Wall Street's Top Analyst Calls: Upgrades and Downgrades

Figma initiated, Okta upgraded: Wall Street analysts' top calls. Truist upgraded Okta to Buy from Hold with a $125 price target. JPMorgan upgraded Fabrinet to Overweight from Neutral with a $345 price target. Raymond James upgraded Alaska Air to Outperform from Market Perform with a $70 price target. DA Davidson upgraded Toro Company to Buy from Neutral with a $93 price target. Argus upgraded MarketAxess to Buy from Hold with a $212 price target. BTIG downgraded SentinelOne to Neutral from Buy and removed its price target. Raymond James downgraded American Airlines to Market Perform from Outperform without a price target. Baird downgraded Quest Diagnostics to Neutral from Outperform with an unchanged price target of $194. BofA downgraded American Eagle to Underperform from Neutral with a $23 price target.

Wall Street analysts have been busy this week, with several notable upgrades and downgrades impacting the market. Truist Securities has upgraded Okta (OKTA) to a Buy rating with a price target of $125, up from $100, ahead of the company's fiscal Q2 earnings due on Tuesday [1]. JPMorgan has also upgraded Fabrinet (FN) to Overweight from Neutral with a price target of $345, up from $318, citing an attractive entry point following the post-earnings pullback [1]. Raymond James has upgraded Alaska Air (ALK) to Outperform from Market Perform with a $70 price target, based on current demand and competitive capacity trends [2]. DA Davidson has upgraded Toro Company (TTC) to Buy from Neutral with a $93 price target, citing strong late-spring sales and other positive data points [1]. Argus has upgraded MarketAxess (MKTX) to Buy from Hold with a $212 price target, based on the company's record Q2 results showing 11% revenue growth and a 41% increase in total trading volume [1].

Meanwhile, BTIG has downgraded SentinelOne (S) to Neutral from Buy and removed its price target, citing increasing competitive pressure and slowing revenue growth [1]. Raymond James has downgraded American Airlines (AAL) to Market Perform from Outperform without a price target, citing valuation concerns [1]. Baird has downgraded Quest Diagnostics (DGX) to Neutral from Outperform with an unchanged price target of $194, noting a balanced risk/reward profile [1]. BofA has downgraded American Eagle (AEO) to Underperform from Neutral with a $10 price target, citing the impact of higher tariffs and lower Aerie sales [1]. DA Davidson has downgraded Symbotic (SYM) to Neutral from Buy with a price target of $47, citing nearer-term revenue growth deceleration and the stock's current valuation [1].

Additionally, William Blair has initiated coverage of Figma (FIG) with an Outperform rating and no price target, citing the company's leadership in user interface and design [1]. BofA, JPMorgan, RBC Capital, Morgan Stanley, Goldman Sachs, and Wells Fargo have also started coverage of Figma with Neutral-equivalent ratings [1]. Goldman Sachs has initiated coverage of Shoulder Innovations (SI) with a Buy rating and $20 price target, representing 57% upside potential [1]. Piper Sandler, Morgan Stanley, and Jefferies have also started coverage of Shoulder with Buy-equivalent ratings [1]. Stifel has initiated coverage of Ambiq Micro (AMBQ) with a Buy rating and $45 price target, citing the company's potential as a beneficiary of the edge artificial intelligence market opportunity [1]. Needham and UBS have also started coverage of Ambiq with Buy and Neutral ratings, respectively [1]. RBC Capital has initiated coverage of Argenx (ARGX) with an Outperform rating and $850 price target, citing the company's Vyvgart uptake acceleration [1]. Northland has initiated coverage of Mirion (MIR) with an Outperform rating and $26 price target, citing the company's mix of recurring revenue and growth upside [1].

References:
[1] https://finance.yahoo.com/news/figma-initiated-okta-upgraded-wall-133649282.html
[2] https://www.marketscreener.com/news/raymond-james-upgrades-alaska-air-to-outperform-from-market-perform-price-target-is-70-ce7c50dbd08ef521