Airbnb upgraded, Zillow downgraded: Wall Street’s top analyst calls

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 5 Upgrades:

• Wells Fargo upgraded Airbnb (ABNB) to Equal Weight from Underweight with a price target of $128, up from $118. The firm cites two years of share underperformance combined with a portfolio of upside options, highlighted by the hotel supply and sponsored listings opportunities, and relative insulation from AI risk as an opportunity. Barclays also upgraded Airbnb to Equal Weight from Underweight with a price target of $120, up from $107.
• Susquehanna upgraded American Airlines (AAL) to Positive from Neutral with a price target of $20, up from $14. The firm sees a “constructive fundamental backdrop” for the airlines into fiscal 2026. Susquehanna believes American’s revenue initiatives and network tactics will help support margin improvement into fiscal 20027.
• JPMorgan double upgraded Southwest (LUV) to Overweight from Underweight with a price target of $60, up from $36. The firm says the potential for a $5 earnings per share outlook for 2026 from Southwest is “attractively probable.”
• Berenberg upgraded CrowdStrike (CRWD) to Buy from Hold with an unchanged price target of $600. The firm cites valuation for the upgrade following the stock’s recent underperformance.
• BofA upgraded FedEx (FDX) to Buy from Neutral with a $365 price target. Demand should be aided by the Big Beautiful Bill’s benefits of bonus depreciation, leading to infrastructure investments, $1.4 trillion in expected expenditures over the next three years on data centers and power supply, lower interest rates and potential flow through to the housing

Top 5 Downgrades:

• Mizuho downgraded Zillow Group (ZG) to Neutral from Outperform with a price target of $70, down from $100. The firm cites increasing uncertainty around the market structure of the company’s real estate listings distribution, the magnitude of its litigation, and potential implications for Zillow’s business for the downgrade.
• BMO Capital downgraded Adobe (ADBE) to Market Perform from Outperform with a price target of $375, down from $400. While Adobe’s valuation is “undemanding,” BMO does not see positive catalysts and thinks the shares will remain range-bound.
• Mizuho downgraded Qualcomm (QCOM) to Neutral from Outperform with a price target of $175, down from $200. Mizuho’s estimates are now below consensus, as it sees headwinds to Qualcomm’s handset shipments and iPhone content in 2026.
• Baird downgraded GE Vernova (GEV) to Neutral from Outperform with a price target of $649, down from $816. The firm says oversupply fears may outweigh GE Vernova’s ability to exceed estimates in the near-term.
• Goldman Sachs downgraded Mattel (MAT) to Neutral from Buy with an unchanged price target of $21. The firm sees a more balanced risk/reward at current share levels.

Top 5 Initiations:

• Telsey Advisory initiated coverage of Chipotle (CMG) with an Outperform rating and $50 price target. The restaurant industry experienced slower consumer spending in 2025, but in 2026 the firm expects moderate improvement in restaurant trends as consumer spending benefits from higher tax refunds and lower interest rates.
• Texas Capital initiated coverage of DraftKings (DKNG) with a Hold rating and $39 price target. While the firm says it normally would view buying a “blue chip” online gaming stock, such as DraftKings, on its recent valuation dip as a buying opportunity, it sees outsized stock volatility in the relative near-term given the company’s pure-play nature combined with recent prediction market expansion, current investor skepticism on hold and win-rate and possible online gaming tax increases in a few states, adding that the firm is “Neutral but not negative.”
• Rothschild & Co Redburn initiated coverage of Autodesk (ADSK) with a Buy rating and $375 price target. The firm sees Autodesk’s appeal at current trading levels as it forecasts the platform to deliver 5.0%-5.5% growth above its industries between 2024 and 2027, higher than the 3.5%-4% implied by consensus.
• BofA initiated coverage of Casey’s General Stores (CASY) with a Buy rating and $700 price target. The firm’s target multiple is set at a premium to convenience store peers as BofA argues that it is “worth paying for” given Casey’s focus on higher margin foodservice and consistent EBITDA growth.
• RBC Capital initiated coverage of Doximity (DOCS) with an Outperform rating and $59 price target. The firm says Doximity is one of the highest quality healthcare technology names with “consistent” double-digit growth and 50% margins.