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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Raymond James upgraded AMD (AMD) to Strong Buy from Outperform with a price target of $641, up from $565. The firm believes AMD offers the “strongest combination of direct earnings leverage” given its data center positioning and market share gains.
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Wolfe Research upgraded Moderna (MRNA) to Peer Perform from Underperform without a price target. The firm says the positive melanoma trial de-risks the intismeran platform.
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Wells Fargo upgraded Shift4 Payments (FOUR) to Overweight from Equal Weight with a price target of $59, up from $55. The firm sees an improved share setup post the Q2 report.
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Morgan Stanley upgraded Dynatrace (DT) to Overweight from Equal Weight with a price target of $65, up from $58. The firm says the observability market is experiencing the healthiest demand since 2022 amid the strongest public cloud growth in several years.
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Wolfe Research upgraded Bread Financial (BFH) to Outperform from Peer Perform with a $130 price target. The firm sees continued upside to near-term estimates as Bread’s growth accelerates, its expense growth remains disciplined, and its credit improves.
Top 5 Downgrades:
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Loop Capital downgraded Five Below (FIVE) to Hold from Buy with an unchanged price target of $250. The firm cites valuation as it believes a bullish fundamental outlook on Five Below is largely priced in at current levels.
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Wolfe Research downgraded Klarna (KLAR) to Peer Perform from Outperform without a price target. The firm views the company as a “show-me story” following the Q2 report.
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Wells Fargo downgraded FIS (FIS) to Equal Weight from Overweight with a price target of $46, down from $58. The company’s recent execution challenges in capital markets raise questions about its multi-year growth potential, the firm tells investors in a research note.
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National Bank downgraded Nutrien (NTR) to Sector Perform from Outperform with a price target of $77, up from $74. The firm cites valuation for the downgrade with the shares up 14% since its July 12 initiation.
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Jefferies downgraded RLI Corp. (RLI) to Underperform from Hold with an unchanged price target of $53. The shares at current levels “leave little room” for elevated casualty picks, property margin pressure, or expense slippage, the firm tells investors in a research note.
Top 5 Initiations:
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Goldman Sachs initiated coverage of Jersey Mike’s Subs (JMKE) with a Neutral rating and $26 price target. The firm sees “long runway” for Jersey Mike’s new store growth, but says the stock’s valuation is full at current levels.
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DA Davidson initiated coverage of Carlisle (CSL) with a Neutral rating and $410 price target. The Q2 earnings report and FY26 guidance indicated that a number of concerns related to segment demand and margins are being worked through, the firm says.
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DA Davidson initiated coverage of Sherwin-Williams (SHW) with a Buy rating and $400 price target. Despite getting no help from the U.S. housing market, Sherwin-Williams earnings are beginning to accelerate due to pricing, market share gains, and moderating SG&A expenses, the firm tells investors.
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KeyBanc initiated coverage of JBT Marel (JBTM) with an Overweight rating and $150 price target. The firm views JBT as a “self-help story.”
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DA Davidson initiated coverage of Martin Marietta (MLM) with a Neutral rating and $625 price target. There are likely still several more quarters of noise to work through before it becomes a cleaner thesis again, the firm added.
