Apple downgraded, Reddit upgraded: Wall Street's top analyst calls

The Fly

Fri, May 2, 2025, 6:56 AM 4 min read

• Bernstein upgraded Reddit (RDDT) to Market Perform from Underperform with a price target of $130, up from $110, following the Q1 report. The firm cites the company's "strong execution" for the upgrade.

• Wells Fargo upgraded iRhythm (IRTC) to Overweight from Equal Weight with a price target of $130, up from $104. The firm says strong trends in iRhythm's underlying business support upside to the company's raised guidance.

• Oppenheimer upgraded AutoZone (AZO) to Outperform from Perform with a $4,600 price target. AutoZone's "historically discounted relative valuation" makes for "an intriguing buying opportunity," the firm contends.

• Craig-Hallum upgraded A10 Networks (ATEN) to Buy from Hold with a $20 price target following better Q1 results and reiterated confidence in high-single digits topline growth this year.

• Evercore ISI upgraded Cullen/Frost (CFR) to In Line from Underperform with a price target of $132, up from $130. Coming out of Q1 results, the firm is increasing its 2025 and 2026 EPS estimates by 5% and 2%, respectively, to reflect a more constructive top line outlook.

Top 5 Downgrades:

• Jefferies downgraded Apple (AAPL) to Underperform from Hold with a price target of $170.62, up from $167.88. The March quarter was in line with expectations and management indicated limited pull in for fiscal Q2, but guided only low-single to mid-single digit revenue growth and estimated a $900M tariff impact in the next quarter, the firm tells investors. Rosenblatt also downgraded Apple to Neutral from Buy with a price target of $217, down from $223, following the fiscal Q2 report.

• Wells Fargo downgraded Block (XYZ) to Equal Weight from Overweight with a price target of $50, down from $95, following the Q1 report. The combination of "a heavily back half weighted" guidance, growing credit contributions and numerous Cash App monetization "red flags make it too difficult to recommend shares at current levels," the firm tells investors in a research note. BMO Capital, Seaport Research and Benchmark also downgraded Block to Neutral-equivalent ratings.

• Wedbush downgraded Airbnb (ABNB) to Neutral from Outperform with a price target of $135, down from $150. Airbnb reported "healthy" Q1 results, but the company's Q2 outlook was below expectations, notes the firm, which also says forward guidance was "disappointing relative to expectations" and that management commentary suggests emerging evidence of a slowdown in U.S. travel.

• Goldman Sachs downgraded Becton Dickinson (BDX) to Neutral from Buy with a price target of $192, down from $256. The company's forward outlook for organic revenue growth has shifted from 5%-6% two years ago to 3%-4% under current operating dynamics, the firm tells investors in a research note. Piper Sandler also downgraded the stock to Neutral.

• KeyBanc downgraded Cable One (CABO) to Sector Weight from Overweight without a price target. The firm views the company's Q1 results as "extremely disappointing." Raymond James also downgraded the name to Market Perform.