Wall Street analyst calls: DA Davidson starts AGCO at buy; Citi cuts Pepsi to neutral; Wells Fargo upgrades Seagate

According to CNBC, Wall Street firms issued a slate of initiations, upgrades and downgrades Friday, including DA Davidson initiating AGCO (AGCO) at buy with a $160 price target and Wells Fargo initiating X4 Pharmaceuticals at overweight while saying the market is underestimating the odds of success for mavorixafor’s Phase 3 chronic neutropenia trial ahead of a 2H27 readout. Wells Fargo also upgraded Seagate (STX) to overweight from equal weight and raised its price target to $1,100 from $900, while Morgan Stanley reiterated SpaceX at overweight and reiterated Nvidia at overweight after investor meetings with CEO Jensen Huang and other executives. Elsewhere, Raymond James initiated BrightSpring Health Services (BTSG) at outperform with an $80 price target; Bernstein upgraded J.B. Hunt (JBHT) to outperform from market perform and raised its price target to $329; Stifel upgraded Shopify to buy from hold and upgraded Twilio to buy from hold; Truist initiated Travelers at buy with a $395 price target; and BTIG initiated Digital Realty (DLR) and Equinix (EQIX) at buy with $215 and $1,210 price targets, respectively. Barclays upgraded CubeSmart (CUBE) to overweight from equal weight, while Citi downgraded Pepsi to neutral from buy following earnings and separately upgraded Toll Brothers (TOL) to buy with a $176 target price. Rothschild & Co Redburn upgraded Fox to buy from neutral, citing Fox’s deal for Roku and estimating $400 million of cost synergies, while Raymond James upgraded Weyerhaeuser to strong buy from outperform. CLSA upgraded Melco to outperform from neutral, Bank of America initiated Houlihan Lokey (HLI) at buy with a $164 price objective, and UBS reiterated Chipotle (CMG) at buy ahead of its 2Q earnings on 7/29.