1. BTIG initiated coverage of Lululemon (LULU) with a Buy rating and a price target of $425. The firm sees Lululemon as a quality growth story with an attractive entry point following its recent stock pullback. The company has demonstrated resilience during various macro, fashion, and competitive cycles.
2. Barclays restarted coverage of Chart Industries (GTLS) with an Equal Weight rating and a price target of $193. The Howden acquisition has transformed Chart into an industrial energy company with upside from liquified natural gas, hydrogen, and specialty markets, supported by a growing aftermarket business and stable industrial gas demand.
3. BofA initiated coverage of Sutro Biopharma (STRO) with a Buy rating and a price target of $12. Luvelta, a Phase III candidate, addresses a significant unmet need in platinum-resistant ovarian cancer, according to BofA’s analysis.
Other notable research calls include:
1. Phillip Securities upgraded Block (SQ) to Buy from Accumulate with a price target of $96, citing recent share weakness as the reason for the upgrade.
2. Baird upgraded Datadog (DDOG) to Outperform from Neutral with a price target of $140, based on improved optimization and consumption trends following weakness in the shares earlier.
3. Wells Fargo raised its rating for Hexcel (HXL) to Overweight from Equal Weight with a price target of $95, seeing upside in numbers, lower Boeing (BA) 737 MAX risk compared to peers, and a stock unfairly penalized due to CEO transition.
4. Canaccord upgraded Confluent (CFLT) to Buy from Hold with a price target of $35, reversing a previous downgrade to Hold in November due to unexpected changes in the consumption model and weak FY24 projections.
5. Deutsche Bank moved its rating for Boston Beer (SAM) to Hold from Sell with a price target of $273, noting that the stock had been trading below the bank’s price target as investors grew more worried about declining Twisted Tea growth and disappointing performance in other parts of the company’s portfolio in a challenging macroeconomic environment for broader beer.
6. Barclays reduced its rating for Victoria’s Secret (VSCO) to Underweight from Equal Weight with a price target of $14, citing persistent promotional activity as a cause for concern.
7. BofA moved its rating for Inspire Medical Systems (INSP) to Neutral from Buy with a price target of $225, acknowledging that the company’s revenue development had fallen short of anticipated levels for three consecutive quarters.
8. Goldman Sachs lowered its rating for ZoomInfo (ZI) to Sell from Neutral with a price target of $12, citing ongoing macro challenges and operational difficulties in light of the firm’s first-quarter results. Piper Sandler also moved its rating for ZoomInfo to Neutral from Overweight with a price target of $15, down from $24.
9. Exane BNP Paribas reduced its rating for WK Kellogg (KLG) to Underperform from Neutral, claiming that the company’s long-term margin potential was already reflected in the share price and that the 2026 adjusted EBITDA margin goal was a milestone rather than a destination.
10. Needham moved its rating for Beyond Meat (BYON) to Hold from Buy without specifying a price target after the company reported disappointing Q1 earnings.
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