Nike upgraded, Dollar Tree downgraded: 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:

• Wedbush upgraded DoorDash (DASH) to Outperform from Neutral with a $260 price target. The firm notes DoorDash has retained a leading competitive position within the U.S. food and delivery market and continues to execute well across strategic initiatives as management positions the company for long-term sustainable growth.
• JPMorgan double upgraded Circle Internet (CRCL) to Overweight from Underweight with a price target of $100, up from $94. Circle reported solid Q3 results with key metrics exceeding expectations, the firm tells investors in a research note.
• Wells Fargo upgraded Nike (NKE) to Overweight from Equal Weight with a price target of $75, up from $60. The firm says visibility into Nike’s sales and margins “is finally improving.”
• Wedbush upgraded Booking Holdings (BKNG) to Outperform from Neutral with a $6,000 price target. The firm notes Global travel demand was healthy relative to expectations this quarter, and Booking remains the best positioned OTA given the company’s global scale and diversification, strong liquidity and free cash flow conversion, and track record of successful execution across key strategic initiatives.
• Goldman Sachs upgraded AutoZone (AZO) to Buy from Neutral with a price target of $4,262, up from $4,090. The firm sees an attractive risk/reward opportunity following the stock’s recent selloff.

Top 5 Downgrades:

• Goldman Sachs double downgraded Dollar Tree (DLTR) to Sell from Buy with a price target of $103, down from $133. The shares are now pricing in the company’s better fundamentals and upside from here “gets harder,” firm says.
• Wolfe Research downgraded Fastenal (FAST) to Underperform from Peer Perform with a $43 price target. The company’s sales have been decelerating, and Wolfe now sees inflationary pressures beginning to weigh on its gross margins.
• Craig-Hallum downgraded SoundThinking (SSTI) to Hold from Buy with a $10 price target. The firm notes the company delivered a wide Q3 miss while guiding down FY25.
• H.C. Wainwright downgraded Korro Bio (KRRO) to Neutral from Buy without a price target. The firm says that KRRO-110 “falling far short of therapeutic levels,” Korro must now rebuild investor confidence “from the ground up.” William Blair, Raymond James, Cantor Fitzgerald, Chardan, Clear Street, and RBC Capital also downgraded the stock to Neutral-equivalent ratings.
• Wells Fargo downgraded Cooper Companies (COO) to Equal Weight from Overweight with an unchanged price target of $72. With growth in the contact lens market decelerating, Cooper is less likely to outperform the market, the firm tells investors in a research note.

Top 5 Initiations:

• Compass Point initiated coverage of CoreWeave (CRWV) with a Buy rating and $150 price target. CoreWeave already serves Microsoft (MSFT) and has captured long-term demand, the firm tells investors in a research note.
• Scotiabank initiated coverage of 10 large cap biopharma companies with an “out-of-consensus” positive sector view, citing a belief that large cap biopharma stocks’ multi-year underperformance relative to other sectors and the major indices creates a good entry point ahead of the next wave of innovation, where companies “will be treating to cure.” In addition to having an Outperform rating on Johnson & Johnson (JNJ), the firm starts AbbVie (ABBV), Amgen (AMGN), Gilead (GILD), Eli Lilly (LLY), Pfizer (PFE), Merck (MRK) and Vertex Pharmaceuticals (VRTX) at Outperform and begins Bristol Myers (BMY) and Regeneron (REGN) with Sector Perform ratings.
• Oppenheimer initiated coverage of Rocket Companies (RKT) with an Outperform rating and $25 price target. The firm believes Rocket represents the best way to invest in residential real estate as rates fall and drive refinance demand.
• Benchmark initiated coverage of Vital Farms (VITL) with a Buy rating and $60 price target. The firm views the company as a “tentpole investment for growth-oriented investors.”
• Benchmark initiated coverage of Lifeway Foods (LWAY) with a Buy rating and $35 price target. The firm views the company as a “high growth investment opportunity” that remains overlooked by investors.