Here is a summary of the most influential Wall Street research reports and rating changes that are impacting market movements. The following are the key rating adjustments investors should monitor today, compiled by The Fly.
Top Five Upgrades
Shopify (SHOP) Cowen upgraded the stock from Hold to Buy, maintaining its price target of $159. The firm cited attractive valuation as the stock has declined 30% year-to-date. Cowen stated that Shopify's strong quarterly performance and sustained growth momentum, combined with the post-earnings pullback, present an "attractive entry point" for investors. Mizuho Securities also upgraded the stock from Neutral to Outperform, maintaining its $150 price target.
BorgWarner (BWA) Deutsche Bank upgraded the stock from Hold to Buy and raised its price target from $46 to $82. The bank described the company's entry into the AI data center market as a "pivotal transformation."
Analog Devices (ADI) Barclays upgraded the stock from Equal Weight to Overweight and increased its price target from $315 to $375. The bank noted that Analog Devices has the highest exposure to the industrial sector within the analog chip industry, with its sales highly correlated to the Manufacturing Purchasing Managers' Index (PMI).
MercadoLibre (MELI) J.P. Morgan upgraded the stock from Neutral to Overweight and raised its price target from $2,650 to $2,800, citing a more attractive valuation following recent share price weakness.
Fastly (FSLY) William Blair upgraded the stock from Market Perform to Outperform without specifying a price target. The firm stated that the company delivered an "exceptional" quarterly performance, driven by increased contribution from AI agent traffic.
Top Five Downgrades
Coinbase Global, Inc. (COIN) Monness Crespi Hardt downgraded the stock from Buy to Sell with a $120 price target. The firm lowered its profit estimates again ahead of the Q4 report, stating that its previous assumption of a steady cryptocurrency recovery by 2026 was "overly optimistic." It expects weakness to persist into the first half of 2026, with both 2026 and 2027 forecasts below consensus estimates.
The Kraft Heinz Company (KHC) J.P. Morgan downgraded the stock from Neutral to Underweight and lowered its price target from $24 to $22. While the company's Q4 results exceeded expectations, its 2026 organic sales and profit outlook fell short of market expectations.
Icon PLC (ICLR) Bank of America downgraded the stock from Neutral to Underperform and significantly reduced its price target from $195 to $75. This follows the company's announcement of an internal board investigation into accounting practices and internal controls, which preliminarily suggests revenue may have been overstated by up to 2% annually for fiscal years 2023-2024. Leerink also downgraded the stock from Outperform to Market Perform, slashing its price target from $220 to $105.
Inspire Medical Systems (INSP) Wells Fargo downgraded the stock from Overweight to Equal Weight and lowered its price target from $145 to $70. While the risk of a significant revenue decline in 2026 has decreased following the launch of the Inspire IV system, considerable uncertainty surrounding physician reimbursement policies is expected to continue weighing on the stock price. Baird also downgraded the stock from Outperform to Neutral, reducing its price target from $130 to $74.
Humana (HUM) RBC Capital Markets downgraded the stock from Outperform to Sector Perform and cut its price target from $322 to $189. Following a period of "better-than-expected growth," the bank believes the risk-reward profile is now balanced at current valuations, particularly amidst reimbursement policy uncertainty.
Top Five Initiation of Coverage
Microchip Technology (MCHP) Barclays initiated coverage with an Equal Weight rating and an $80 price target. The bank sees a risk of market share loss for the company in the microcontroller market.
ON Semiconductor (ON) Barclays initiated coverage with an Equal Weight rating and a $75 price target. The bank noted that the company's high exposure to the Chinese market and the automotive industry are well-recognized headwinds.
Sterling Construction (STRL) Stifel initiated coverage with a Buy rating and a $486 price target. As the largest earthworks contractor in the U.S., the firm is optimistic about the company's significant leverage to long-term growth themes like AI, cloud computing, onshoring, and e-commerce.
D-Wave Quantum Inc. (QBTS) Cowen initiated coverage with a Buy rating without specifying a price target. The firm stated that the company's leadership in quantum annealing is driving growth and high margins.
Immunome Inc. (IMNM) H.C. Wainwright initiated coverage with a Buy rating and a $40 price target. The firm highlighted that the company is building a "best-in-class, fully integrated oncology portfolio" with significant differentiation in both solid and hematologic tumors.