Here’s a summary of the most influential research views from Wall Street that can impact market movements. Below are today’s key analyst rating changes compiled by The Fly.

**Key Upgrades**

**KeyBanc**: Upgraded Datadog (DDOG) from "Sector Weight" to "Overweight" with a $230 price target. The firm noted that excluding OpenAI-related revenue, Datadog's growth accelerated, and visibility for OpenAI-related spending remains stable in upcoming quarters.

**Benchmark**: Upgraded Trade Desk (TTD) from "Hold" to "Buy" with a $65 price target. The firm highlighted that excluding political ad revenue, the company’s YoY growth rose to ~22%, suggesting earlier concerns about industry headwinds have largely subsided.

**Oppenheimer**: Upgraded JFrog (FROG) from "Hold" to "Outperform" with a $75 target, citing another earnings beat and accelerating cloud growth.

**Macquarie**: Upgraded Unity (U) from "Neutral" to "Outperform," raising the target from $33 to $50, citing strong Q3 results and improving Vector business performance.

**Piper Sandler**: Upgraded Expedia (EXPE) from "Underweight" to "Neutral," raising the target from $190 to $250, following a "very strong" Q3 report and solid Q4 guidance.

**Key Downgrades**

**Williams Trading**: Downgraded Canada Goose (GOOS) from "Hold" to "Sell," slashing the target from C$20 to C$12. The firm noted its prior upgrade was based on potential privatization or sale expectations, but management’s stance and extended buyback plans now rule out such possibilities.

**Needham**: Downgraded CarMax (KMX) from "Buy" to "Hold," citing weak macroeconomic conditions and rising competition from digital platforms, which have pushed sales back into decline. RBC Capital also downgraded KMX from "Outperform" to "Sector Weight," cutting the target from $59 to $34.

**Needham**: Downgraded Penn Entertainment (PENN) from "Buy" to "Hold" and removed its $22 target after the company ended its ESPN partnership early, pivoting to a U.S.-focused iGaming and omnichannel strategy while retaining its Canadian partnership with theScore.

**Goldman Sachs**: Downgraded Sweetgreen (SG) from "Neutral" to "Sell," lowering the target from $10 to $5 due to mounting revenue and profit pressures amid a challenging operating environment.

**UBS**: Downgraded Cogent (CCOI) from "Buy" to "Neutral," cutting the target from $50 to $27, citing weak earnings and a dividend reduction.

**New Initiations**

**UBS**: Initiated coverage on Impinj (PI) with a "Neutral" rating and $200 target, acknowledging its leadership in RAIN RFID chips but expressing concerns over near-term revenue visibility.

**BTIG**: Initiated Aardvark Therapeutics (AARD) with a "Buy" rating and $26 target, arguing the market underappreciates ARD-101’s "exceptional" safety profile and differentiated mechanism.

**Roth Capital**: Initiated Immunic (IMUX) with a "Buy" rating and $3 target, citing vidofludimus calcium’s potential as a best-in-class therapy for relapsing and progressive multiple sclerosis.