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

**Top Five Upgrades**

BMO Capital upgraded Instacart (CART) from "Market Perform" to "Outperform," maintaining a $58 price target. The firm cited "solid" Q3 results and attractive valuation.

Mizuho raised Qorvo (QRVO) from "Underperform" to "Neutral," lifting the target price from $75 to $93. The upgrade reflects potential "valuation synergies" from its merger with Skyworks (SWKS), which was also upgraded to "Neutral."

JPMorgan upgraded ViaSat (VSAT) from "Neutral" to "Overweight," raising the target from $23 to $50, citing a higher likelihood of a spin-off for its defense and advanced tech division.

Clear Street upgraded Bullish (BLSH) from "Hold" to "Buy," though it trimmed the target to $57 from $60, citing expansion in options trading and U.S. market share gains.

Rothschild & Co Redburn upgraded Cintas (CTAS) from "Sell" to "Neutral," raising the target to $184 from $177, noting valuation downside is now limited despite lingering risks in FY2026-27 estimates.

**Top Five Downgrades**

CBRE downgraded DraftKings (DKNG) from "Buy" to "Hold" with a $36 target, citing competitive pressures in the sports betting market.

JPMorgan downgraded CoreWeave (CRWV) from "Overweight" to "Neutral," cutting the target to $110 from $135, as supply chain challenges offset strong order performance.

Morgan Stanley downgraded SPS Commerce (SPSC) from "Overweight" to "Equal-Weight," slashing the target to $100 from $140, citing macro headwinds in retail.

JPMorgan also downgraded Mosaic (MOS) to "Neutral" ($26 target, down from $37), citing weak U.S. phosphate demand despite historically high prices.

UBS downgraded Forge Global (FRGE) to "Neutral" but raised the target to $45 (from $34) after its acquisition by Charles Schwab was announced at $45/share.

**Top Five Initiations**

UBS initiated Keysight Technologies (KEYS) with a "Buy" rating and $220 target, calling it a global leader in testing/design solutions.

Needham started Waystar (WAY) at "Buy" ($46 target), highlighting its edge in the fragmented revenue cycle management sector.

Truist initiated Alkermes (ALKS) at "Buy" ($50 target), valuing its base business at $29/share ahead of key clinical data.

Piper Sandler rated Li Auto (LI) "Neutral" ($19 target), praising overseas expansion plans but expressing uncertainty on execution.

Citi initiated Sunoco Corp (SUNC) at "Buy" ($65 target), noting EBITDA growth despite declining gasoline demand since 2018.