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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Compass Point upgraded Circle Internet (CRCL) to Buy from Neutral with a $99 price target. While the firm remains cautious toward the speed of USDC's mainstream adoption, it views Circle as "the best large-cap proxy for crypto exposure" and calls the upgrade a "tactical trade" into year-end and Q4 results.
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William Blair upgraded First Solar (FSLR) to Outperform from Market Perform without a price target. The firm cites the Democrats sweeping the midterm elections for the upgrade, as it believes it will unlock support at a local level for more utility-scale solar procurement and siting.
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Piper Sandler upgraded ZoomInfo (GTM) to Neutral from Underweight with a price target of $4, up from $3. The firm notes the company's revenue declined 3% year-over-year, but management expressed it is nearing the trough of its growth headwinds with confidence underpinned by GTM One, growing mix of consumption pricing, and greater volumes of win-backs at a time when the platform is increasingly positioned to meet customers where they are.
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Deutsche Bank upgraded JetBlue (JBLU) to Buy from Hold with a price target of $5.50, up from $3, citing a more favorable backdrop. The near-term backdrop for airline shares have "improved markedly" over the past month, the firm tells investors in a research note. Deutsche Bank also upgraded Frontier Group (ULCC) to Buy from Hold with a price target of $10, up from $7.
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Canaccord upgraded Joby Aviation (JOBY) to Buy from Hold with a price target of $7, down from $11.50, after the company's Q3 report. Joby continues to make "notable progress toward commercialization," says the firm, which also noted that management raised its 2026 revenue outlook.
Top 5 Downgrades:
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Truist downgraded Nike (NKE) to Sell from Hold with an unchanged price target of $29, citing valuation. The firm sees "numerous issues still at-play" for Nike, including more retro Jordan product launches sitting on shelves, limited visibility on when China bottoms, and tough comparisons.
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Morgan Stanley downgraded Cisco (CSCO) to Equal Weight from Overweight with a price target of $120, down from $135. The firm continues to see a multi-year trajectory for double-digit growth for Cisco, but is cautious on potential demand pull-forward ahead of pricing increases in Cisco's cloud business.
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Cantor Fitzgerald downgraded HubSpot (HUBS) to Underweight from Neutral with a price target of $170, down from $265. The company's Q3 results were "fine" but the updated Q4 guidance "whiffed," the analyst tells investors in a research note. Morgan Stanley and KeyBanc also downgraded the stock to Neutral-equivalent ratings.
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Freedom Broker downgraded McDonald's (MCD) to Hold from Buy with a price target of $298, down from $305. After a 6.5% post-print rally, the shares trade within about 5% of the firm's revised target, notes the firm, which calls the downgrade "valuation-driven."
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Barclays downgraded Skyworks (SWKS) to Equal Weight from Overweight with a price target of $79, up from $70. The company's fiscal Q1 miss does not set the positive tone the market was looking for, the firm tells investors in a research note.
Top 5 Initiations:
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BMO Capital initiated coverage of Astera Labs (ALAB) with an Outperform rating and $375 price target. The company is well-positioned to benefit from greater content attach rates from ongoing AI/cloud infrastructure deployments, the firm added.
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Citi initiated coverage of ATI (ATI) with a Buy rating and $229 price target. Citi believes the company's bullish medium-term outlook is underappreciated at current share levels.
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Chardan initiated coverage of Vicore Pharma (VCRE) with a Buy rating and $15 price target. Buloxibutid, a first-in-class oral AT2 receptor agonist, produced some of the most striking lung-function data seen in idiopathic pulmonary fibrosis in the Phase 2a AIR study, though whether that holds in the 378-patient, placebo-controlled Phase 2b ASPIRE study, where topline results are expected in mid-2027, is the question, the firm says.
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Alliance Global initiated coverage of New Era Energy & Digital (NUAI) with a Buy rating and $6 price target. The firm says the "explosion" in demand for AI has resulted in a race to develop technology that will require high-density data centers and large amounts of electricity to power them.
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Bullish on the name, China Renaissance initiated coverage of SpaceX (SPCX) with a Buy rating and $194.20 price target.
