Today's most important upgrades

Raymond James upgraded Masimo Corp. (NASDAQ: MASI) to Outperform from Market Perform with a price target of $187.00.

The firm sees an attractive stock setup due to several factors, including (1) Q4 should be “beatable”, (2) 2023 guidance should trend higher with less FX pressure, (3) a vibrant pipeline adds various new growth drivers and potential upside to out-year estimates, (4) the activist involvement should ensure that shareholder interests are aligned, and (5) the IP dynamic with Apple provides inexpensive optionality.

Shares were trading more than 4% intra-day today.

BioCryst Pharma (NASDAQ: BCRX) shares jumped 14% intra-day today after Needham & Company upgraded the stock to Buy from Hold with a price target of $14.00.

The firm attributes yesterday’s sell-off to a setback with the early-stage BCX10013 program. The firm believes the sell-off was overdone and that the company's 25% year-to-date decline (vs +4% for the S&P 500) brought its shares to a level that fails to adequately capture Orladeyo's sales (2023 sales guidance of ≥$320 million, up 27% year-over-year) and growth trajectory. The firm believes Orladeyo can attain peak sales of $700M, given that competition from another oral HAE prophylactic is unlikely for at least 5-7 years.

Shares fell more than 15% yesterday after the company reported its Q4 results, with EPS of ($0.40) coming in worse than the consensus estimate of ($0.17).

Wolfe Research upgraded Merck (NYSE: MRK) to Outperform from Peerperform with a $127.00 price target.

After a big 2022, the firm believes there could be an additional upside because the company finally has a pipeline that is big enough to matter.

According to the firm, the base business – driven primarily by Keytruda and Gardasil – continues to do well, but what has really begun to change is pipeline traction, at a time when many other drug company pipelines are uninspiring. “This has been the missing link with MRK and it is getting better,” added the firm.

KeyBanc upgraded Nordson (NASDAQ: NDSN) to Overweight from Sector Weight with a price target of $255.00. Shares gained more than 4% intra-day today.

According to the firm, it has been waiting for a better entry point around negative semi/electronics volatility and believes these situations are "often the best time to buy NDSN shares."

In addition, the analyst stated that after the company's guidance cut, they believe its EPS is de-risked, while they also "appreciate NDSN's best-in-class returns, execution around NBS Next, and constructive capital allocation."

Shares plunged nearly 14% yesterday after the company reported Q1 EPS and revenue miss.

DA Davidson upgraded Shopify Inc. (NYSE: SHOP) to Buy from Neutral with a price target of $50 following an over 20% selloff post earnings.

The firm believes that the selloff has created an attractive entry point. Further, it views the opportunity for Shopify Audiences as underappreciated and is encouraged by the company's competitive positioning in the mobile market.

Shares were up more than 3% intra-day today.

Alcoa (NYSE: AA) shares gained 6% intra-day today after Citi upgraded the stock to Buy from Neutral and raised its price target to $65.00 from $55.00 as it believes aluminum is the next leg of China reopening trade.

By Davit Kirakosyan

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