Here’s a summary of the most influential research ratings from Wall Street analysts that investors should watch today, as compiled by The Fly.

**Top Five Upgrades**

**Autodesk (ADSK)** Deutsche Bank upgraded Autodesk from "Hold" to "Buy," raising its price target from $345 to $375. The bank noted that Autodesk's Q3 results were "exceptionally solid" and described them as "one of the cleanest quarterly performances in recent years."

**NetApp (NTAP)** Northland Capital upgraded NetApp from "Market Perform" to "Outperform," lifting its price target from $120 to $137. The upgrade followed the company's Q2 report, which showed a 4% year-over-year revenue growth (excluding the divested Spot business) and projected further acceleration to 5% in H2 FY2026.

**Amentum (AMTM)** Morgan Stanley upgraded Amentum from "Underperform" to "Equal-Weight," increasing its price target from $20 to $35. The bank cited a more balanced risk-reward profile at current share levels.

**Atmus Filtration (ATMU)** JPMorgan upgraded Atmus Filtration from "Neutral" to "Overweight," raising its price target from $53 to $60. The move came after the company announced plans to acquire Koch Filter, a pure air filter manufacturer.

**Herbalife (HLF)** Argus upgraded Herbalife from "Hold" to "Buy," citing better-than-expected Q3 results and raising its FY2025 EPS estimate by $0.03 to $2.15 and FY2026 EPS estimate by $0.04 to $2.64.

**Top Five Downgrades**

**NIO Inc. (NIO)** Macquarie downgraded NIO from "Outperform" to "Neutral," slashing its price target from $6.70 to $5.30. The downgrade followed NIO's Q3 earnings report, which included a "soft" Q4 delivery guidance midpoint of 122,500 vehicles, below prior expectations.

**PagerDuty (PD)** Craig-Hallum downgraded PagerDuty from "Buy" to "Hold," cutting its price target from $20 to $15. The firm noted fundamental shifts in end markets that could negatively impact PagerDuty's positioning.

**Biohaven (BHVN)** UBS downgraded Biohaven from "Buy" to "Neutral," reducing its price target from $26 to $11. The bank pointed to "multiple" R&D and regulatory setbacks that have weakened confidence in the viability of its remaining pipeline.

**Ambev (ABEV)** Bernstein downgraded Ambev from "Outperform" to "Market Perform," setting a price target of $2.88. The downgrade was attributed to valuation concerns after the stock's 16% year-to-date rally.

**Morgan Stanley Direct Lending (MSDL)** RBC Capital Markets downgraded Morgan Stanley Direct Lending from "Outperform Sector" to "Sector Perform," lowering its price target from $19 to $18. The bank expects its 2026 net interest income ROE to trend near the lower end of its BDC peer range.

**Top Five Initiations**

**Nektar (NKTR)** Citi initiated coverage on Nektar with a "Buy" rating and a $102 price target. The bank also placed the stock on a "90-day positive catalyst watch" ahead of anticipated Phase IIb alopecia areata trial data in December. Citi highlighted rezpegaldesleukin's "competitive" data in the crowded atopic dermatitis space.

**Kyndryl Holdings (KD)** Guggenheim initiated coverage on Kyndryl with a "Buy" rating and a $30 price target, citing encouraging profitability progress despite macroeconomic headwinds.

**Astronics (ATRO)** TD Cowen initiated coverage on Astronics with a "Buy" rating and a $65 price target, forecasting 30% earnings growth in 2026 and 10% in 2027, with sales growth exceeding 7%.

**Coterra Energy (CTRA)** William Blair initiated coverage on Coterra with an "Outperform" rating and a $36 fair value estimate, implying 37% upside. The firm highlighted the company's diversified exposure to oil and gas basins, including the Permian and Marcellus.

**Ovintiv (OVV)** William Blair initiated coverage on Ovintiv with an "Outperform" rating and a $50 fair value estimate (26% upside). The bank noted that the recent NuVista acquisition adds core liquids reserves and potential synergies.