Deutsche Bank upgraded Walmart to 'buy' from 'hold', citing a favorable outlook into 2027. Baird upgraded Bank of America to 'outperform', suggesting that the recent dip in shares is overdone despite soft fees and regulatory costs. Piper Sandler initiated coverage of HawkEye360 as 'overweight', emphasizing its leadership in commercial space-based signal intelligence.
Guggenheim initiated coverage of Thermo Fisher with a 'buy' rating and a price target of $740, calling the shares compelling. Bank of America upgraded BorgWarner to 'buy', anticipating positive growth in its core auto business by 2027. Baird also upgraded Zions Bancorporation to 'outperform', advising investors to buy on recent weakness.
Goldman Sachs initiated AngloGold Ashanti as 'buy', highlighting its operational consistency and potential shareholder returns. Morgan Stanley upgraded Quantinuum to 'overweight', viewing it as a top play in quantum computing with a price target of $62, suggesting an 88% upside. Mizuho upgraded Array Technologies to 'outperform', arguing that demand fears are overblown.
StoneX initiated Warner Music as 'buy', noting the favorable economics of streaming for rightsholders. UBS upgraded Regeneron to 'buy', praising its strong R&D pipeline. Conversely, StoneX downgraded Spotify to 'hold', citing challenging financial optics despite long-term potential.
Jefferies initiated Black Hills as 'buy', citing positive catalysts, while Stifel initiated Establishment Labs with a 'buy' rating, supported by expected strong growth. Citi upgraded Cemex to 'buy', driven by a promising outlook in Mexico. Bank of America upgraded CarMax to 'buy', indicating a turnaround in performance. StoneX initiated ON Semiconductor as 'buy', highlighting new growth potential.
RBC upgraded Casey's General Stores to 'outperform', recognizing its unique market positioning. JPMorgan upgraded ArcelorMittal to 'overweight', anticipating an earnings inflection. Barclays upgraded Crocs to 'overweight', citing improved visibility in product innovation. KeyBanc reiterated Nvidia as 'overweight', emphasizing its strong position in AI and data center growth.
UBS upgraded Scotts Miracle-Gro to 'buy', finding the stock compelling. Deutsche Bank upgraded Fortrea to 'buy', noting its fundamental inflection point and potential for margin expansion. Lastly, JPMorgan initiated Hemab Therapeutics as 'overweight', highlighting its positioning in the blood disorder market