Today's most important upgrades

Baird upgraded Activision Blizzard (NASDAQ: ATVI) to Outperform from Neutral with a price target of $95, noting it is increasing its "standalone" valuation of Activision Blizzard to $78, although it continues to expect the acquisition by Microsoft to close next year ($95 deal price). The analysts believe the positive momentum from Call of Duty: MW2 combined with other key product launches (Warzone 2.0, WoW expansion, Diablo IV, next COD) will provide improving visibility for out-year earnings targets, and possibly offer some recession-resiliency.

Cowen upgraded Walgreens Boosts Alliance (NASDAQ: WBA) to Outperform from Market Perform with a price target of $54 from $43, noting the stock has an attractive risk-reward, and the company's "transformation into a healthcare services business accelerates and op inc mix shifts away from US retail”. Shares were up nearly 3% intra-day today.

Roth Capital upgraded Denbury Inc. (NYSE: DEN) to Buy from Neutral with a price target of $108.00 strictly due to new oil price estimates ($78.06/bbl for 2023). Shares gained nearly 5% intra-day today.

JPMorgan upgraded Toll Bros. (NYSE: TOL) to Overweight from Neutral and raised its price target to $58 from $47. Shares rose more than 2% intra-day today.

By Davit Kirakosyan

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