• Wolfe Research lifts DTM to Outperform with a $145 target.
  • UBS upgrades ARGX and SEDG, while Piper Sandler ups NEOG.
  • A slew of downgrades hits retail and tech names, including NKE, DKS, and INTU.

A Mixed Bag of Analyst Actions

The start of the week brings a flurry of rating changes from top Wall Street firms, with upgrades in the energy and biotech sectors contrasting with downgrades across retail and technology.

Wolfe Research upgraded DTM (DTM) to Outperform from Peer Perform, setting a price target of $145. The move reflects growing confidence in the natural gas pipeline operator's growth trajectory amid rising energy infrastructure demand.

In the biotech space, UBS lifted ARGX to Buy from Neutral, raising its price target to $1,400 from $960, citing robust clinical momentum for its lead asset. UBS also upgraded SEDG to Buy from Neutral, bumping the target to $42 from $36, on expectations of a solar demand recovery.

Piper Sandler upgraded NEOG to Overweight from Neutral, with a new target of $14, up from $13, after noting improved fundamentals in the food safety testing market.

Retail and Tech Take a Hit

The downgrade list is heavy on consumer and technology names. NKE was cut to Hold from Buy at Truist Securities, with a $42 price target, as concerns over North America demand persist. DKS faced multiple downgrades: KGI Securities moved it to Neutral, Telsey cut to Market Perform with a target slashed to $145 from $255, and Truist lowered to Hold with a $135 target. The moves reflect worries about softer discretionary spending and inventory levels.

INTU saw two downgrades: BofA Securities cut to Neutral with a $360 target (from $400), and JPMorgan moved to Neutral with a $331 price target, citing slower small business growth.

EPAM was downgraded to Neutral from Overweight at JPMorgan, with a $120 target, amid IT services spending headwinds.

Other Notable Moves

GDDY was cut to Underweight from Equal Weight at Wells Fargo, with a $76 target, on valuation concerns. TRUP was downgraded to Neutral from Overweight at Piper Sandler, with a target cut to $32 from $45.

In the utility sector, TYGO and RNW were both downgraded to Neutral from Buy at Roth/MKM, with RNW's target lowered to $7.02 from $8. The firm cited rising interest rates and regulatory pressures.

CNM was downgraded to Neutral at Northcoast, though no target was given.

Analysts note the breadth of downgrades suggests a cautious stance on cyclicals and high-multiple tech as the market digests mixed inflation data and ahead of the Fed's next move.

We reached out to several of the affected companies for comment but did not receive immediate responses.