World Stock Watch

Market Movers: Top Research Calls to Know

Upgrades Galore

Investors, take note! The top research calls on Wall Street have been compiled, and we’ve got the scoop. Here are the top 5 upgrades you need to know:

• Disney (DIS): Redburn Atlantic upgraded the media giant to Buy from Neutral, citing a turning point in streaming profit growth that will offset linear TV declines.
• Snowflake (SNOW): Wells Fargo upgraded the cloud-based data warehousing company to Overweight, expecting a “budding” product cycle and a more attractive entry point.
• Zoom Communications (ZM): Wells Fargo also upgraded the video conferencing platform to Equal Weight, citing a more favorable positioning heading into 2025.
• Carvana (CVNA): RBC Capital upgraded the online used car retailer to Outperform, seeing an opportunity in the recent pullback.
• Ulta Beauty (ULTA): B. Riley upgraded the beauty retailer to Neutral, citing the erosion of key pillars in its prior thesis.

Downgrades to Consider

On the flip side, here are the top 5 downgrades to keep an eye on:

• Apple (AAPL): MoffettNathanson downgraded the tech giant to Sell, citing a steady drumbeat of bad news, including a federal judge’s ruling on its payments from Google.
• Tesla (TSLA): BofA downgraded the electric vehicle maker to Neutral, citing execution risk and a stock price that captures much of its long-term base case.
• Tyler Technologies (TYL): Wells Fargo downgraded the software company to Equal Weight, citing concerns around the 2025 setup for software.
• Ross Stores (ROST): Bernstein downgraded the off-price department store chain to Market Perform, citing a maturing store base and lower income consumer.
• Datadog (DDOG): Truist downgraded the cloud-based monitoring and analytics platform to Hold, citing current valuation levels.

New Coverage Initiations

Finally, here are the top 5 initiations to know:

• Coca-Cola (KO): Piper Sandler initiated coverage with an Overweight rating, citing sustainable growth and share gains.
• PepsiCo (PEP): Piper Sandler initiated coverage with an Overweight rating, citing its leading beverage business and extensive global reach.
• Keurig Dr Pepper (KDP): Piper Sandler initiated coverage with a Neutral rating, citing concerns around coffee cost increases and soft category pricing momentum.
• Boot Barn (BOOT): BofA reinstated coverage with a Buy rating, citing scale and a robust store opening strategy.
• On Holding (ONON): BofA reinstated coverage with a Buy rating, citing brand momentum, retail integration, and diversification potential.