo revised its price target on Meta to $600 per share from $609 but remained optimistic about the company's ad growth. Deutsche Bank lowered its price target on Tesla to $189 per share from $200, still endorsing a buy rating despite the company's Q1 deliveries miss.

Sector-Specific Insights

The analyst calls extended to various sectors, offering insights into potential market movements. Redburn Atlantic Equities upgraded UPS to buy from neutral, citing improving margins. Barclays reiterated its overweight rating on Amazon, focusing on the e-commerce giant's continued market share gains and improving cost-to-serve. Guggenheim raised its price target on Disney to $140 per share from $125, ahead of the company's annual shareholder meeting.

Street Views

  • Needham on SoFi (Bullish on SoFi):

    "We are initiating coverage of SoFi Technologies (SOFI) with a BUY rating and a $10 price target."

  • Baird on Informatica (Bullish on Informatica):

    "From its foundation as a legacy data integration leader prior to 2015, INFA has emerged as a leader in cloud data management, and we believe should be positioned to help organizations prepare their data for generative AI use cases."

  • Piper Sandler on Ecolab (Bullish on Ecolab):

    "We are initiating coverage of Ecolab Inc. (ECL) with an OW rating and a 12-month PT of $260."

  • KBW on Robinhood (Neutral on Robinhood):

    "Weighing Robinhood’s Compelling New Product Roadmap Against a Now More Demanding Stock Price / Valuation."

  • Citi upgrades Hologic to buy from neutral:

    "We view the current FY24 outlook as conservative, which should be viewed positively by investors, in our opinion, as it is not reliant on a significant market recovery in the second half of the year."

  • DA Davidson initiates Zeta Global at buy:

    "We believe ZETA is currently trading at an unwarranted discount to other sales and marketing peers given revenue model and value proposition misconceptions."

  • Goldman Sachs initiates Carlisle Companies at buy:

    "We believe Carlisle is well positioned to benefit from the macro, industry and company-specific dynamics over the next several years, contributing to above average growth relative to global peers and our building products coverage."

  • Raymond James upgrades Jones Lang LaSalle to strong buy from outperform:> " We are upgrading Jones Lang LaSalle to Strong Buy from Outperform to reflect what we view to be an attractive valuation and robust momentum within its property and facilities management businesses."

  • Deutsche Bank adds Eaton for catalyst call buy:

    " We realize that ETN outperformed the group materially in 2023 and this has continued YTD."

  • Raymond James upgrades Fluence Energy:

    " Upgrading Fluence Energy (FLNC) from Market Perform to Outperform...with room post margin upside surprises..."

  • KBW reiterates Coinbase as market perform:

    " As result higher revenue Adjusted EBITDA estimates raising price target maintaining MP rating."

  • Wells Fargo reiterates Meta overweight lowers price target: