Bristol-Myers Downgrade, Under Armour Upgrade Among Today's Top Calls

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Bristol-Myers Downgraded on Pipeline Questions

Morgan Stanley analyst David Risinger downgraded Bristol-Myers (BMY) to Equal Weight from Overweight with a price target of $62, down from $70. While he said the company is currently delivering "solid financial results," he has less conviction that pipeline news flow will drive shares higher given his view that TYK2 safety concerns remain an overhang and that Factor XIa risk "appears higher," Risinger tells investors.

While he said he is "uninspired by the pipeline," Risinger notes that clinical trial surprises can drive shares higher or lower.

Improving Outlook

Williams Trading analyst Sam Poser upgraded Under Armour (UAA) to Buy from Hold with a $30 price target. A 40% reduction in the number of products offered since 2017 and re-targeting the Under Armour brand towards the "focused performer" has set up a turnaround, while a macro trend towards an active lifestyle and stimulus money should bring more people to the brand, argues Poser.

In addition, Under Armour has the opportunity, "in a very measured manner," to engage some retailers with whom Nike (NKE) has decided to longer do business, Poser said.

Comcast Upgraded at Oppenheimer

Oppenheimer analyst Timothy Horan upgraded Comcast (CMCSA) to Outperform from Perform with a $75 price target. Comcast's growth outlook is improving across each segment coming out of COVID-19 and Horan thinks now is an attractive entry point, the analyst tells investors in a research note.

He adds that cable's performance has been resilient due to broadband, and Wireless and Business Services are starting to see revenue growth and margin improvement.

'Significant Share' Opportunity

Guggenheim analyst Curry Baker initiated coverage of DraftKings (DKNG) with a Buy rating and $75 price target. The analyst believes DraftKings is well positioned to capture a "significant share of the rapidly growing" North American online sports betting and internet gaming markets. His analysis points to a long-term Norther America revenue opportunity of $7.6 billion - $10.6 billion.

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