Alphabet downgraded, Boeing 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:

• Vertical Research upgraded Boeing (BA) to Buy from Hold with a price target of $270, up from $242. With the aerospace upcycle intact but shifting into “a mid-cycle environment,” Vertical sees room to take a “more balanced aero aftermarket vs OEM stance.”
• Oppenheimer analyst Suraj Kalia upgraded Boston Scientific (BSX) to Outperform from Perform with a price target of $125, up from $118, after assuming coverage of the name. The firm believes Boston Scientific offers one of the best large-cap growth stories in medical technology, driven by a “disciplined” acquisition strategy and strong execution.
• Mizuho upgraded Chewy (CHWY) to Outperform from Neutral with a price target of $50, up from $44. The stock’s risk/reward is “titled heavily upwards” following the recent selloff, the firm tells investors in a research note.
• JPMorgan upgraded Veeva (VEEV) to Overweight from Neutral with a price target of $330, up from $290. The firm says the company is only 14% penetrated in a $20B-plus life Sciences industry opportunity, which has historically grown mid-single digits. Veeva will grow revenue at 13% annually and post cash flow margins of 40%-plus over the next three years, supported by a “competitively differentiated” platform-approach and total addressable market penetration opportunity, the firm tells investors in a research note.
• TD Cowen upgraded Canada Goose (GOOS) to Buy from Hold with a price target of $18, up from $16. The firm cites the company’s move from classic to a year-round lifestyle outerwear product for the upgrade.

Top 5 Downgrades:

• Phillip Securities downgraded Alphabet (GOOGL) to Accumulate from Buy with a price target of $265, up from $235. The firm views the U.S. district judge ruling positively and believes restrictions on exclusivity will have limited impacts on Google’s product strength and partner incentives, but cites valuation for the downgrade following the stock’s recent rally.
• RBC Capital downgraded TransDigm (TDG) to Sector Perform from Outperform with a price target of $1,385, down from $1,550. The firm sees a continued period of uncertainty for the stock.
• JPMorgan downgraded SAIC (SAIC) to Neutral from Overweight with a price target of $115, down from $140. The company’s revenue outlook has weakened in recent months, and its pivot is proving more challenging than expected under the Trump administration, the firm tells investors in a research note.
• Baird downgraded ABM (ABM) to Neutral from Outperform with a price target of $54, down from $56. The company’s fiscal Q3 results showed it is adjusting prices to hold off competition in several large markets where weak demands persists, the firm notes, adding that it believes this could take time to rectify and warrants a reversal of the positive share thesis.
• D. Boral Capital downgraded Artelo Biosciences (ARTL) to Hold from Buy and removed the firm’s prior price target following the company’s “unexpected” $3M capital raise last week that came after what appeared to be an unsuccessful crypto-related strategy.

Top 5 Initiations:

• Cantor Fitzgerald initiated coverage of Bullish (BLSH) with an Overweight rating and $56 price target. The firm views Bullish as an institutional play on crypto between its exchange and its indices business. Citi, Canaccord and Rosenblatt also started coverage of the name with a Buy rating, while Oppenheimer, Bernstein, JPMorgan, Jefferies and Deutsche Bank initiated Bullish with Neutral-equivalent ratings.
• Wells Fargo initiated coverage of Duolingo (DUOL) with an Underweight rating and $239 price target. While the shares are already down 16% year-to-date on user growth issues, artificial intelligence “backlash” has “transition to brand apathy,” the firm tells investors in a research note.
• Benchmark initiated coverage of Bakkt (BKKT) with a Buy rating and $13 price target. Bakkt is “poised for a fresh start” after a period of restructuring with a streamlined focus and reset growth trajectory, says the firm, which calls the divestiture of its custody business and the pending sale of its legacy loyalty business “a decisive exit from capital-intensive, non-core operations.”
• RBC Capital initiated coverage of Comcast (CMCSA) with a Sector Perform rating and $38 price target. The firm believes Comcast is challenged due to intensified competition with fiber and fixed wireless access that pressure its subscriber metrics and market share.
• H.C. Wainwright initiated coverage of BioMarin (BMRN) with a Neutral rating and $60 price target. The firm sees “looming risk” for Voxzogo from oral FGFR inhibitors.