UnitedHealth downgraded, Home Depot upgraded: Wall Street's top analyst calls
Stifel upgraded Home Depot (HD) to Buy from Hold with a price target of $425, up from $405, following the Q1 report. The firm is surprised the shares didn't rally post earnings, with accelerating comparable sales through fiscal Q1 "the key positive takeaway," with April U.S. comparable sales up nearly 2.5%.
BofA upgraded AutoZone (AZO) to Buy from Neutral with a price target of $4,800, up from $3,900, to reflect increasing confidence in the company's recession resilient history, ongoing share gains, potential inflation benefit from price increases, potentially more favorable dynamics in used versus new car sales and continued tailwinds from maturing commercial programs.
HSBC upgraded Bilibili (BILI) to Buy from Hold with a price target of $22.50, up from $21.50. The firm has turned more constructive on the soon to launch S8 at the end of May, which it says contains major updates to game play, maps and characters as the game celebrates its one-year anniversary.
Deutsche Bank upgraded Acadia Pharmaceuticals (ACAD) to Buy from Hold with a price target of $35, up from $20. The firm now sees an attractive setup ahead of the Phase 3 data in Prader Willi syndrome in early Q4.
Northland upgraded Evolv (EVLV) to Outperform from Market Perform with a $7.50 price target after Evolv held its first earnings call with its new CEO and CFO following the company's restatements.
Top Downgrades:
HSBC downgraded UnitedHealth (UNH) to Reduce from Hold with a price target of $270, down from $490. The company's CEO change, the pulled 2025 guidance, and alleged Medicare fraud have resulted in its market cap halving since the Q1 results, the firm tells investors in a research note.
Scotiabank downgraded Myriad Genetics (MYGN) to Sector Perform from Outperform with a price target of $6, down from $20. While the firm continues to believe there is opportunity for Myriad to execute against its Oncology and Women's Health business ambitions over the next several years, 2025 is likely to be "a transitional year," the firm tells investors in a research note.
More bearish on the stock, Compass Point downgraded PennantPark (PNNT) to Sell from Neutral with a price target of $5.75, down from $6.
RBC Capital downgraded CAE (CAE) to Sector Perform from Outperform with a price target of C$38, down from C$41. The shares trade the most expensive in the sector, making the solid long-term trends in pilot training and defense spending appropriately reflected at current levels, the firm tells investors in a research note.
Top Initiations:
Deutsche Bank resumed coverage of Intel (INTC) with a Hold rating and $23 price target. The firm has confidence in new CEO Lip-Bu Tan's ability to formulate a transformation strategy that can reaccelerate "profitable and sustainable growth," but says the execution of this strategy and eventual achievement "will likely be challenging and time consuming."
Jefferies initiated coverage of SelectQuote (SLQT) with a Hold rating and $2.75 price target. The firm says SelectRx's strategic redirect to even higher acuity members, the recent Department of Justice lawsuit, "suboptimal" cash conversion, and a "complicated balance sheet" keep it on the sidelines.
Stifel initiated coverage of Atlas Energy (AESI) with a Buy rating and $15 price target. The firm says its positive view is based on the company's "high-quality, low cost" mines, low-cost delivery system, including its proprietary Dune Express, and growth opportunities provided by Atlas Energy's recently acquired power generation business Moser.
Oppenheimer initiated coverage of Tvardi Therapeutics (TVRD) with an Outperform rating and $65 price target. The firm sees an "underappreciated opportunity" for the company's lead asset TTI-101, a first-in-class STAT3 inhibitor, in idiopathic pulmonary fibrosis and hepatocellular carcinoma.
William Blair initiated coverage of Lifecore (LFCR) with an Outperform rating. Minimum volume commitments from Alcon (ALC) represent "a solid foundation for Lifecore's achievable midterm revenue guide," says the firm, which projects revenue will grow at an 11.6% compound annual rate from FY25 to FY28, consistent with Lifecore's guidance.
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