Alphabet upgraded, Nike 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:

• Cantor Fitzgerald upgraded Alphabet (GOOGL) to Overweight from Neutral with a price target of $370, up from $310. The firm believes Alphabet has the “strongest footprint across several layers in the AI tech stack.”
• Cantor Fitzgerald upgraded Airbnb (ABNB) to Neutral from Underweight with a price target of $141, up from $117. The stock’s valuation is “more accommodating” following the underperformance in 2025, the firm tells investors in a research note.
• Evercore ISI upgraded Roku (ROKU) to Outperform from In Line with a price target of $145, up from $105. The company has a number of catalysts in 2026, including Amazon (AMZN) demand-side platform integration, growth of Roku Ad Manager, and a new premium subscription channels within The Roku Channel experience.
• Scotiabank upgraded Shopify (SHOP) to Outperform from Sector Perform with a price target of $200, up from $165, citing top-line strength and strong operating leverage that is “increasingly being helped by AI.”
• BofA upgraded Coinbase (COIN) to Buy from Neutral with an unchanged price target of $340. The stock is off 40% from its July highs, but under the surface of the Q4 crypto correction the company’s product velocity has increased and its total addressable market expanded in parallel, the firm tells investors.

Top 5 Downgrades:

• Needham downgraded Nike (NKE) to Hold from Buy without a price target. The company’s turnaround is progressing slower than expected, the firm tells investors in a research note.
• Gordon Haskett downgraded Chipotle (CMG) to Hold from Buy with a $42 price target. The firm, which sees lower-income and younger consumer cohort headwinds persisting “well into 2026,” expects Chipotle will see traffic declines continue in 2026 and argues that upward EBITDA revisions will be “hard to deliver.”
• Gordon Haskett downgraded Tractor Supply (TSCO) to Hold from Accumulate with a $50 price target ahead of Q4 earnings due later this month on Thursday, January 29. The firm is lowering its same-store sales growth estimate to 1.0% from 3.0% while also citing the lack of positive catalysts over the next three to six months coupled with limited visibility of same-store sales growth achieving Tractor’s long-term view of 3%-5% for its downgrade.
• Truist downgraded Darden (DRI) to Hold from Buy with a price target of $207, down from $240. The firm sees a challenging setup for the company into 2026.
• Wolfe Research downgraded Toast (TOST) to Peer Perform from Outperform without a price target. The firm remains “constructive” on the company’s execution, but views consensus estimates for Toast and its valuation as currently fair.

Top 5 Initiations:

• Deutsche Bank resumed coverage of Walmart (WMT) with a Hold rating and $119 price target. The firm resumed coverage of the broadlines and food retailers, saying it expects 2026 to be another “mixed year,” characterized by food disinflation, reduced government benefits, and consumers’ value focus extending into the new year. Deutsche also resumed coverage of Costco (COST), Five Below (FIVE), Dollar Tree (DLTR), and Dollar General (DG) with Buy ratings, and Target (TGT) with a Hold.
• Cantor Fitzgerald initiated coverage of Reddit (RDDT) with a Neutral rating and $240 price target. After outperformance in 2025, the stock’s current valuation already reflects a bullish outlook, the firm tells investors in a research note.
• TD Cowen initiated coverage of Intuit (INTU) with a Buy rating and $802 price target. The firm sees upside potential to estimates and believes the company’s perceived artificial intelligence risks are overdone.
• Goldman Sachs reinstated coverage of Capri Holdings (CPRI) with a Neutral rating and $27 price target. The company is on firmer footing following the sale of Versace, a “deleveraging event,” and the Michael Kors brand is undergoing a turnaround, but consensus estimates are already embedding “a healthy level of improvement in sales and margins from here,” the firm tells investors.
• Stifel initiated coverage of Tyler Technologies (TYL) with a Buy rating and $550 price target. The firm says Tyler is the leading provider of software, payments solutions, and services for the public sector.