Exxon Mobil upgrade, Devon Energy downgrade, ProFrac Holding among today’s top calls on Wall Street
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Research analysts at Wall Street’s largest banks issue recommendations on whether a stock should be bought, held, or sold. The Fly’s team of financial market experts scours hundreds of research notes daily to uncover the best trading ideas. Check out today’s top analyst calls from around Wall Street, compiled by The Fly.
Top 5 Upgrades:
- Evercore ISI analyst Stephen Richardson upgraded Exxon Mobil (XOM) to Outperform from In Line with a price target of $120, up from $88. The current valuation is at a greater than 20% discount to historical levels at a time when he sees returns rising both secularly at the industry level, but for Exxon specifically, Richardson tells investors.
- Raymond James analyst Melissa Fairbanks upgraded Plexus (PLXS) to Outperform from Market Perform with a $100 price target. The analyst came away from recent management meetings with increasing confidence in the company’s ability to achieve its $5B in sales and 5.5% operating margin target by fiscal 2025, which she estimates could yield upwards of $8 per share in GAAP earnings.
- JMP Securities analyst Silvan Tuerkcan upgraded Mirati Therapeutics (MRTX) to Outperform from Market Perform with a $72 price target. The initial intracranial combination data supports a path into the front-line setting for KRAS-inhibitor adagrasib, Tuerkcan tells investors in a research note.
- Wells Fargo analyst Colin Langan upgraded Lear (LEA) to Overweight from Equal Weight with a price target of $180, up from $141. The analyst cites the company’s “compelling” valuation, “strong” earnings growth and electric vehicle “tailwinds and optionality” for the upgrade.
- Deutsche Bank analyst George Hill upgraded McKesson (MCK) to Buy from Hold with a price target of $378, up from $343. The analyst is increasingly concerned about recessionary risks in the U.S. and is looking for defensive equity positioning. With its fiscal 2023 guidance now in the rear view, a refocused business post divestitures, the opioid overhang behind it and “solid multiyear visibility,” McKesson shares are again having a positively skewed risk/reward profile, Hill tells investors in a research note.