Today’s most important upgrades

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Barclays upgraded SolarEdge Technologies (NASDAQ:SEDG) to Overweight from Equalweight and raised its price target to $396.00 from $289.00. Among the factors supporting the upgrade, the analysts mentioned: (1) the company’s pivot towards Europe in preparation for better growth there vs. the U.S., (2) higher battery deployment as it has prioritized self-consumption markets, (3) larger presence in the Tier 1 market in the U.S., which will likely take back some market share from the smaller tiers, and (4) gross margin expansion as the Mexico facility ramps up and the strength in the dollar reverses course. Shares were up more than 3% intra-day today.

Oppenheimer upgraded Datadog (NASDAQ:DDOG) to Outperform from Perform with a price target of $105.00. According to the analysts, the company’s unified, real-time view into the entire technology stack remains mission-critical to developers/enterprises as they focus on identifying/eliminating performance issues. “While not recession-proof, the mission-critical nature of its solutions gives Datadog relative resiliency in times of spending constraints,” added the analysts.

Wedbush upgraded Darden Restaurants (NYSE:DRI) to Outperform from Neutral and raised its price target to $160.00 from $134.00 ahead of the company’s earnings release on December 16. The analysts expect Darden category share gains to accelerate in an increasingly uncertain consumer environment, rendering visibility into the company’s ability to “achieve or exceed current consensus FY23 expectations relatively high.”

Wolfe Research upgraded EQT Corp. (NYSE:EQT) to Outperform from Peerperform with a price target of $59.00 as it sees an attractive fear-driven entry point and a case for multiple expansion as the LNG buildout approaches, despite 2023 natural gas price risks.

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