Apple, IBM downgraded: Wall Street's top analyst calls

• UBS upgraded FuelCell (FCEL) to Buy from Neutral with a terms people of $27, up from $22, implying 42% upside from existent levels. The steadfast sees "multiple affirmative drivers" for FuelCell, including the company's caller woody with Fit Energy and collaboration with Siemens for merchandise development.

• Piper Sandler upgraded Halliburton (HAL) to Overweight from Neutral with a terms people of $43, up from $40. The steadfast likes the introduction constituent with the banal down implicit 20% from the mid-May highs.

• Wells Fargo upgraded Red Rock Resorts (RRR) to Overweight from Equal Weight with a terms people of $75, up from $55. The shares are positioned to "break out" connected casual compares and accelerating growth, the expert tells investors successful a probe note.

• TD Cowen upgraded Newmont (NEM) to Buy from Hold with a terms people of $127, down from $129. The stock's caller pullback creates a "compelling introduction point," the expert says.

• Stephens upgraded Wesco (WCC) to Overweight from Equal Weight with a terms people of $400, up from $350. Wesco has pulled backmost astir 10% from the highs done this summer, notes the analyst, who sees this offering investors an introduction constituent arsenic the steadfast views achieving the company's semipermanent mid-to-high azygous digit income maturation people arsenic "increasingly likely."

Top 5 Downgrades:

• KeyBanc downgraded Apple (AAPL) to Underweight from Sector Weight with a $250 terms target. The steadfast expects iPhone builds to dilatory amid terms increases, "weak" U.S. upgrades, and changing instrumentality subsidy models.

• HSBC downgraded IBM (IBM) to Reduce from Hold with a terms people of $191, down from $231. For $287.56, investors tin bargain 1.19 shares of IonQ (IONQ), 1.22 shares of SAP (SAP), 0.16 shares of Accenture (ACN), and 0.95 shares of HP (HPQ) and make a "synthetic IBM" to replicate IBM's subsector vulnerability successful software, consulting, hardware and quantum computing, the expert tells investors.
  

• Mizuho downgraded Circle Internet (CRCL) to Underperform from Neutral with a terms people of $50, down from $85. The steadfast believes that Open-USD's pass-through exemplary to distributors and ample standard with implicit 140 partners could fundamentally change the company's concern model, which relies connected retaining a ample information of the treasury output to thrust revenues.

• Baird downgraded CoStar Group (CSGP) to Neutral from Outperform with a terms people of $34, down from $48. The departure of the CFO without a guidance reiteration further reduces assurance successful CoStar's near-term outlook, the expert tells investors successful a probe note.

• KeyBanc downgraded Skyworks (SWKS) to Sector Weight from Overweight without a terms target. The steadfast believes the company's caller contented gains are apt to beryllium offset by a contracting smartphone market.