On Thursday, Wall Street analysts delivered a fresh wave of upgrades, downgrades, and initiations across several major companies, spanning sectors from technology and aerospace to retail and airlines.
Among the notable upgrades, BMO initiated coverage on Astera Labs (ALAB) at an Outperform rating with a $375 target price, highlighting the company as a leader in AI infrastructure. KeyBanc upgraded MYR Group to overweight from sector weight, setting a $361 price target, while Seaport upgraded Materion to buy from neutral, citing its exposure to key growth megatrends. Baird upgraded Lyntris to outperform from neutral with an $18 price target, and Morgan Stanley upgraded Acadian to overweight from equal weight, noting the asset manager’s significant upside potential.
In the technology sector, Morgan Stanley downgraded Cisco to equal weight from overweight, citing a higher bar for additional upside and potential pull-forward ahead of pricing increases. Conversely, Evercore ISI reiterated Arm as an Outperform with a $372 price target, viewing the company as a key beneficiary of the CPU Renaissance. Raymond James maintained a Strong Buy rating on Nvidia, suggesting the chip giant could be a logical buyer for Lumentum. HSBC upgraded LabCorp to buy from hold, raising its price target to $410, while Loop upgraded Procore Technologies to buy from hold with a $93 price target, pointing to new leadership and accelerating revenue growth. Compass Point also upgraded Circle to buy from hold, seeing tactical upside as a proxy for crypto exposure.
Truist downgraded Nike to sell from hold, maintaining a $29 price target due to ongoing challenges, including weak China visibility and tough comparisons. Loop downgraded Dollar Tree to hold from buy, primarily on valuation. On the positive side, Citi initiated coverage on ATI with a buy rating and a $229 price target, seeing opportunities in the specialty materials space, and Bank of America upgraded Trex to buy from underperform, raising its price target to $65 after strong third-quarter results.
Airlines and leisure also saw positive momentum. Deutsche Bank upgraded both JetBlue and Frontier to buy from hold, pointing to an improving near-term backdrop. Morgan Stanley upgraded Cinemark to overweight from equal weight, highlighting the movie theater company’s resilient outlook and strong slate. Canaccord upgraded Joby to buy from hold, noting continued progress toward commercialization in the eVTOL space.
In the energy and space sectors, William Blair upgraded First Solar to outperform from market perform, positioning the solar company as a top choice post-elections. Raymond James reiterated SpaceX as a Strong Buy, highlighting a recent partnership with Qualcomm as a key de-risking event for its wireless network ambitions. Baird also upgraded Edwards Lifesciences to outperform from neutral, citing multiple tailwinds in the transcatheter aortic valve replacement market.
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