US BROKER MOVES: SCCO upgraded at Goldman Sachs; Citi downgrades ADSK, DOCU, SMWB, VEEV, seeing a lack of catalysts in next 12 months
UPGRADES
- KNOT Offshore (KNOP) Upgraded to Buy at Fearnley; PT USD 15
- MacroGenics (MGNX) Upgraded to Buy at B Riley; PT USD 9
- Madison Square Garden Sports (MSGS) US Upgraded to Buy at Seaport Global Securities; PT USD 430
- Meta (META) Upgraded to Strong Buy at CFRA
- Nexstar Media (NXST) Upgraded to Buy at Citi; PT USD 220
- Ryman Hospitality (RHP) Upgraded to Overweight at Morgan Stanley
- Shake Shack (SHAK) Upgraded to Outperform at Mizuho Securities; PT USD 120
- Southern Copper (SCCO) Upgraded to Neutral at Goldman; PT USD 178
DOWNGRADES
- Autodesk (ADSK) Downgraded to Neutral at Citi; PT USD 246
- Axalta (AXTA) Downgraded to Equal-Weight at Wells Fargo; PT USD 30
- CCC Intelligent Solutions (CCC) Downgraded to Neutral at Citi; PT USD 6
- Docusign (DOCU) Downgraded to Neutral at Citi; PT USD 50
- Nike (NKE) Downgraded to Neutral at Piper Sandler; PT USD 50
- Nutanix (NTNX) Downgraded to Neutral at JPMorgan; PT USD 44
- Roots Corp. (ROOT CN) Downgraded to Hold at TD Cowen; PT CUSD 4.25
- ServiceNow (NOW) Downgraded to Neutral at UBS; PT USD 100
- Sherwin-Williams (SHW) Downgraded to Equal-Weight at Wells Fargo; PT USD 365
- SimilarWeb (SMWB) Downgraded to Neutral at Citi; PT USD 3
- Simply Good Foods (SMPL) Downgraded to Equal-Weight at Stephens; PT USD 14
- Telus (T CN) Downgraded to Sector Perform at Scotiabank; PT CUSD 21.50
- Veeva (VEEV) Downgraded to Neutral at Citi; PT USD 176
INITIATIONS
- AbCellera Biologics (ABCL) Initiated at New Buy at Jones; PT USD 11
- Caris Life Sciences (CAI) Initiated at New Neutral at Piper Sandler; PT USD 21
- CBIZ (CBZ) Initiated at New Equal-Weight at Stephens; PT USD 31
- Definium Therapeutics In (DFTX) Initiated at New Overweight at Piper Sandler
- Grail (GRAL) Initiated at New Neutral at Mizuho Securities; PT USD 58
- Initiated at New Neutral at Piper Sandler; PT USD 54
- Infleqtion (INFQ) Initiated at New Buy at BTIG; PT USD 22
- Insmed (INSM) Initiated at New Outperform at Raymond James; PT USD 200
- Lyell Immunopharma (LYEL) Initiated at New Strong Buy at Needham; PT USD 44
- Macom (MTSI) Initiated at New Buy at Loop Capital
- Mechanics Bancorp (MCHB) Initiated at New Overweight at Cantor; PT USD 17
- Milestone Pharmaceuticals (MIST) Initiated at New Strong Buy at Raymond James
- Nakamoto (NAKA) Initiated at New Buy at TD Cowen; PT USD 1
- Praxis Precision (PRAX) Initiated at New Strong Buy at Raymond James; PT USD 815
- ProPetro (PUMP) Reinstated Neutral at Goldman; PT USD 15
- PTC Therapeutics (PTCT) Reinstated Outperform at Raymond James; PT USD 108
- Rapport Therapeutics (RAPP) Initiated at New Strong Buy at Raymond James
- Sharplink (SBET) Initiated at New Buy at TD Cowen
- Skillz (SKLZ) Initiated at New Overweight at Cantor
- Strive (ASST) Initiated at New Buy at TD Cowen; PT USD 26
- United Therapeutics (UTHR) Initiated at New Outperform at Raymond James
- UroGen Pharma (URGN) Reinstated Buy at Jefferies; PT USD 40
- Whitefiber (WYFI) Initiated at New Buy at BTIG; PT USD 20
Context
Goldman Sachs upgraded Southern Copper (SCCO) to Neutral, which implies a more favorable outlook relative to the previous rating. Conversely, several downgrades from Citi, particularly on Autodesk (ADSK) and Docusign (DOCU), suggest a cautious view on these stocks due to a perceived lack of catalysts in the upcoming year. Overall, these shifts indicate changing sentiment in key sectors, with potential implications for equity performance and sector rotations.
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