Current Research Calls on Wall Street

Today's most notable and market-moving research calls on Wall Street all in one place! The latest information and analyses that investors need to know are compiled below.

Top 5 Upgrades:

Wedbush upgraded Carvana (CVNA) from Neutral to Outperform and raised the price target to $400. According to the firm, the recent stock pullback has been excessive, and investors should take advantage of this weak period.

BofA upgraded Booking Holdings (BKNG) from Neutral to Buy, keeping the price target at $6,000. It notes that concerns about disintermediation risks from Google (GOOGL) and OpenAI's Agentic tools are overblown, and believes that the sell-off in AI-related stocks presents a buying opportunity.

HSBC upgraded Flutter Entertainment (FLUT) from Hold to Buy and lowered the price target to $228. It sees a buying opportunity following recent stock sell-offs.

Wolfe Research upgraded Morgan Stanley (MS) from Peer Perform to Outperform and set the price target at $198. It expects revenue growth to accelerate due to an increase in investment banking share and organic growth in asset management.

Wells Fargo upgraded Merck (MRK) from Equal Weight to Overweight and raised the price target to $125, up from $90. It believes that recent business development efforts, product development progress, and new launches will help Merck fill the revenue gap from Keytruda's LOE and achieve revenue growth early in the 2030s.

Top 5 Downgrades:

UBS lowered the price target for JFrog (FROG) to $65, down from $48, downgrading from Buy to Neutral. It emphasizes that AI-related trends are significant but notes that larger revenue impacts are 12-18 months away.

Jefferies cut the price target for Exact Sciences (EXAS) to $105, down from $90, downgrading from Buy to Hold. It believes that the acquisition by Abbott (ABT) provides a gain for Exact Sciences, but it does not expect a new offer.

Evercore ISI lowered the price target for QuantumScape (QS) to $12, down from $8, downgrading from Outperform to In Line. The downgrade reflects the stock's 200% increase since the beginning of the year.

UBS cut the price target for Jazz Pharmaceuticals (JAZZ) to $188, down from $163, downgrading from Buy to Neutral. Despite the third stage GEA update and a 25% share movement, it states that Jazz now exhibits a balanced risk/reward profile.

TD Cowen lowered the price target for PureCycle Technologies (PCT) to $9, down from $16, downgrading from Buy to Hold. It notes delays in orders, suggesting potential delays in the company's growth plans, and prefers to stay on the sidelines for a while.

Top 5 Initiations:

BNP Paribas Exane initiated coverage on Meta Platforms (META) with an Outperform rating and a price target of $800. It states that Meta is becoming increasingly better at monetizing its 3 billion user base and has the capacity to make aggressive investments in AI to maintain its prior investment levels against competitors.

Citi initiated coverage on Synopsys (SNPS) with a Buy rating and a price target of $580. It states that the electronic design automation market is emerging as the backbone for the next growth phase alongside AI.

Citi initiated coverage on Cadence Design (CDNS) with a Buy rating and a price target of $385. It sees a positive fundamental outlook for Cadence.

Goldman Sachs initiated coverage on Clean Harbors (CLH) with a Neutral rating and a price target of $228. It views the company positively as a leader in hazardous waste collection but mentions a complex short-term outlook for its cleanup processes.

JPMorgan initiated coverage on Hyatt (H) with an Overweight rating and a price target of $178. It expects the company's value to rise to higher levels and that existing valuation discounts of 2-4% compared to certain large firms will narrow.