Street Calls of the Week

Investing.com's Street Calls of the Week show a week of stock moves driven by valuation concerns rather than fundamental changes. Morgan Stanley upgraded Manhattan Associates (MANH) to Overweight and raised its price target to $250, up from $180. Shares jumped 4.2% premarket to $213.45. The move was attributed to accelerating cloud bookings under new CEO Eric Clark and early traction for the company's AI agents.

Meanwhile, Piper Sandler downgraded AST SpaceMobile (ASTS) from Overweight to Neutral, lowering its target to $54 from $98. Shares dropped nearly 4.9% premarket, citing lower confidence in the 2026 and 2027 launch schedule and SpaceX's $8 billion spectrum purchase. Barclays followed by downgrading Hewlett Packard Enterprise (HPE) from Overweight to Equal Weight, cutting its target to $77 from $83.

Shares fell 5.3% premarket to $65.19, driven by a hotter-than-expected September inflation report. Barclays also cut NetApp (NTAP), which slid 4.2% premarket. Dell Technologies was the standout gain of the week, receiving a follow-through downgrade from Barclays that moved the stock from Overweight to Equal Weight. The downgrade came alongside HPE and NetApp, and shares slipped nearly 10% in morning trading on Oct 15.

Barclays argued the valuation was too high, citing enterprise revenue strength more due to memory costs than AI demand. Bernstein maintained Outperform on Dell with a $650 target. Semtech (SMTC) was upgraded to Outperform from Market Perform by Northland with a $186 target. Shares rose 2.7% in pre-open trading, as a steep 24% drop over the prior week created an entry point.

Semtech also raised its fiscal Q3 revenue outlook to $415M–$420M at its Analyst Day. FMC (FMC) was downgraded to Hold from Buy by Jefferies, with a target cut from $14 to $5. The stock had fallen 33% over the previous week. The week's picks were driven by stretched or beaten-down prices rather than fundamental shifts, with two upgrades and three downgrades.