Check out today's top analyst calls from around Wall Street, compiled by The Fly.
JPMORGAN UPGRADES ASHLAND TO OVERWEIGHT: JPMorgan analyst Jeffrey Zekauskas upgraded Ashland (ASH) to Overweight from Neutral with an $86 price target, citing valuation. In a research note to investors, the analyst said he thinks the recent steep price decline in the general market presents an opportunity for a good entry point into Ashland shares, which have deceased somewhat more sharply in value than the general market over the last few weeks. Zekauskas says he does not view the recent decline in the value of Ashland as company-specific, but regards it as a function of a more risk-averse market.
BOFA UPGRADES PATTERN ENERGY TO NEUTRAL: BofA Merrill Lynch analyst Julien Dumoulin-Smith upgraded Pattern Energy (PEGI) to Neutral from Underperform citing the stock's recent underperformance compared to YieldCo peers, which he views as overdone. His expectation is that Pattern Energy will continue to support its dividend at a high payout ratio despite his belief that the Gulf Wind contract roll-off and repower will materially impact 2019 CAFD, Dumoulin-Smith told investors. He lowered his price target on Pattern Energy shares to $18.50 from $20.
CANTOR INITIATES TAIWAN LIPOSOME WITH AN OVERWEIGHT: Cantor Fitzgerald analyst Matt Lillis initiated Taiwan Liposome (TLC) with an Overweight rating and $11 price target.
CITI INITIATES SHIP FINANCE WITH A NEUTRAL: Citi analyst Christian Wetherbee initiated Ship Finance (SFL) with a Neutral rating and $11 price target.
RBC LOWERS ESTIMATES ON NVIDIA, AMD: RBC Capital analyst Mitch Steves lowered his price target on Nvidia (NVDA) to $200 from $230 and also lowered his FY19 revenue forecast on Advanced Micro Devices (AMD) to $7.29B from $7.41B. The analyst says the revisions reflect his observation of a reduction in average selling prices for GPUs of both companies in the secondary market, particularly for Nvidia's GTX 1070 gaming chip. Steves warns that the company may not be able to discern whether the lower prices come as a result of reduced demand in gaming or cryptocurrency related activity, but states that his expectations for Gaming sector are "conservative". The analyst also expects both Nvidia and AMD stocks to remain range bound until the air-pocket in gaming has passed over the near term. Longer term, Steves keeps his Outperform rating on Nvidia amid the sales mix shift toward Data Center revenues, which is seeing traction with the expected annualized growth. For AMD, the analyst also maintains an Outperform rating stating that its long-term investment story remains unchanged. In Q1, Steves sees AMD catalysts in the form a new server product with competitive performance and price relative to the current Intel (INTC) offerings.
