Here’s a compilation of the most influential research views from Wall Street analysts that could impact market movements. Below are the key analyst calls investors should watch today, as curated by The Fly.
**Top Five Upgrades**
HSBC: Upgraded
Argus: Upgraded Super Micro Computer (SMCI) from "Hold" to "Buy," setting a price target of $64. The firm stated that SMCI’s revenue execution missteps and margin pressures are already priced in, while the market has overlooked its potential for strong future growth.
Stifel: Upgraded Biogen (BIIB) from "Hold" to "Buy," raising the price target from $144 to $202 following Q3 earnings. The bank believes the stock’s risk-reward profile is improving, with upcoming clinical catalysts likely to drive upside.
Stifel: Upgraded Scotts Miracle-Gro (SMG) from "Hold" to "Buy," maintaining a $70 price target. Despite pre-earnings concerns, the company’s Q4 results were better than expected, leading to a muted but positive stock reaction.
RBC Capital: Upgraded UMB Financial (UMBF) from "Sector Perform" to "Outperform," keeping the price target at $128 after management meetings. The bank highlighted management’s optimistic outlook, citing "ample growth runway" and an accelerating contribution from its Heartland business.
**Top Five Downgrades**
Piper Sandler: Downgraded elf Beauty (ELF) from "Overweight" to "Neutral," slashing the price target from $150 to $100. While its Rhode brand continues to grow, ELF’s core business implied just 3%-4% sales growth for FY2026, which the bank called "disappointing" and unwarranted for a premium valuation.
Northland: Downgraded Coherent (COHR) from "Outperform" to "Market Perform," raising the price target from $105 to $125. Despite Q2 revenue guidance beating expectations, the wide guidance range—from a sequential decline to 5% growth—contrasts with peers projecting 10%-20% growth.
JPMorgan: Downgraded CarMax (KMX) from "Neutral" to "Underweight," cutting the price target from $50 to $30. Preliminary Q3 results showed further market share losses, with margin pressures likely to persist. Benchmark and William Blair also downgraded KMX to equivalent "Neutral" ratings.
Bank of America: Downgraded PTC (PTC) from "Buy" to "Neutral," lowering the price target from $235 to $208. The bank cited PTC’s initial FY2026 constant-currency ARR growth guidance of 7%-9%, below consensus (9.2%) and its prior estimate (10.4%).
Citizens JMP: Downgraded Duolingo (DUOL) from "Outperform" to "Market Perform," removing the price target. The firm sees no near-term catalysts for user growth acceleration. KeyBanc also downgraded DUOL to "Sector Weight."
**Top Five Initiations**
Freedom Capital: Initiated coverage on Brinker International (EAT) with a "Buy" rating and a $145 price target. The firm believes Chili’s, in early-stage transformation, can gain share through sales initiatives, marketing investments, and improved customer service.
Morgan Stanley: Initiated coverage on Galaxy Digital (GLXY) with an "Overweight" rating and a $42 target, viewing it as an emerging AI data center developer with a "clear monetization path" for its large-scale HPC data center project.
Stifel: Reinstated coverage on Fulcrum Therapeutics (FULC) with a "Buy" rating and a $20 target. Recent 12mg trial data for pociredir showed promise, and the 20mg trial has a "low bar"; the drug could become a blockbuster, offering significant upside.
Wolfe Research: Initiated coverage on Apellis Pharmaceuticals (APLS) with a "Peer Perform" rating, citing "flat" revenue growth for Syfovre and challenges in patient recruitment for its niche indications.
Wolfe Research: Initiated coverage on Abivax (ABVX) with an "Outperform" rating and a $176 target, noting higher success odds for its Crohn’s disease treatment than for ulcerative colitis.