The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

• DA Davidson upgraded Airbnb (ABNB) to Buy from Neutral with a price target of $155, down from $170. The firm is also adding Airbnb to the D.A. Davidson research team's "Best-of-Breed Bison" initiative, which focuses on long-term best in class companies in its coverage.
• Benchmark upgraded Qorvo (QRVO) to Buy from Hold with a $95 price target. Qorvo turned in a "solid" March quarter performance and "gave an equally encouraging June period outlook," the firm tells investors.
• Wolfe Research upgraded Ford (F) to Peer Perform from Underperform without a price target. The White House has released an executive order confirming large relief from auto parts tariffs, and among the U.S. car markers, Tesla (TSLA) and Ford would be most advantaged, since they also face minimal to no tariffs on finished vehicles, in light of their high U.S. vehicle production, contends Wolfe.
• Scotiabank upgraded T-Mobile (TMUS) to Outperform from Sector Perform with a price target of $277.50, up from $275. Heading into reporting season, there was a generalized fear that the U.S. wireless market was slowing down quickly, but now that Mobile Network Operators and Cablecos have reported, the tally shows industry loading actually "remaining quite healthy" at an annual run rate of around 8.5M, the firm tells investors.
• Benchmark upgraded Shift4 Payments (FOUR) to Buy from Hold with a $111 price target. The share price jumped by nearly 13% in response to the company's "solid" Q1 print and management's upbeat guidance for the balance of 2025, notes the firm.

Top 5 Downgrades:

• Goldman Sachs downgraded Starbucks (SBUX) to Neutral from Buy with a price target of $85, down from $103, following the company's earnings report. The firm expects a slower path to North America sales recovery with data pointing to incrementally slowing brand momentum.
• Wells Fargo downgraded Nike (NKE) to Equal Weight from Overweight with a price target of $55, down from $75. The firm says Nike's turnaround is "simply taking longer than hoped," while today's macro concerns "will likely kick the can even further out."
• KeyBanc downgraded First Solar (FLSR) to Underweight from Sector Weight with a $100 price target. The company reported Q1 results below estimates and lowered fiscal 2025 guidance and revised bookings downward to reflect the impacts of global tariffs implemented earlier this month, the firm tells investors in a research note. Oppenheimer also downgraded First Solar to Perform from Outperform without a price target following the Q1 miss.
• Wells Fargo downgraded Victoria's Secret (VSCO) to Underweight from Equal Weight with a price target of $12, down from $25. The firm adjusted ratings in retail cut 2026 earnings estimates well below the Street to reflect current tariff headwinds and assumptions for a mild recession.
• BofA downgraded Park Hotels & Resorts (PK) to Underperform from Neutral with a price target of $11, down from $11.50. Park has navigated several challenges in the last 12-24 months, but the firm thinks Park faces more headwinds, including higher international inbound exposure, less labor and cost flexibility, potentially incremental capex needs and a high current dividend payout ratio.

Top 5 Initiations:

• Seaport Research initiated coverage of Nvidia (NVDA) with a Sell rating and $100 price target. Nvidia is one of the leading beneficiaries of the current AI spending boom, but its prospects are "well understood and largely priced into the stock," the firm argues.
• Seaport Research initiated coverage of AMD (AMD) with a Buy rating and $110 price target. AMD has demonstrated consistent execution for years, allowing it to pick up share and erode Intel's (INTC) long-time dominance in PCs, the firm tells investors.
• Seaport Research initiated coverage of Intel with a Sell rating and $18 price target. Intel lost its manufacturing edge years ago, and this has caused its products to struggle against competitors' as the company is losing share in PCs to AMD and losing share in data center CPU to AMD and internal semis, the firm tells investors.
• Seaport Research initiated coverage of Broadcom (AVGO) with a Buy rating and $230 price target. Broadcom is one of the leading beneficiaries of the current AI spending boom, but its prospects are "not well understood by the Street and not priced into the stock," the firm argues.
• Seaport Research initiated coverage of Texas Instruments (TXN) with a Sell rating and $130 price target. Outside of China EVs, industrial markets in most markets have not really recovered or began restocking of semis and given that interest rates and recession fears appear to have put a brake on cyclical recovery, with the firm seeing a prolonged downturn in analog semis. Seaport Research also started coverage of Analog Devices (ADI) with a Sell rating and $155 price target.