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Title: Wall Street's Top Analyst Calls: Apple Downgraded, Oddity Upgraded
Date: [Insert Date]
The most significant research calls on Wall Street have been compiled to provide investors with the latest market-moving information. Here are today's top research calls:
Top 5 Upgrades:
1. Wolfe Research Upgrades KeyCorp (KEY): Wolfe Research has upgraded KeyCorp from Underperform to Peer Perform without a price target. The firm believes that the potential upside from "higher-for-longer" interest rates is balanced with the risks associated with the bank's capital shortfall position.
2. Citi Upgrades LyondellBasell (LYB): Citi has upgraded LyondellBasell from Neutral to Buy with a price target of $106, up from $104. The firm is more positive on cyclical commodity chemical names, given the recent run-up in oil prices.
3. BofA Upgrades Oddity (ODD): BofA has upgraded Oddity from Neutral to Buy with a price target of $37, down from $60. The firm sees the recent pullback in the stock as an attractive buying opportunity, considering it is currently 16% below its IPO price.
4. Wolfe Research Upgrades Hub Group (HUBG): Wolfe Research has upgraded Hub Group from Peer Perform to Outperform with a price target of $98. The firm believes the stock is undervalued, considering the earnings potential.
5. Wolfe Research Upgrades Matson (MATX): Wolfe Research has upgraded Matson from Peer Perform to Outperform with a price target of $113. The firm believes the stock's recent outperformance offers a better entry point for investors.
Top 5 Downgrades:
1. KeyBanc Downgrades Apple (AAPL): KeyBanc has downgraded Apple from Overweight to Sector Weight without a price target. The firm cites valuation as the reason for the downgrade, considering Apple's high multiples and premium to the Nasdaq.
2. Truist Downgrades Sunrun (RUN): Truist has downgraded Sunrun from Buy to Hold with a price target of $12, down from $30. The firm believes that the market is no longer rewarding outsized growth in the U.S. residential space.
3. Truist Downgrades Sunnova Energy (NOVA): Truist has downgraded Sunnova Energy from Buy to Hold with a price target of $11, down from $35. The firm believes that balance sheet strength and steady profitability will play a crucial role in equity performance in the solar and energy storage sector.
4. Wolfe Research Downgrades Ryder (R): Wolfe Research has downgraded Ryder from Outperform to Peer Perform without a price target. The firm sees risks to Ryder's earnings in the coming year due to muted freight demand and potential moderation in leasing pricing gains.
5. Piper Sandler Downgrades B&G Foods (BGS): Piper Sandler has downgraded B&G Foods from Neutral to Underweight with a price target of $8, down from $14. The firm believes that U.S. measured retail sales trends are behind expectations for Q3.
Top 5 Initiations:
1. UBS Initiates Coverage of Fiverr (FVRR): UBS has initiated coverage of Fiverr with a Buy rating and a $33 price target. The firm believes that Fiverr's volumes in job listings lead the overall market and have started stabilizing.
2. UBS Initiates Coverage of Upwork (UPWK): UBS has initiated coverage of Upwork with a Neutral rating and a $13 price target. The firm notes that Upwork's volume is strongly correlated with job listings, which have been declining.
3. UBS Initiates Coverage of ZipRecruiter (ZIP): UBS has initiated coverage of ZipRecruiter with a Neutral rating and a $13 price target. The firm highlights that ZipRecruiter's revenues are closely tied to job listings, which have been declining.
4. Stifel Initiates Coverage of DT Midstream (DTM): Stifel has initiated coverage of DT Midstream with a Buy rating and a $60 price target. The firm sees DT Midstream as a lower-risk way to benefit from the growth in natural gas volumes.
5. TD Cowen Initiates Coverage of Lithium Argentina (LAAC): TD Cowen has initiated coverage of Lithium Argentina with an Outperform rating and a $14 price target. The separation from Lithium Americas Corp. presents a positive opportunity, although BMO Capital has resumed coverage with a Market Perform rating and a $7.50 price target.
These research calls provide valuable insights into the market and can help investors make informed decisions.
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