Current Research Calls on Wall Street

Today, the most remarkable and market-moving research calls from Wall Street are gathered 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 pullback in shares 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 states that concerns about disintermediation risks from Google (GOOGL) and OpenAI’s Agentic tools are excessive 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 the recent share 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 increased share in investment banking 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 activities, product development progress, and new launches will help Merck compensate for the revenue loss from Keytruda LOE and that revenue growth will occur in the early 2030s.

Top 5 Downgrades:

UBS lowered the price target for JFrog (FROG) to $65, down from $48, and downgraded it from Buy to Neutral. It notes that the winds of artificial intelligence are significant but adds that the larger revenue impact is 12-18 months away.

Jefferies lowered the price target for Exact Sciences (EXAS) to $105, down from $90, and downgraded it from Buy to Hold. It states that the acquisition by Abbott (ABT) will provide a gain for Exact Sciences and does not anticipate another bid.

Evercore ISI lowered the price target for QuantumScape (QS) to $12, down from $8, and downgraded it from Outperform to In Line. It cites valuation concerns due to a 200% rise since the beginning of the year.

UBS lowered the price target for Jazz Pharmaceuticals (JAZZ) to $188, down from $163, and downgraded it from Buy to Neutral. It states that despite the phase three GEA update and a 25% share movement, Jazz now exhibits a balanced risk/reward profile.

TD Cowen lowered the price target for PureCycle Technologies (PCT) to $9, down from $16, and downgraded it from Buy to Hold. The firm mentions delays in orders and assesses that there could be delays in the company's growth plans, preferring 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 notes that Meta is getting better at monetizing its 3 billion user base and has the capacity for aggressive investments in artificial intelligence to maintain its previous 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 of the next growth phase along with artificial intelligence.

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

Goldman Sachs initiated coverage on Clean Harbors (CLH) with a Neutral rating and a price target of $228. It views positively their leading position in hazardous waste collection but notes a complex short-term outlook for cleanup processes.

JPMorgan initiated coverage on Hyatt (H) with an Overweight rating and a price target of $178. It anticipates that the company's value will reach higher levels and that the current 2-4% valuation discount in comparisons with specific larger firms will narrow.