Here are the most influential research calls from Wall Street analysts that could impact market movements. Below is a summary of today's key rating changes compiled by The Fly.
**Top Five Upgrades**
Goldman Sachs upgraded Chime (CHYM) from "Neutral" to "Buy," raising its price target from $26 to $27, implying a 28% upside. The firm believes the market underestimates the fee growth potential from Chime's newly launched "Chime Card."
BNP Paribas Exane lifted Toast (TOST) from "Neutral" to "Outperform" with a $40 target, citing the company's resilient leadership in restaurant point-of-sale software despite rising competition.
B. Riley upgraded Kratos Defense (KTOS) from "Neutral" to "Buy," maintaining a $105 target, citing an attractive risk-reward profile and the company's proprietary intellectual property supporting cost-effective solutions.
JonesResearch raised Spyre Therapeutics (SYRE) from "Hold" to "Buy" with a $64 target, noting a favorable risk-reward shift ahead of the company's 2026 business update.
TD Securities upgraded New Gold (NGD) from "Hold" to "Buy," hiking its target from $7.50 to $12, driven by Coeur Mining's (CDE) all-stock acquisition offer.
**Top Five Downgrades**
Bernstein downgraded Zscaler (ZS) from "Outperform" to "Market Perform," keeping its $264 target, citing concerns over its 2026 annual recurring revenue guidance and heightened competition.
Baird cut Titan Machinery (TITN) from "Outperform" to "Neutral," lowering its target from $24 to $21, citing deteriorating U.S. and European operations pressuring earnings.
Barclays downgraded Crown Castle (CCI) from "Overweight" to "Equal Weight," trimming its target from $104 to $101, citing challenges in tower rental negotiations with EchoStar.
Evercore ISI lowered VICI Properties (VICI) from "Outperform" to "In Line," reducing its target from $36 to $32, citing worries over its lease agreement with Caesars (CZR) and low coverage ratios.
RBC Capital downgraded PTC Therapeutics (PTCT) from "Outperform" to "Sector Perform," raising its target from $82 to $91, as the stock's 75% rally over three months has largely priced in its thesis.
**Top Five Initiations**
UBS initiated Carvana (CVNA) with a "Buy" rating and a $450 target, praising its differentiated online platform and customer experience in the used-car market.
Benchmark started Cal-Maine Foods (CALM) with a "Buy" rating and a $100 target, arguing the market overlooks its shift toward higher-value specialty eggs amid industry transformation.
Goldman initiated Beta Technologies (BETA) with a "Buy" rating and a $47 target, calling it a leader in electric vertical take-off and landing (eVTOL). Other firms, including Citi and Morgan Stanley, also initiated coverage with bullish ratings.
JPMorgan initiated BillionToOne (BLLN) with an "Overweight" rating and a $150 target, citing growth potential in prenatal testing and oncology. Piper Sandler and Stifel also initiated with "Buy" ratings, while Jefferies and Wells Fargo were neutral.
Morgan Stanley initiated Evommune (EVMN) with an "Overweight" rating and a $36 target, citing an attractive risk-reward profile despite early-stage clinical data for its drugs. William Blair and Leerink also initiated with "Buy" ratings.