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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Jefferies upgraded Apple (AAPL) to Hold from Underperform with a price target of $188.32, up from $170.62. Counterpoint reported global iPhone’s sales volume in April plus May was up 15% year-over-year, marking the strongest growth since Q3 of 2021, the firm tells investors.
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Jefferies upgraded Ross Stores (ROST) to Buy from Hold with a price target of $150, up from $135. Ross Stores is well-positioned to outperform as comps should accelerate through the end of the year, and EBIT should expand by 170 basis points over the next three years, the firm tells investors in a research note.
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UBS upgraded Altria Group (MO) to Neutral from Sell with a price target of $59, up from $47. Following conversations with experts across the supply chain and the firm’s tracking of vapor products, the firm believes increased customs inspections at the U.S. border are leading to more refusals and/or seizures of illicit vapes, which could benefit cigarette volumes.
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Wolfe Research upgraded Visteon (VC) to Outperform from Peer Perform with a $123 price target. Challenges tied to China and EV/battery management systems, two of the biggest headwinds Visteon has faced over the last few years, appear well understood and should not be major headwinds moving forward, the firm tells investors in a research note.
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Truist upgraded National Health Investors (NHI) to Buy from Hold with an unchanged price target of $77. The firm, which expects skilled nursing rent coverage and senior housing operating portfolio fundamentals to continue to improve, notes that National Health is one of the lowest-levered REITs in its coverage universe and still has among the highest forecasted three- and five-year earnings growth rates.
Top 5 Downgrades:
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Rothschild & Co Redburn downgraded Adobe (ADBE) to Sell from Neutral with a price target of $280, down from $420. Adobe’s moat is being eroded by Gen-AI and low-end disruption is likely to intensify, argues the firm, which sees this continuing to put pressure on the multiple in the near-term as investors question Adobe’s terminal value.
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Northland downgraded Quanta Services (PWR) to Market Perform from Outperform with an unchanged price target of $354. The stock trades with the basket of AI-related companies but it is “not a fabless semiconductor company” and its growth scales with headcount, augmented by acquisitions, notes the firm, which believes that “the law of large numbers” and diminishing large M&A opportunities will slow Quanta’s growth.
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Wolfe Research downgraded Stellantis (STLA) to Underperform from Peer Perform with a EUR 6 price target. The firm, which notes that its earnings estimates are about 40% below consensus in 2025 and 45% below in 2026, sees “meaningful risk” to 2025 and 2026 earnings, driven primarily by North America.
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JPMorgan downgraded Centene (CNC) to Neutral from Overweight with a price target of $48, down from $75, after the company announced it was withdrawing prior FY25 guidance, citing data that demonstrated slower growth and worse morbidity in the broader ACA exchange market as well as a higher-than-anticipated Medicaid trend. UBS also downgraded Centene to Neutral from Buy with a price target of $45, down from $80.
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Wolfe Research downgraded Aptiv (APTV) to Peer Perform from Outperform. Aptiv shares are up 19% so far this year, with the stock staging a full V-shaped recovery since Liberation Day, the firm says, adding however that it sees limited upside at these levels.
Top 5 Initiations:
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Compass Point initiated coverage of Block (XYZ) with a Buy rating and $80 price target. The firm views Cash App as undervalued versus Chime (CHYM); contends that Cash App gross profit has upside given the anticipated ramp in Cash App Borrow; and notes that its Block estimates are 3% higher on gross profit and 10% higher on adjusted EBITDA than consensus for 2026 due to leverage in margins from a push to lending products.
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Compass Point initiated coverage of Chime (CHYM) with a Neutral rating and $33 price target. The firm believes Chime’s ability to grow members at roughly 20% and revenue at 30% will likely continue for the next few years, but it believes revenue growth and average revenue per active member growth will primarily be driven by credit-related products, which amplify its credit risk.
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Goldman Sachs initiated coverage of Under Armour (UAA, UA) with a Neutral rating and $7 price target. Strong execution could sustain momentum for sportswear and footwear brands that have driven significant market share gains over the past few years, but the firm believes accelerating competition and shifting consumer preferences make for “a more muted near-term backdrop for the industry overall.”
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Oppenheimer initiated coverage of Camtek (CAMT) with an Outperform rating and $100 price target. Camtek is most lauded for high-resolution 3D inspection tools that boost AI chip yields by precisely measuring micro-bumps in high-bandwidth memory stacks and chiplets, but it’s growing in 2D inspection, where Onto Innovation (ONTO) leads.
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Stifel resumed coverage of Jabil (JBL) with a Buy rating and $245 price target. The majority of Electronic Manufacturing Services companies have significantly outperformed year-to-date, notes the firm, which believes it is just “the early innings of a long-tailed AI infrastructure investment cycle” and that Jabil is well-positioned to benefit.