Here’s a roundup of the most talked-about and market-moving analyst rating changes on Wall Street today, compiled by The Fly for investors to watch.

**Top Five Upgrades**

Jefferies upgraded Roku Inc (ROKU) from "Hold" to "Buy," raising the price target from $100 to $135. The firm believes Roku’s platform revenue could grow over 20% in an optimistic scenario.

Piper Sandler upgraded Unity (U) from "Neutral" to "Overweight," increasing the price target from $43 to $59, citing a "favorable" outlook for the mobile app advertising market heading into 2026. BTIG also upgraded Unity from "Neutral" to "Buy," setting a $60 price target.

Citi upgraded Thermo Fisher Scientific (TMO) from "Neutral" to "Buy," lifting the price target from $580 to $660, citing benefits from increased pharmaceutical spending and industry localization.

Bank of America upgraded Synopsys (SNPS) from "Neutral" to "Buy," raising the price target from $500 to $560. The firm noted that Synopsys’ "decent" FY2026 guidance reduces risks related to its China and Intel (INTC) sales, clearing the way for "attractive catch-up potential" and potential EPS beats next year.

Bank of America also upgraded Visa (V) from "Neutral" to "Buy," setting a $382 price target, citing "highly attractive return potential" after recent underperformance.

**Top Five Downgrades**

Bank of America downgraded PayPal (PYPL) from "Buy" to "Neutral," slashing the price target from $93 to $68, citing slower-than-expected progress in reviving growth for its core payment business, limiting near-term upside.

Seaport Research downgraded GE Vernova (GEV) from "Buy" to "Neutral" without providing a price target, stating that the stock is now fairly valued, with focus shifting to 2026-2028 performance.

Bank of America downgraded Alcon (ALC) two notches from "Buy" to "Underperform," cutting the price target from $100 to $75, citing limited upside and market uncertainties, including slower growth, rising competition, and lowered guidance in 2025.

Deutsche Bank downgraded Norfolk Southern (NSC) from "Buy" to "Hold," setting a $297 price target, citing uncertainty around its potential merger with Union Pacific (UNP).

Deutsche Bank also downgraded Union Pacific (UNP) from "Buy" to "Hold," with a $245 price target, noting that despite two consecutive quarters of "very strong" results, the stock has underperformed.

**Top Five Initiation Ratings**

Freedom Capital initiated coverage on Shift4 Payments (FOUR) with a "Buy" rating and an $80 price target, calling the recent pullback an attractive entry point.

Bernstein initiated coverage on BridgeBio Pharma (BBIO) with an "Outperform" rating and a $94 price target, stating that near-term expectations for Attruby (a BridgeBio drug candidate) are reasonable but long-term expectations may be "arguably too high."

B. Riley initiated coverage on Chimera Investment (CHYM) with a "Buy" rating and a $35 price target, representing 40% upside potential. The firm highlighted Chimera as a profitable, high-growth digital bank serving underbanked customers.

Morgan Stanley initiated coverage on Elbit Systems (ESLT) with a "Hold" rating and a $531 price target, noting that the stock has already surged 95% this year, pricing in much of its growth potential.

Goldman Sachs initiated coverage on Abercrombie & Fitch (ANF) with a "Buy" rating and a $120 price target, favoring retailers with store expansion and pricing power. Goldman also initiated coverage on Boot Barn (BOOT) with a "Buy," American Eagle (AEO) and Signet Jewelers (SIG) with "Neutral," and Carter’s (CRI) with a "Sell" rating.