Qualcomm, Booking Holdings improved: Leading analyst on Wall Street speaks

Top 5 Upgrades:

Loop Capital has moved Qualcomm (QCOM) up from Hold to Buy, setting a price target at $185. They mentioned that while the stock’s performance this year hasn’t been great—thanks to a confluence of unfortunate circumstances—they believe that the memory chip shortage will eventually ease and the smartphone market will bounce back to a more normal state. Meanwhile, Wells Fargo upgraded Qualcomm as well, shifting its status from underweight to equal weight, and raising its target from $135 to $150.

Morgan Stanley has upgraded Booking Holdings (BKNG) from equal weight to overweight, but they lowered their price target from $6,150 to $5,500. They noted that despite changes in tools used by agents, bookings will remain a significant driver for travel, claiming that the company will continue to “own the customer” and leverage data to enhance direct business revenues.

JP Morgan has also upgraded Domino’s Pizza (DPZ), adjusting its price target from $460 to $450 while moving from neutral to overweight. The firm highlighted the company’s consistent share acquisition strategy, making shares at $400 an attractive buy.

Seaport Research upgraded Fox Corporation (FOXA) from Neutral to Buy, with a price target of $64, reasoning that the recent dip in stock price was excessive.

Raymond James made a double upgrade for Genuine Parts (GPC), now marked as Strong Buy, with a heightened price target of $145. They see a “constructively asymmetric” setting for the stock based on a conservative assessment.

Top 5 Downgrades:

BTIG downgraded Hims & Hers (HIMS) from Buy to Neutral without a specified price target, following what they called “disappointing” Q4 results. They cited weak first-quarter guidance and an environment of heightened legal and regulatory risks, predicting revenue headwinds of about $65 million. They believe these issues are partly linked to increased regulatory scrutiny and shifts in consumer demand.

BNP Paribas downgraded Comcast (CMCSA), adjusting the price target down from $28 to $27 and changing its rating from Neutral to Underperform. They noted the company’s significant exposure to challenges in the fiber market.

BNP Paribas also downgraded Cable One (CABO), lowering its price target from $125 to $80 and shifting from Neutral to Underperform ahead of its earnings report. They expressed a growing bearish sentiment towards traditional cable TV.

Barclays downgraded Gossamer Bio (GOSS), slashing its price target from $9 to 30 cents and moving from overweight to underweight. They highlighted difficulties in drug development as seen in the recent Phase 3 study. Additionally, Leerink and Wedbush both downgraded Gossamer Bio to a neutral rating after unsatisfactory Phase 3 results.

UBS downgraded Arcellx (ACLX), marking its price target up from $110 to $115 while moving from Buy to Neutral. The adjustment is in light of Gilead’s acquisition of Arcellx for $7.8 billion or $115 per share, which they believe makes sense.