The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top Upgrades:

• Truist upgraded ServiceNow (NOW) to Buy from Hold with a price target of $1,200, up from $950. The firm believes the company will continue to consolidate the enterprise IT stack, leveraging artificial intelligence and macro uncertainty to strengthen its relative positioning versus other vendors.
• GLJ Research upgraded First Solar (FSLR) to Buy from Hold with a $172.37 price target. The stock came under pressure on Wednesday following reduced 2025 guidance provided earlier this week, but the firm believes First Solar has taken its trade war-driven "guidance revision medicine" and that the 45x production-tax-credits will remain "largely intact."
• Oppenheimer upgraded Caterpillar (CAT) to Outperform from Perform with a $395 price target. While the global macro-outlook is likely to remain a near-term overhang, the company's better than feared quarter highlighted relative resiliency of the demand and margin outlook, the firm tells investors. Baird also upgraded Caterpillar to Neutral from Underperform with a price target of $309, up from $300.
• JPMorgan upgraded Camping World (CWH) to Overweight from Neutral with a price target of $21, down from $23. The shares declined 14% post earnings, an "overreaction" to a softer trend to Q1 average selling prices despite numerous other aspects of the company's performance indicating the beginning stages of an expected "sharp profit pivot," the firm tells investors in a research note.
• Raymond James upgraded Humana (HUM) to Outperform from Market Perform with a $315 price target. The company's Q1 results were better than expected and Medicare Advantage costs are running in line with expectations at mid-single-digits, the firm notes.

Top Downgrades:

• HSBC downgraded UPS (UPS) to Hold from Buy with a price target of $105, down from $140. The company's Q1 results were largely in line, as cost control and the Amazon (AMZN) glide down is on track, but tariff headwinds are weighing on the outlook, the firm tells investors in a research note.
• Redburn Atlantic downgraded Procter & Gamble (PG) to Neutral from Buy with a price target of $161, down from $176. The company's growth is now slowing, primarily a function of market dynamics, the firm tells investors in a research note.
• Redburn Atlantic downgraded Cintas (CTAS) to Sell from Neutral with an unchanged price target of $171. After the sharp rerating of the shares the past two years, the company's consistency "looks overpriced," the firm argues.
• Baird downgraded Parsons (PSN) to Neutral from Outperform with a price target of $69, down from $72. The stock's risk/reward appears balanced after the recent outperformance and with "high binary risk" on the company's $725M annual revenue contract for a confidential humanitarian customer, the fir says.
• Wells Fargo downgraded Glaukos (GKOS) to Equal Weight from Overweight with a price target of $86, down from $160. The growth runway for iDose is priced into the shares while the base business offers no upside, the firm tells investors in a research note.

Top Initiations:

• Lucid Capital initiated coverage of Aligos Therapeutics (ALGS) with a Buy rating and $36 price target. The firm believes Aligos "represents a compelling opportunity at a very attractive entry point."
• Scotiabank initiated coverage of AvePoint (AVPT) with an Outperform rating and $19 price target. The company is well positioned to benefit from the "skyrocketing adoption" of Microsoft 365 Copilot, as the technology is "igniting renewed demand" for data governance, the firm says.
• Bullish on the name, Maxim initiated coverage of Hut 8 (HUT) with a Buy rating and $20 price target.