Recent influential research reports from Wall Street that can impact market movements are summarized here. The following are institutional rating changes investors should be aware of today.

**Top Five Upgrades**

Wells Fargo upgraded Alphabet (GOOGL) from Hold to Overweight, raising its price target from $354 to $387. The bank stated that Alphabet leads in three key attributes for AI winners: user data, distribution channels, and computing power. Aletheia upgraded NVIDIA (NVDA) from Hold to Buy, with a price target of $250. The firm believes the stock is "too cheap to ignore" ahead of NVIDIA's Q4 earnings report and expects results to exceed expectations. Lake Street upgraded Tandem Diabetes (TNDM) from Hold to Buy, increasing its price target from $14 to $50. The bank views the company's shift to a pharmacy model as a driver for more stable growth, higher margins, and significant free cash flow. UBS upgraded BlackRock (BLK) from Neutral to Buy, with a price target of $1,280. The upgrade was based on strong Q4 performance, a positive outlook presented at the UBS Financial Services Conference, and a solid start to Q1 fund flows. Baird upgraded Henry Schein (HSIC) from Neutral to Outperform, raising its price target from $78 to $100. The firm sees further upside potential in the company's dental-related business.

**Top Five Downgrades**

Jefferies downgraded Workday (WDAY) from Buy to Hold, lowering its price target from $325 to $150. The bank noted that application software stocks have underperformed the broader software sector. Jefferies also downgraded DocuSign (DOCU) and Monday.com (MNDY) from Buy to Hold. Following the CAGNY conference, Bank of America downgraded General Mills (GIS) from Buy to Neutral, reducing its price target from $55 to $48. The bank's previous positive thesis, which relied on re-acceleration in pet products and stabilization in North American retail, was cited as "no longer valid." Baird downgraded Arcellx (ACLX) from Outperform to Neutral, while raising its price target from $106 to $115. This follows Gilead's announcement to acquire the company for $115 per share in cash plus $5 per share in contingent value rights, representing an equity value of approximately $7.8 billion at the time of the deal. Wells Fargo, Truist, and Canaccord also downgraded the stock to Neutral. JPMorgan downgraded VF Corporation (VFC) from Neutral to Underweight, lowering its price target from $19 to $18. The bank reduced its earnings estimates for fiscal years 2027 and 2028 to below consensus market expectations. Jefferies downgraded Deere & Company (DE) from Hold to Underperform, while increasing its price target from $475 to $550. The firm believes the agricultural cycle will bottom this year, but a recovery depends on improved U.S. farmer income, which is primarily driven by crop prices.

**Top Five Initiations of Coverage**

Citi initiated coverage on York Space Systems (YSS) with a Buy rating and a $37 price target, describing it as a "high-risk, high-reward play on the major space trend." Several other major firms also initiated with Buy ratings, while Truist started coverage with a Hold. Oppenheimer initiated coverage on Public Policy Holding Co (PPHC) with an Outperform rating and a $16 price target. The company is expanding its state-level and international lobbying operations while building a complementary strategic consulting business. Citi initiated coverage on PicPay (PICS) with a Buy rating and a $28 price target, implying an 85% potential upside. The firm is optimistic about high profit growth driven by the company's credit-related businesses. JPMorgan initiated coverage on Ethos (LIFE) with an Overweight rating and a $13 price target. The bank sees growth potential through the company's agency channel. Several other international firms also initiated coverage with Buy ratings. DA Davidson initiated coverage on Bob's Discount Furniture (BOBS) with a Buy rating and a $26 price target. The firm views the company's industry as large and fragmented, and anticipates a forthcoming recovery.