Analysts' screen via BofA, JPMorgan, Morgan Stanley, Mizuho and more

• $Oscar Health (OSCR.US)$ BofA analyst Kevin Fischbeck downgraded Oscar Health to Neutral from Buy with a price target of $6, down from $12. The analyst sees greater medical loss ratio uncertainty into 2023. The industry is going to have to manage through the expiration of the expanded Affordable Care Act subsidies, Medicaid redeterminations and the result shift within the risk pool making it more difficult to price, Fischbeck tells investors in a research note.

• $Molina Healthcare (MOH.US)$ BofA analyst Kevin Fischbeck double downgraded Molina Healthcare to Underperform from Buy with a price target of $335, down from $355. The analyst sees greater medical loss ratio uncertainty into 2023. The industry is going to have to manage through the expiration of the expanded Affordable Care Act subsidies, Medicaid redeterminations and the result shift within the risk pool making it more difficult to price, Fischbeck tells investors in a research note. He says Molina has minimal offsets to MLR uncertainty.

• $Nutanix (NTNX.US)$ BofA analyst Wamsi Mohan downgraded Nutanix to Neutral from Buy with a price target of $22, down from $54. Nutanix reported a beat for Q3 ACV billings and revenue, but free cash flow was lower than expected and management guided Q4 ACV billings, revenue and free cash flow lower and did not reaffirm its FY23 targets, Mohan tells investors in a research note. The analyst likes the competitive positioning of Nutanix, but expects tougher macro headwinds to persist for the next few quarters and is concerned about the backdrop of weakening enterprise demand.

• $Centene (CNC.US)$ BofA analyst Kevin Fischbeck downgraded Centene to Neutral from Buy with a price target of $90, down from $95. The analyst sees greater medical loss ratio uncertainty into 2023. The industry is going to have to manage through the expiration of the expanded Affordable Care Act subsidies, Medicaid redeterminations and the result shift within the risk pool making it more difficult to price, Fischbeck tells investors in a research note. He cites MLR uncertainty for the downgrade but says Centene's turnaround provides an offset.

• $Colgate-Palmolive (CL.US)$ BofA analyst Kevin Fischbeck upgraded Cigna to Neutral from Underperform with a price target of $300, up from $265. Fischbeck sees a stronger-than-average growth outlook for commercial and PBMs, normally the slowest growing end markets for MCOs, and sees multiple expansion in the near-term, but prefers companies exposed to faster growing end markets, where there is higher visibility into the long-term durability of double-digit EPS growth, the analyst tells investors in a research note.

• $Alignment Healthcare (ALHC.US)$ BofA analyst Kevin Fischbeck upgraded Alignment Healthcare to Buy from Neutral with a price target of $14, down from $18. The analyst sees an improving risk/reward profile with a 'relatively strong setup' into 2023 for the company. Unlike peers, Alignment is in a strong financial position, which means it does not need to raise cash to fund growth, Fischbeck tells investors in a research note. He believes the company can maintain its 20%-plus growth outlook while others pull back. The analyst views the stock as overly discounted at current levels.

• $NVIDIA (NVDA.US)$JPMorgan analyst Harlan Sur lowered the firm's price target on Nvidia to $285 from $350 and keeps an Overweight rating on the shares. The company delivered a Q1 beat on demand strength in data center and gaming, but guided to a quarter-over-quarter growth decline due to a $500M of revenue headwind from the Russia/Ukraine conflict, Sur tells investors in a research note. The analyst, however, still sees a 'strong runway for growth' with product cycles in gaming and data center combined with new emerging revenue streams.

• $Patterson-UTI Energy (PTEN.US)$ JPMorgan analyst Arun Jayaram upgraded Patterson-UTI to Neutral from Underweight with a $20 price target. The analyst expects tight conditions to persist in frac through at least 2023 driven by supply attrition, fleet cannibalization, and increased horsepower requirements at the wellsite. The analyst's estimates for Patterson-UTI are now slightly ahead of the Street and he forecasts $375M of normalized free cash flow under a 'High Base' case scenario given strength in drilling and frac.

• $ProPetro Holding (PUMP.US)$ JPMorgan analyst Arun Jayaram double downgraded ProPetro Holding to Underweight from Overweight with a price target of $14, down from $16. The analyst expects the company's margin growth to lag its peers given its higher mix of diesel equipment and his expectation that capex could continue to be elevated under the company's fleet conversion program that commenced last September. Jayaram continues to view ProPetro as a highly-efficient frac provider with a valuation screens highly attractively, but he believes the company faces disadvantages relative to its peers as its equipment mix is still comprised primarily of Tier-ll diesel fleets.

• $Sysco Corp (SYY.US)$ JPMorgan analyst John Ivankoe upgraded Sysco to Overweight from Neutral with a $98 price target. The shares at current levels "support relatively low-risk upside," Ivankoe tells investors in a research note. The analyst says a recent meeting with management gave him confidence that upcoming supply chain and delivery changes will increase Sysco's market share across its "broad, U.S. account base. Underlying demand sounded solid including the ability to pass on "continued back-door” commodity cost increases, adds Ivankoe. He upgrades the shares following the recent pullback.

