The S&P 500 (SP500) closed in the red on Friday, after the week saw escalating geopolitical tensions in the Middle East and military confrontations between the U.S. and Iran.
For the week, Nasdaq (COMP:IND) was mostly flat, while Dow (DJI) lost 1.9%, respectively.
Wall Street had a slew of upgrades and downgrades from analysts. Here are some of the major calls for the week:
MongoDB in focus after Q4 results
Baird downgraded MongoDB (MDB) to Neutral from Outperform and reduced its price target by nearly 50%, to $260 from $500, following the company’s fourth-quarter results.
“While growth would have been 30% normalized for a bundling impact, it still missed investor expectations (investors were looking for the fourth consecutive quarter of acceleration). The weaker-than-expected FQ4 beat also affects the starting point for FQ1 and F2027,” said Baird analysts William Power and Yanni Samoilis.
Barclays reduced its price target to $370 from $440 on the stock, while Needham slashed its price target by 40% to $300 from $500. Citi, Wedbush, and Wolfe Research also lowered PT.
Citi, which maintained its Buy rating, said “the market reaction was overdone.” Wedbush analyst Dan Ives also maintained Outperform rating.
“While this was a major hiccup, we remain positive on the name as new and existing customers leverage its platform to modernize legacy applications while driving margin expansion and cash flow generation,” Ives said.
Tesla gets a bull rating from BofA
Bank of America picked up coverage on Tesla (TSLA) reinstating the stock with a Buy rating. The firm called the EV maker the current leader in consumer autonomy.
BofA set a price objective of $460 on the stock.
“We expect TSLA to quickly become a leader in robotaxi services, given its ability to scale more profitably than competitors. We see autonomous vehicles spurring the next era of mobility and, as the most significant change agent in the Auto 2.0 landscape, offering consumers the prospect of saving time, safer travel, and more accessible transportation,” said analyst Alexander Perry.
Marvell upgraded after Q4 results
BofA upgraded Marvell Technology (MRVL) to Buy from Neutral after it posted fourth-quarter results and outlook that beat estimates.
“MRVL’s earnings call gives us greater confidence in: 1) company’s solid leverage to AI optical connectivity, 2) potential for success in upcoming Microsoft (MSFT) custom chip (XPU) program, and 3) turning the corner on Amazon (AMZN) XPU transition year,” said analysts led by Vivek Arya. BofA raised the price target on the stock to $110 from $90.
J.P. Morgan also raised PT to $135 from $130, while Evercore hiked it to $155 from $133.
Southern upgraded at KeyBanc
KeyBanc upgraded Southern Co. (SO) to Sector Weight from Underweight, saying the shares have largely lost their historical premium after underperforming utility peers over the past 12 months.
KeyBanc’s Sophie Karp believes the stock is fairly valued, and recent earnings growth outlook revision and constructive news flow should further support the shares.
The company recently raised its long-term earnings per share compound annual growth rate to as high as 8% through 2030. KeyBanc said the new growth targets bring the company more in line with its higher-growing, large-cap, vertically integrated peers.
Wedbush lowered rating on The Trade Desk (TTD) to Underperform from Neutral, citing an overestimation of the positive impact from the rumored OpenAI (OPENAI) deal.
Wedbush believes the rumored partnership would provide TTD access to highly valuable intent data that the company could leverage across its customer base in connected TV and retail. However, the share price action overestimates near-term accretion while ignoring the inevitable DSP dilution and disintermediation risks inherent in partnering with a platform like OpenAI while introducing new execution risks and margin uncertainty.
Ciena (CIEN) was upgraded by Bank of America from Neutral to Buy, and the PO was raised to $355 from $260 the company released quarterly results and guidance.