Here’s a summary of the most impactful Wall Street analyst rating changes compiled by The Fly, highlighting key adjustments investors should monitor.

**Top Five Upgrades**

Jefferies upgraded Lululemon (LULU) from "Underperform" to "Hold," raising its price target from $120 to $170. The firm cited the CEO’s impending departure as a "significant positive catalyst."

UBS lifted American Airlines (AAL) from "Neutral" to "Buy," boosting its target from $14 to $20. Analysts noted the market has yet to fully price in a "material profit expansion" driven by recovering corporate travel revenue in coming years.

JPMorgan upgraded Citigroup (C) from "Neutral" to "Overweight," hiking its target to $124 from $107. The bank expects Citi to outperform peers in 2026, supported by resilient economic conditions and strong capital markets activity.

Guggenheim moved Bristol-Myers Squibb (BMY) from "Neutral" to "Buy" with a $62 target for 2026, calling its pipeline-driven risk/reward "compelling."

Deutsche Bank upgraded Allegiant Travel (ALGT) to "Buy" (target: $105), citing a "balanced" domestic supply-demand outlook and budget carriers’ push for profitability amid stable macro conditions.

**Top Five Downgrades**

JPMorgan downgraded Roblox Corporation (RBLX) to "Neutral" (target cut to $100 from $145), flagging pressure on user engagement, slowing bookings growth, and margin compression as potential headwinds in 2026.

Baird downgraded PayPal (PYPL) to "Neutral" ($66 target), citing volatile Q4 transaction volumes and uncertainty around platform upgrades delaying a near-term rebound.

Stifel downgraded RH (RH) to "Hold" ($165 target) after its second 2025 guidance cut, reflecting weakening demand trends.

Northland downgraded Ciena (CIEN) to "Market Perform" ($190 target), arguing that strong FY2026 guidance and backlog are already priced in.

KeyBanc downgraded Veeva Systems (VEEV) to "Sector Weight," noting Salesforce (CRM) is gaining traction in pharma software deals at Veeva’s expense.

**Top Five Initiations**

Citi initiated Boeing (BA) as "Buy" ($265 target), calling it a "highly attractive large-cap turnaround play." It also covered GE Aerospace (GE), L3Harris (LHX), RTX (RTX), and Northrop Grumman (NOC) with "Buy" ratings, while assigning "Neutral" to Lockheed Martin (LMT), General Dynamics (GD), and Booz Allen (BAH).

Jefferies started Moderna (MRNA) at "Hold" ($30 target), projecting RSV/COVID vaccine growth and lower opex but stressing the need for additional catalysts.

UBS initiated AppFolio (APPF) as "Buy" ($285 target), seeing no spending slowdown or competitive threats.

TD Cowen initiated Tyler Technologies (TYL) at "Buy" ($650 target), highlighting its public-sector leadership and 20% SaaS growth potential from cloud migration.

Jefferies also started Badger Meter (BMI) at "Buy" ($220 target), viewing its recent pullback as an attractive entry point for a "high-single-digit organic grower."