Here’s a summary of the most influential Wall Street research ratings that could impact market movements, compiled by The Fly. Below are today’s key rating changes investors should watch.

**Top Five Upgrades**

1. **Stifel**: Upgraded Teradyne (TER) from "Hold" to "Buy," raising the price target from $162 to $225. The firm highlighted favorable structural shifts in the company’s test business revenue, expecting accelerated growth beyond 2026—even without factoring in potential gains in AI GPU and ASIC markets.

2. **Truist**: Upgraded Six Flags (FUN) from "Hold" to "Buy," though lowering the target price from $27 to $23. Truist cited optimism around the new CEO and heightened urgency to divest underperforming parks.

3. **Argus**: Upgraded Restaurant Brands (QSR) from "Hold" to "Buy," setting an $85 target. The firm noted strong brands driving U.S. same-store sales growth and international expansion.

4. **Morgan Stanley**: Upgraded DexCom (DXCM) from "Equal-Weight" to "Overweight," lifting the target from $63 to $75. DexCom appears to be overcoming operational hurdles, with valuations still depressed.

5. **Baird**: Upgraded Albemarle (ALB) from "Underperform" to "Neutral," raising the target from $81 to $113. The rally reflects bullish sentiment on lithium demand tied to energy storage.

**Top Five Downgrades**

1. **Morgan Stanley**: Downgraded Inspire Medical (INSP) from "Overweight" to "Equal-Weight," despite raising the target from $105 to $130. Clarity on core growth and long-term TAM remains elusive.

2. **Goldman Sachs**: Downgraded Symbotic (SYM) from "Neutral" to "Sell," keeping a $47 target. At 185x EV/forward adjusted EBITDA, valuations are stretched.

3. **Oppenheimer**: Downgraded Sound Point Meridian Capital (SPMC) from "Outperform" to "Equal-Weight," removing its $20 target. Borrower redemptions have hurt returns, with post-IPO ROE at just 2%.

4. **Morgan Stanley**: Downgraded 10x Genomics (TXG) from "Overweight" to "Equal-Weight" due to coverage reassignment, raising the target from $17 to $20. Post-rally, valuations are now "reasonable."

5. **BofA**: Initiated PagerDuty (PD) at "Underperform" with a $12 target, citing weak demand, pricing model shifts, and CFO transition risks.

**Top Five Initiations**

1. **Rosenblatt**: Initiated Workday (WDAY) at "Neutral" ($235 target). Growth may slow, but profitability improvements could offset this.

2. **Barclays**: Initiated Cloudflare (NET) at "Overweight" ($235 target), praising its 20% global internet traffic share and AI/cloud edge.

3. **Wolfe Research**: Initiated Circle Internet (CRCL) at "Underperform" ($60 target), flagging interest rate and competitive pressures despite its stablecoin leadership.

4. **Oppenheimer**: Initiated KBR (KBR) at "Outperform" ($60 target), calling it a value play post-30% YTD drop, with a government services spin-off expected by late 2026.

5. **KeyBanc**: Initiated Texas Pacific Land (TPL) at "Overweight" ($1,050 target), seeing a breakout from its "decades-long stagnant phase."