Airbnb, 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.

Top 5 Upgrades:

• Barclays upgraded Rockwell Automation (ROK) to Overweight from Equal Weight with a price target of $350, up from $283. The company’s sales will show an improvement alongside a rebound in factory automation markets, the firm tells investors in a research note.
• Jefferies upgraded Unity (U) to Buy from Hold with a price target of $29, up from $22, based on the view that the improved Vector ad model can drive accelerating revenue growth in FY26 and beyond.
• Oppenheimer upgraded Nordson (NDSN) to Outperform from Perform with a $260 price target. The firm says Nordson’s fiscal Q3 is positioned for positive organic after eight quarters negative.
• GLJ Research upgraded SolarEdge (SEDG) to Hold from Sell with a $6.90 price target. The firm cites the recent selloff in the shares and the “solar friendly” Senate for the upgrade. GLJ Research also upgraded Sunrun (RUN) to Hold from Sell.
• Barclays upgraded California Resources (CRC) to Overweight from Equal Weight with a price target of $60, up from $50. The firm says an improving regulatory environment creates tailwinds across the company’s exploration and production, power, and carbon capture businesses.

Top 5 Downgrades:

• Truist downgraded Airbnb (ABNB) to Sell from Hold with a price target of $106, down from $112. The firm believes “soft” summer leisure trends, both for the U.S. and Europe, are not being fully anticipated by analysts and Airbnb investors.
• Piper Sandler downgraded Zscaler (ZS) to Neutral from Overweight with a price target of $260, up from $235. The company topped fiscal Q3 metrics and the back half of the year billings ramp appears “less daunting” given the quarterly performance, but the recent run in shares “have us mulling upside from here,” the firm says.
• Wells Fargo downgraded Regeneron (REGN) to Equal Weight from Overweight with a price target of $580, down from $700, following “disappointing” data for itepekimab in adults who were former smokers with inadequately controlled chronic obstructive pulmonary disease.
• JPMorgan downgraded Cooper Companies (COO) to Neutral from Overweight with a price target of $76, down from $110. Cooper reported another “mixed update” as better the fiscal Q2 results were overshadowed by a lowered organic sales outlook for both CooperVision and CooperSurgical, the firm tells investors in a research note.
• Citi downgraded Agco (AGCO) to Neutral from Buy with an unchanged price target of $110. The firm sees a fairly balanced risk/reward tradeoff at current share levels.

Top 5 Initiations:

• Needham initiated coverage of PVH Corp. (PVH) with a Buy rating and $115 price target. The firm believes PVH is a “mispriced asset, with underappreciated” earnings drivers over the next few years.
• JPMorgan initiated coverage of Xylem (XYL) with an Overweight rating and $148 price target. Xylem is an industry leading water technology pure play and is an attractive core long-term holding for industrial and sustainability focused investors seeking exposure to resilient and diversified water end markets, many of which carry multi-decade secular tailwinds, the firm tells investors in a research note.
• Wells Fargo initiated coverage of Bio-Techne (TECH) with an Overweight rating and $59 price target. The firm believes Bio-Techne’s “unique” portfolio is well positioned to deliver sustained above-average organic revenue and earnings growth.
• Needham initiated coverage of Columbia Sportswear (COLM) with a Hold rating and no price target. While the outdoor industry has “compelling” long-term growth characteristics, and the company’s “fortress” balance sheet is a positive, the near-term macro environment is “too choppy for us to get constructive at this time,” the firm tells investors in a research note.
• UBS initiated coverage of Brixmor (BRX) with a Buy rating and $29 price target. The firm says its Buy rating reflects visibility into mid-single digit funds from operations growth at an attractive valuation.