The most talked about and market moving research calls around Wall Street are now in one place. Here are today’s research calls that investors need to know, as compiled by The Fly.
Top 5 Upgrades:
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Citi upgraded Spotify (SPOT) to Buy from Neutral with an unchanged price target of $650. The stock’s valuation is now attractive, and consensus estimates are beatable, the firm tells investors in a research note.
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Wolfe Research upgraded Broadcom (AVGO) to Outperform from Peer Perform with a $400 price target. Channel checks suggest the company will ship 7mn tensor processing units by 2028, with other projects “creating optionality for numbers,” the firm tells investors in a research note.
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Guggenheim upgraded GE Vernova (GEV) to Buy from Neutral with a $910 price target. The firm thinks that the market still may be underestimating the potential for cash generation and capital returns, as well as the possibility of further margin improvement in the company’s electrification segment.
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Barclays upgraded Quest Diagnostics (DGX) to Overweight from Equal Weight with a price target of $210, up from $195. The company has “laid to rest” fears about the durability of its fundamentals as it has sustainably grown 4% organically from fiscal 2024 to 2025, the firm tells investors in a research note.
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BMO Capital upgraded Southwest (LUV) to Outperform from Market Perform with a price target of $57.50, up from $43. The airline’s current initiatives offer “significant momentum” and earnings upside to at least $4.00 per share in 2026 from 93c in 2025, the firm tells investors in a research note.
Top 5 Downgrades:
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HSBC downgraded Pinterest (PINS) to Hold from Buy with a price target of $24.90, down from $34.50. The “abrupt nature” of the jobs cut announcement just ahead of Q4 earnings report is a “sharp reversal” from Pinterest’s recent spurt of hirings and likely points to a softer near-term outlook, the firm tells investors in a research note.
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Jefferies downgraded Kenvue (KVUE) to Hold from Buy with a price target of $18, down from $23. Kimberly-Clark (KMB) and Kenvue shareholders voted in favor of the deal, clearing a hurdle for the merger to close, the firm tells investors in a research note.
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Citizens downgraded SAP (SAP) to Market Perform from Outperform without a price target. The company reported disappointing sales results in Q4 with current cloud backlog growth of 25% versus the expectation of 26%, the slowest growth rate in nine quarters, the firm tells investors in a research note.
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D. Boral Capital downgraded Quince Therapeutics (QNCX) to Hold from Buy without a price target after the company reported negative results from its pivotal Phase 3 NEAT clinical trial in ataxia-telangiectasia. Citizens also downgraded Quince Therapeutics to Market Perform from Outperform without a price target.
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Stifel downgraded Codere Online (CDRO) to Hold from Buy with a price target of $8.50, down from $9. The shares are up more than three-fold from the mid-2022 lows, but the firm believes the company’s estimates valuation “still need to reset” for the recently announced Mexico tax hike.
