Check out today's top analyst calls from around Wall Street, compiled by The Fly.
SLOWING GROWTH: Barclays analyst David Joyce downgraded Sirius XM (SIRI) to Underweight from Equal Weight with an unchanged price target of $6. The Liberty Day was less eventful than investors may have expected, evidenced by the run up in Liberty portfolio stocks such as Sirius XM, followed by a pullback, Joyce tells investors in a research note. The analyst downgrades Sirius based on its recent outperformance and consequent valuation, the potential for balance sheet "complexity," and its "slowing growth."
'MANY' ACQUISITION RISKS: Cowen analyst J. Derrick Wood downgraded Zendesk (ZEN) to Market Perform from Outperform with a price target of $115, down from $140, post the analyst day. The analyst sees "many" acquisition risks and says the company's long-term targets "seem aggressive." It will take a couple quarters of execution to shift investor sentiment, leaving the shares range-bound, Wood tells investors in a research note. He views Zendesk as a "show-me story."
DATADOG UPGRADE: RBC Capital analyst Matthew Hedberg upgraded Datadog (DDOG) to Outperform from Sector Perform with a price target of $235, up from $191. The analyst states that the RBC TIMT conference reflected on trends seen over the past few quarters including strong customer adds, new product innovation, and increased cross-sell that can continue into 2022 and beyond. Hedberg adds that he remains bullish on observability in a post-COVID world, which will continue to be fueled by rapid growth in cloud-based workloads and the need for increased monitoring.
STREET-HIGH PRICE TARGET: Wedbush analyst Daniel Ives raised the firm's price target on Tesla (TSLA) to $1,400 from $1,100 and keeps an Outperform rating on the shares. Ives, who says the bull case remains $1,800, believes the Street is continuing to digest the major transformation coming to the auto industry around the EV revolution in 2022 and beyond, with Tesla leading the way in the $5T market opportunity over the next decade, the analyst tells investors in a research note. While PR/safety headwinds were front and center in China earlier this year, Ives says this demand trend has reversed aggressively in a bullish way for Tesla into year-end with the company now on a ~50k monthly run-rate for China into 2022.
PLUG POWER PRICE TARGET RAISED: Morgan Stanley analyst Stephen Byrd raised the firm's price target on Plug Power (PLUG) to $65 from $43 and keeps an Overweight rating on the shares as he "significantly" increased his revenue estimates, notably in electrolyzers and hydrogen production, following management commentary on growth from these businesses. His updated price target implies 61% upside, noted Byrd, who said he is now more bullish on Plug Power's ability to grow its hydrogen production and electrolyzer businesses at a more rapid rate and capture market share within these businesses.
Momentive
-0.31 (-1.36%)
Zendesk
-5.375 (-5.21%)
Sirius XM
-0.305 (-4.60%)
Datadog
+0.48 (+0.25%)
Plug Power
-1.565 (-3.73%)
Tesla
+7.07 (+0.65%)