Scotiabank and BofA upgrade Okta and T-Mobile on strong cybersecurity and wireless pricing trends, while downgrades target other tech firms.
Scotiabank upgraded Okta (OKTA) to Outperform with a $165 price target, citing the company as a key beneficiary of rising cybersecurity spending driven by AI and identity stack modernization. The firm also upgraded SentinelOne (S), Qualys (QLYS), Tenable (TENB), and Check Point (CHKP) to Outperform from Sector Perform.
Bank of America upgraded T-Mobile (TMUS) to Buy, maintaining its $220 price target, arguing the market overreacted to peak concerns. The firm highlighted T-Mobile’s strategic partnerships, limited exposure to low earth orbit broadband, and strong wireless pricing flexibility. Meanwhile, HSBC raised Gilead (GILD) to Buy with a $155 target, up from $133, citing optimism around long-acting HIV therapies offsetting generic competition.
Goldman Sachs upgraded Murphy USA (MUSA) to Neutral from Sell, setting a $550 price target, as falling crude prices are expected to support higher fuel margins and EBITDA delivery in the near term.