Key research reports from Wall Street that are closely watched and capable of influencing market movements have been compiled. Below are the noteworthy analyst rating changes for today, as summarized by The Fly.
Five Major Upgrades
B. Riley: Upgraded Snap Inc (SNAP) from Neutral to Buy, maintaining a $10 price target. Following the Q4 earnings report, the firm identified positive developments in several of Snap's core initiatives, including continued strong growth in premium subscription revenue and the rollout of higher-margin advertising formats. Seaport Research: Upgraded fuboTV Inc (FUBO) from Neutral to Buy with a $3 price target. Although the stock declined significantly after the first post-merger earnings report for Disney's (DIS) Hulu Live and FuboTV, the firm views the current uncertainty as creating a compelling investment opportunity. Wolfe Research: Upgraded Zoom (ZM) from Peer Perform to Outperform with a $115 price target. The firm anticipates a reacceleration in the company's growth, citing strong performance in its Contact Center and Phone businesses, alongside upside potential from its emerging Voice AI offerings. Jefferies: Upgraded Celanese (CE) from Hold to Buy and raised the price target from $43 to $86. While acknowledging that earnings may remain volatile into the first half of 2026 based on peer feedback, the firm advised investors that the current moment presents a buying opportunity. Cantor Fitzgerald: Upgraded DigitalOcean Holdings, Inc. (DOCN) from Neutral to Overweight and increased the price target from $47 to $68. The firm highlighted DOCN's focus on digital-native businesses, its developer-centric service model, its hyperscale services for the mass market, and its solid foundation for expansion into the premium segment.
Five Major Downgrades
Stifel: Downgraded Microsoft (MSFT) from Buy to Hold and lowered the price target from $540 to $392. The firm stated that Azure's supply constraints are evident, and coupled with strong performance from Google's (GOOGL) Gemini cloud platform and ongoing momentum at Anthropic, Azure's growth is unlikely to accelerate in the near term. Susquehanna: Downgraded Qualcomm (QCOM) from Positive to Neutral and reduced the price target from $210 to $140. The firm recommends a wait-and-see approach, anticipating headwinds from memory-related challenges in the handset industry, loss of Apple (AAPL) modem share, and longer R&D and design cycles for new markets. Bank of America (BofA) also downgraded Qualcomm from Buy to Neutral, cutting its price target from $215 to $155. Citi: Downgraded Six Flags Entertainment Corporation (FUN) from Buy to Neutral and lowered the price target from $25 to $20. Citing rich valuation after the stock's 40% rise from its November low, the firm adjusted its rating. Jefferies: Downgraded Steven Madden (SHOO) from Hold to Underperform and reduced the price target from $37 to $30. The firm pointed to persistent and intensifying pressure on the company's wholesale business, which accounts for 70% of its sales. JPMorgan: Downgraded Corteva, Inc. (CTVA) from Overweight to Neutral, while raising the price target from $75 to $77. The rating change was attributed to valuation considerations.
Five Notable Initiations of Coverage
Benchmark: Initiated coverage on CAVA Group Inc. (CAVA) with a Buy rating and an $80 price target. The firm is optimistic about Cava's leading scale within the rapidly growing Mediterranean food category. H.C. Wainwright: Initiated coverage on Incyte (INCY) with a Buy rating and a $135 price target. The firm stated that the current stock price reflects market concerns over Jakafi's patent expiration but believes several near-term catalysts over the next 12-18 months could help reset revenue expectations post-Jakafi. Bernstein: Initiated coverage on Coupang, Inc. (CPNG) with an Underperform rating and a $17 price target. When covering the South Korean internet sector, the firm expresses a preference for companies driven by online penetration with strong growth potential, as well as leaders in the artificial intelligence field. Benchmark: Initiated coverage on Andersons (ANDE) with a Buy rating and a $75 price target. The firm noted that the company's ethanol business demonstrates strengthening momentum, which helps offset headwinds in the agricultural segment, and views growth in this business beyond 2026 as highly certain. Bank of America (BofA): Initiated coverage on WAVE Life Sciences (WVE) with a Buy rating and a $38 price target. The firm identified the obesity drug WVE-007 as the core value driver, accounting for 56% of the target price, and believes the product possesses differentiated advantages in the area of body composition improvement.
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