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Top Analyst Upgrades and Downgrades: BofA, Danaher, Lyft, Netflix, Qualcomm, Tesla, Texas Instruments, Aurora Cannabis, Canopy Growth, Chipotle and More

Pinnacle Financial Partners Inc. (NASDAQ: PNFP) was downgraded to Market Perform from Outperform at Raymond James.

PayPal Holdings Inc. (NASDAQ: PYPL) was downgraded to Neutral from Buy but the price target was raised to $120 from $101 (versus a $106.81 close) at UBS. The firm noted that PayPal is unlikely to get a big boost out of Venmo in the short term as the revenue growth is still leading peers but with limited contribution to revenue and earnings in the next couple of years.

Principia Biopharma Inc. (NASDAQ: PRNB) was started with a Buy rating and assigned a $45 price target (versus a $29.11 close) at Stifel.

Qualcomm Inc. (NASDAQ: QCOM) surged 23% to close at $70.45 after settling its monster case with Apple on Tuesday, and shares were up another $8 on Wednesday morning. JPMorgan raised it to Overweight from Neutral and Stifel raised it to Buy from Hold. Also, Evercore ISI raised Qualcomm to Outperform from In-Line.

Rubicon Project Inc. (NASDAQ: RUBI) was started with a Buy rating and assigned a $9 price target (versus a $6.01 close) at B. Riley FBR. Rubicon Project closed at $6.01, with a 52-week range of $1.96 to $7.00. The stock has a consensus analyst price target of $7.50.

Shake Shack Inc. (NYSE: SHAK) was downgraded to Neutral from Buy at Longbow Research.

Skyworks Solutions Inc. (NASDAQ: SWKS) was downgraded to Neutral from Outperform at Macquarie.

SM Energy Co. (NYSE: SM) was downgraded to Neutral from Positive at Susquehanna.

Tech Data Corp. (NASDAQ: TECD) was downgraded to Hold From Buy by Stifel.

Teladoc Health Inc. (NYSE: TDOC) was started with an Overweight rating and assigned a $75 target price at Stephens.

Tesla Inc. (NASDAQ: TSLA) was maintained as Outperform but the price target lowered to $400 from $465 at Robert W. Baird. The firm noted that Tesla’s first-quarter deliveries were disappointing and not sufficient enough to improve its negative sentiment.

Texas Instruments Inc. (NASDAQ: TXN) was downgraded to Neutral from Buy at Longbow Research.

Tiffany & Co. (NYSE: TIF) was started with an Outperform rating at Bernstein.

Total System Services Inc. (NYSE: TSS) was raised to Buy from Neutral with a $115 target price (versus a $98.77 close) at Goldman Sachs.

Tri Pointe Group Inc. (NYSE: TPH) was downgraded to Neutral from Positive at Susquehanna.

Merrill Lynch started coverage of the legalized cannabis industry with a mostly positive view. Canopy Growth Corp. (NYSE: CGC) and Aurora Cannabis Inc. (NYSE: ACB) were started with Buy ratings. HEXO Corp. (NYSE: HEXO) also was started as Buy but was called Merrill Lynch’s most attractive cannabis stock, with huge upside to its cash flows. Cronos Group Inc. (NASDAQ: CRON) was started with an Underperform rating, and while the firm agrees with the Cronos cannabinoid development strategy, with potentially the highest margins with Altria, it is difficult to recommend the stock based on its current valuations. Expanded coverage with more detail is available.

Tuesday’s top analyst calls included BP, Cognizant Technology Solutions, Cisco Systems, Dow, Ensco, Hess, Micron Technology, Netflix, Sunoco and many more.