New York, NY – Wall Street saw several significant upgrades, downgrades, and initiations on Tuesday. Deutsche Bank upgraded Li Auto to a buy rating, noting the compelling potential for the Chinese auto company. BTIG downgraded McDonald’s to neutral following its recent earnings report, citing expectations of more modest growth in the near future.
Deutsche Bank also initiated Flywire as a buy, expressing confidence in the payments company’s attractive entry point. Wedbush upgraded Varonis to outperform, highlighting the company’s AI tailwinds. Additionally, Rosenblatt initiated coverage of Sprinklr as a buy, foreseeing upside for the customer experience platform software company.
In other actions, UBS upgraded UPS to buy, citing expectations of attractive earnings per share growth. On the other hand, Daiwa downgraded Tesla to neutral, citing concerns about corporate governance and tough financial conditions. JPMorgan resumed coverage of Broadcom as overweight, setting a target price for December 2024.
Piper Sandler downgraded Chegg to underweight due to limited visibility and subscriber headwinds. However, Morgan Stanley upgraded Open Lending to equal weight. UBS downgraded Plug Power to neutral, seeing limited near-term upside for the charging company.
Bank of America upgraded Tyson Foods to neutral, noting improving fundamentals for the company. Meanwhile, Redburn Atlantic Equities downgraded Bristol-Myers to neutral, citing no near-term positive catalysts.
Finally, Citi upgraded Palantir to neutral/high risk, recognizing some breakthrough momentum for the company after a strong earnings report. Northcoast initiated TKO as a buy, showing bullishness for the combined company of UFC and WWE. And JPMorgan resumed coverage of BeiGene as overweight, seeing an attractive entry point for the pharmaceutical company. JPMorgan also reiterated UBS as overweight, expressing confidence in the company’s potential to develop into a wealth management powerhouse.