Wall Street upgrades StubHub and Jazz Pharmaceuticals as analysts reassess biotech and tech sectors
A wave of research calls from major institutions has shifted sentiment across several sectors, with notable upgrades to StubHub and Jazz Pharmaceuticals offsetting downgrades for LiveRamp and Canadian Solar.
Wall Street analysts have issued a series of research calls this week, highlighted by significant upgrades to StubHub and Jazz Pharmaceuticals. Guggenheim upgraded StubHub to Buy from Neutral, raising its price target to $12.50 from $8.50. The firm noted that while expectations for direct issuance and advertising have been reset, the bar is now low, suggesting that any operational progress could offer upside optionality for investors.
Similarly, UBS upgraded Jazz Pharmaceuticals to Buy from Neutral, increasing its price target to $307 from $188. The bank cited improved confidence in the company’s base business and the commercial potential of Ziihera as key drivers for the positive revision. These moves sit alongside upgrades for American Tower by Bernstein, Progyny by Canaccord, and Credicorp by HSBC, reflecting a broader reassessment of value in these sectors.
Conversely, several firms faced downgrades as analysts adjusted for valuation and macro risks. Craig-Hallum downgraded LiveRamp to Hold from Buy following the announcement that Publicis will acquire the company for $2.167 billion in an all-cash transaction. BMO Capital downgraded The Hanover to Market Perform, noting that valuation multiples for insurers are nearing fair value, while Freedom Broker downgraded Canadian Solar to Hold, pointing to weak earnings and cash flow despite a first-quarter margin beat.
In the technology and software space, Bank of America reinstated coverage on ZoomInfo and Lightspeed with Underperform ratings, citing softened end-market demand and a challenging revenue outlook for 2026. However, the bank took a more positive view of Zeta Global, initiating coverage with a Buy rating and $24 price target, arguing that the market has miscast the firm as a cyclical digital advertising company rather than a high-growth cash-generating platform.
The biotech sector saw fresh coverage from Citigroup, which initiated Buy ratings on Ionis Pharmaceuticals, Cytokinetics, and BioMarin. Citi named Ionis and Cytokinetics as top picks among small-to-mid-cap biotech stocks, highlighting the underappreciated sales potential of Ionis’ Tryngloza and the dislocated valuation of Cytokinetics’ Voxzogo. Other notable actions included downgrades for Biofrontera by Benchmark and James River Group by UBS, reflecting concerns over operating cash flow plans and reserve development risks.
