Here’s a roundup of the most impactful analyst rating changes on Wall Street, compiled by The Fly, that investors should watch today.

**Top Five Upgrades**

**Synopsys (SNPS)**: Rosenblatt Securities upgraded the stock from "Neutral" to "Buy," though it lowered the price target from $605 to $560. The adjustment comes ahead of Synopsys' Q4 FY2025 earnings release after market close on December 10. The firm noted that while Q3 results missed expectations and guidance was revised downward, Q4 performance is anticipated to meet market expectations. Shares have fallen roughly 30% since the Q3 earnings report on September 9.

**Eaton (ETN)**: Wolfe Research upgraded the stock from "Peer Perform" to "Outperform" with a $413 price target, citing expected benefits from electrical order conversions and easing cyclical headwinds by 2026.

**Colgate-Palmolive (CL)**: RBC Capital Markets raised its rating from "Sector Perform" to "Outperform," maintaining an $88 target. The firm believes earnings expectations are now "at a reasonable low" despite ongoing operational challenges in 2026.

**RPM International (RPM)**: RBC Capital Markets upgraded the stock from "Sector Perform" to "Outperform," raising the target from $121 to $132, stating the shares have "bottomed."

**Viking Holdings (VIK)**: Goldman Sachs upgraded the stock from "Neutral" to "Buy," lifting the target from $66 to $78, citing the company’s unique geographic exposure and premium customer base as buffers against broader cruise industry volatility.

**Top Five Downgrades**

**Warner Bros. Discovery (WBD)**: Seaport Research downgraded the stock from "Buy" to "Neutral" without a target, following Paramount-Skydance’s hostile $30-per-share takeover bid.

**Norwegian Cruise Line (NCLH)**: Goldman Sachs downgraded the stock from "Buy" to "Neutral," cutting the target from $23 to $21, citing unfavorable risk-reward dynamics due to Caribbean market oversupply and the company’s outsized exposure.

**Confluent (CFLT)**: RBC Capital Markets downgraded the stock from "Outperform" to "Sector Perform," raising the target from $30 to $31 after IBM’s $31-per-share cash acquisition agreement. Multiple firms, including Mizuho and UBS, also downgraded it to "Neutral"-equivalent ratings.

**SLM Corp. (SLM)**: Compass Point slashed the rating two notches from "Buy" to "Sell," lowering the target from $35 to $23, citing concerns over Grad PLUS loan growth and strategic loan-sale impacts outlined in its investor update.

**Vertiv (VRT)**: Wolfe Research downgraded the stock from "Outperform" to "Peer Perform" without a target, citing valuation concerns—shares have surged 14x since its December 2022 upgrade.

**Top Five Initiations**

**Micron (MU)**: HSBC initiated coverage with a "Buy" rating and $330 target, calling it a "core beneficiary of the memory chip supercycle."

**United Airlines (UAL)**: BMO Capital Markets initiated coverage with an "Outperform" rating and $125 target, launching coverage on U.S. airlines. The firm expects sector recovery post-2024–2025 challenges, with long-term opportunities for margin expansion. It also initiated Delta (DAL) and American (AAL) as "Outperform" and Southwest (LUV) as "Market Perform."

**Thermo Fisher (TMO)**: Goldman Sachs initiated with a "Buy" rating and $685 target, projecting a return to the biotech tools sector’s historical 5% growth rate.

**Affirm (AFRM)**: Wolfe Research initiated with a "Peer Perform" rating, setting a 2026 fair value range of $72–$82, awaiting a more attractive entry point.

**Urban Outfitters (URBN)**: Goldman Sachs initiated with a "Neutral" rating and $83 target, balancing its niche retail strength against valuation and operational risks.