Catch up on today’s top five analyst upgrades with this list compiled by The Fly: 1. Zillow Group (ZG) downgraded to Neutral from Buy at Citi with analyst Nicholas Jones saying following the “surprising” exit of the home buying business, Zillow will likely “be in the penalty box” as investors digest the news and being sizing its new growth opportunity. 2. Starbucks (SBUX) downgraded to Hold from Buy at Argus with analyst John Staszak noting that potentially weaker comp sales in China could be a near-term headwind given the country’s continued use of lockdowns to control the pandemic. 3. Allstate (ALL) downgraded to Outperform from Strong Buy at Raymond James with analyst C. Gregory Peters saying Allstate reported “disappointing” results due in part to a higher-than-expected property-liability underlying combined ratio. 4. AMC Entertainment (AMC) downgraded to Underperform from Neutral at Wedbush with analyst Michael Pachter saying “ultimately the majority of retail ownership will eventually cash out and move on.” 5. Qorvo (QRVO) downgraded to Neutral from Buy at BofA with analyst Vivek Arya remaining positive on the company’s execution amid a challenging supply environment, but its y/y sales growth is decelerating to 11% in 2022 and 5% in 2023. This list is just a portion of The Fly’s full analyst coverage. To see The Fly’s full Street Research coverage, (click here.):(http://thefly.com/streetResearch.php)
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