• $Columbus McKinnon (CMCO.US)$ JPMorgan analyst Stephen Tusa downgraded Columbus McKinnon to Neutral from Overweight with a price target of $37, down from $64. The analyst cut estimates on lower margin assumptions, which he says are being impacted by inflation and supply chain pressures. Columbus will look to offset these with price, but it will take time to fully recover, Tusa tells investors in a research note. He thinks the stock is reasonably valued verses the sector based on the company's revised outlook and when considering downside potential in a recession scenario.

• $Maxar Technologies (MAXR.US)$ JPMorgan analyst Seth Seifman views Maxar Technologies "long-awaited" electro-optical commercial layer contract from the National Reconnaissance Office as a "meaningfully positive development.'' The headline numbers are not game-changing, with a starting base of $300M annually for Maxar, but the $300M is a floor, not a limit, with potential for more, Seifman tells investors in a research note. In addition, the award de-risks the outlook for Maxar's biggest contract for at least five years and likely for 10, says the analyst. He views the Legion satellite launch in September as the next catalyst for shares and keeps an Overweight rating on Maxar Technologies.

• $Snowflake (SNOW.US)$ Mizuho analyst Gregg Moskowitz lowered the firms price target on Snowflake to $200 from $225 and keeps a Buy rating on the shares. The analyst says the Q1 revenue fell shy of his expectations, as some customers consumed less than planned amid changing economic conditions. Nevertheless, Snowflake slightly raised its fiscal 2023 outlook and its offerings remain substantially ahead of the competition, Moskowitz tells investors in a research note. The analyst expects more near- term pressure on the shares but sees material longer-term upside.

• $Frontier Communications (FYBR.US)$ Morgan Stanley analyst Simon Flannery upgraded Frontier Communications to Equal Weight from Underweight with a price target of $25, up from $24. The company has executed well so far as it pursues an aggressive fiber strategy to drive growth, Flannery tells investors in a research note. With Frontier’s near-term financing needs met and a valuation “looking more reasonable,’ the analyst upgraded the shares but still sees several years of cash burn and broadband competition ahead.

• $Lululemon Athletica (LULU.US)$ Morgan Stanley analyst Kimberly Greenberger upgraded Lululemon Athletica to Overweight from Equal Weight with a price target of $303, down from $339. The stock trades at a discount versus history due to growth deceleration and recession fears, Greenberger tells investors in a research note. However, these risks seem priced in and the business could be more resilient thru the headwinds than the market discounts, says the analyst. Greenberger thinks the stock pullback creates an opportunity to invest in a ‘quality asset on sale.’ She calls Lululemon a ‘long-term compounder.’

• $NVIDIA (NVDA.US)$ Morgan Stanley analyst Joseph Moore lowered the firm’s price target on Nvidia to $182 from $217 and keeps an Equal Weight rating on the shares after the company reported “strong” April results, but guided slightly below expectations citing regional weakness, mostly in gaming. He sees the regional issues as temporary, but still sees headwinds in gaming coming next year, though he expects the data center side of the business to remain strong, Moore tells investors.

• $Nutanix (NTNX.US)$ Morgan Stanley analyst Meta Marshall lowered the firm’s price target on Nutanix to $18 from $31 and keeps an Equal Weight rating on the shares. While stating that the pullback presents an opportunity as leverage from its business model transition is being ‘lost in top line noise, Marshall notes that supply chain and sales rep resolutions are not expected in the next quarter so leverage that was supposed to be the catalyst will be “drowned out.” She is lowering her estimates following the company’s quarterly report given supply chain constraints and sales turnover, Marshall noted.

• $Nutanix (NTNX.US)$ Piper Sandler analyst James Fish lowered the firm's price target on Nutanix to $28 from $47 and keeps an Overweight rating on the shares. The company's 'positive' Q3 with upside led by subscription and strengthening renewals was offset by Q4 guidance being cut on worsening supply chain issues at the end of April and to a lesser extent, lower reps than anticipated, Fish tells investors in a research note. The analyst says management's lack of confirmation in backlog timing and inability to confirm no impact to fiscal 2024 free cash flow is concerning.

• $Snowflake (SNOW.US)$ Piper Sandler analyst Brent Bracelin lowered the firm's price target on Snowflake to $165 from $300 and keeps an Overweight rating on the shares. The company's Q1 results were solid but management commentary around slower consumption at consumer-facing clouds in April "hit a nerve with investors concerned that macro headwinds could further temper growth given Snowflake's usage-based revenue model," Bracelin tells investors in a research note. The analyst cut the price target to factor in potential further macro headwinds to consumption activity.

• $JFrog (FROG.US)$ Piper Sandler analyst Rob Owens lowered the firm's price target on JFrog to $20 from $24 and keeps a Neutral rating on the shares. While the company's new product announcements were positive, "this story is still developing," Owens tells investors in a research note.

• $Bausch Health (BHC.US)$ Piper Sandler analyst David Amsellem lowered the firm's price target on Bausch Health (BHC) to $7 from $27 and keeps a Neutral rating on the shares. The analyst updated estimates in the wake of the recent spin-out of Bausch & Lomb (BLCO). A 'highly-levered, growth-challenged pharma business has all the makings of a depressed multiple," Amsellem tells investors in a research note.