Airbnb upgraded, Zscaler 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.

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Top 5 Upgrades: 

• Wells Fargo upgraded Airbnb (ABNB) to Overweight from Equal Weight with a price target of $178, up from $136. The company is accelerating its pace of innovation, which makes “upside options a reality,” the firm tells investors in a research note.
• Argus upgraded UnitedHealth (UNH) to Buy from Hold with a $400 price target. The company reported “strong” Q1 as it pursues higher margins in its insurance lines, the firm tells investors in a research note.
• Barclays upgraded Qorvo (QRVO) to Overweight from Equal Weight with a price target of $100, up from $95. The firm believes Apple’s (AAPL) pushed out lower-end phone launch timing creates a “buy the cut event.” Barclays also upgraded Skyworks (SWKS) and Seagate (STX) to Overweight.
• BofA double upgraded Twilio (TWLO) to Buy from Underperform with a price target of $190, up from $110. The firm, which sees positive inflections in its strategic positioning in AI and its fundamentals, thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases.
• UBS upgraded Biogen (BIIB) to Buy from Neutral with a price target of $225, up from $185. The firm has increased conviction on Biogen’s pipeline catalysts coming over the next 12-15 months.

Top 5 Downgrades:

• Morgan Stanley downgraded Zscaler (ZS) to Equal Weight from Overweight with a price target of $155, down from $200. The firm believes the company’s platform story is not playing out given Red Canary’s lack of traction.
• Vertical Research downgraded FMC (FMC) to Underperform from Hold with a price target of $14, down from $16. The firm sees potential for “mounting fundamental and financial stress” at FMC.
• BofA downgraded GitLab (GTLB) to Neutral from Buy with a price target of $27, down from $58. The firm thinks the risk/reward is balanced until it sees strong proof points that the company’s agentic orchestration software development platform strategy is working.
• William Blair downgraded Driven Brands (DRVN) to Market Perform from Outperform without a price target. The company’s additional annual filing delay and audited results for Q1 “does little to ease investor concerns,” the firm tells investors in a research note.
• Barclays downgraded Prudential (PRU) to Underweight from Equal Weight with a price target of $91, down from $110. The company has “too many headwinds to work through,” the firm tells investors in a research note.

Top 5 Initiations: 

• BMO Capital initiated coverage of PayPal (PYPL) with a Market Perform rating and $52 price target. The firm views the company’s turnaround potential as undecided due to its ongoing competitive pressures and elevated risk around investments. BMO also started coverage of Block (XYZ), Shift4 Payments (FOUR), Global Payments (GPN), Fiserv (FISV), Toast (TOST) and Klarna (KLAR) with Market Perform ratings, and Visa (V), MasterCard (MA), Global-e Online (GLBE), Chime (CHYM), and Affirm (AFRM) with Outperform ratings. \
• Barclays reinstated coverage of Qualcomm (QCOM) with an Underweight rating and $130 price target. The firm says that even when giving Qualcomm significant credit to both auto and internet of things, the company will be unable to offset the difficult handset environment driven by memory headwinds.
• Susquehanna initiated coverage of Viking Holdings (VIK) with a Positive rating and $100 price target. The firm says Viking is a “pure-play” luxury cruise line with a “defensive and growing” addressable market, industry-leading return on invested capital, and a path toward a net cash position.
• Citi initiated coverage of Whirlpool (WHR) with a Neutral rating and $60 price target. The firm believes the “muted” North America residential market outlook indicates a recovery in Whirlpool’s end markets could take time to play out.
• Roth Capital initiated coverage of Cava Group (CAVA) with a Buy rating and $106 price target. The firm sees upside to the company’s “conservative” 2026 same-store sales outlook. Roth also started coverage of Portillo’s (PTLO) with a Buy rating.