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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TD Cowen upgraded Shopify (SHOP) to Buy from Hold with an unchanged price target of $159, citing valuation for the upgrade with the shares down 30% year-to-date. Shopify’s “strong” quarter, continued growth momentum and the post-earnings pullback “represents an attractive entry point for investors to own the de facto modern-day eCommerce infrastructure,” the firm tells investors in a research note. Mizuho also upgraded Shopify to Outperform from Neutral with an unchanged price target of $150.
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Deutsche Bank upgraded BorgWarner (BWA) to Buy from Hold with a price target of $82, up from $46. The firm says the company’s entrance into the AI data center market is a “pivotal shift.”
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Barclays upgraded Analog Devices (ADI) to Overweight from Equal Weight with a price target of $375, up from $315. The company has the highest industrial exposure within the analog group “by far” and a strong correlation between its sales growth and the Purchasing Managers’ Index, the firm tells investors in a research note.
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JPMorgan upgraded MercadoLibre (MELI) to Overweight from Neutral with a price target of $2,800, up from $2,650. The firm cites valuation for the upgrade following the stock’s recent underperformance.
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William Blair upgraded Fastly (FSLY) to Outperform from Market Perform without a price target. The company reported a “stellar” quarter driven by rising contribution from agentic AI traffic, the firm tells investors in a research note.
Top 5 Downgrades:
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Monness Crespi downgraded Coinbase (COIN) to Sell from Buy with a $120 price target as the firm is cutting estimates “again” ahead of the company’s Q4 report. The firm says its prior assumption of a steady recovery over the course of calendar 2026 was “foolish” given the typical length and magnitude of crypto bear markets, telling investors that it now models softness through the first half of 2026 and sets its calendar 2026 and 2027 estimates below the Street view.
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JPMorgan downgraded Kraft Heinz (KHC) to Underweight from Neutral with a price target of $22, down from $24. The company reported a Q4 beat but its 2026 organic sales growth and earnings outlooks were below consensus estimates, the firm tells investors in a research note.
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BofA downgraded Icon (ICLR) to Underperform from Neutral with a price target of $75, down from $195, after the company announced an internal board investigation into accounting practices and controls and noted that preliminary indications are that the company may have overstated revenues in 2023-2024 by up to 2% each fiscal year. Leerink also downgraded Icon but to Market Perform from Outperform with a price target of $105, down from $220.
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Wells Fargo downgraded Inspire Medical (INSP) to Equal Weight from Overweight with a price target of $70, down from $145. The firm says that while significant downside risk to Inspire’s 2026 revenue seems less likely with its IV system availability, there is too much uncertainty about physician reimbursement that is likely to remain an overhang on shares for some time. Baird also downgraded Inspire Medical to Neutral from Outperform with a price target of $74, down from $130.
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RBC Capital downgraded Humana (HUM) to Sector Perform from Outperform with a price target of $189, down from $322. Given the company’s “outsized growth” in an uncertain reimbursement backdrop, RBC sees a balanced risk/reward setup for Humana shares at the current multiple.