Amazon downgraded, Netflix upgraded: 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:

• Phillip Securities upgraded Netflix (NFLX) to Neutral from Reduce with a price target of $950, up from $870, post the Q1 report. A “strong” content pipeline and the expansion of its advertising supported tier position will enable Netflix to navigate potential economic slowdowns, the firm tells investors in a research note.
• Wolfe Research upgraded Disney (DIS) to Outperform from Peer Perform with a $112 price target. The firm says the Disney “castle” is “intact” amid the risk of a recession.
• Wolfe Research upgraded Spotify (SPOT) to Outperform from Peer Perform with a $660 price target. The firm says that since its downgrade in January, it has renewed optimism about the company’s gross margins due to “win-win” label deals.
• Guggenheim upgraded Salesforce (CRM) to Neutral from Sell without a price target. The stock has fallen to Guggenheim’s prior price target, or a value more aligned with the company’s future prospects, the firm tells investors in a research note.
• Loop Capital upgraded Norwegian Cruise Line (NCLH) to Buy from Hold with an unchanged $25 price target. The firm cites the pullback of nearly 40% in the stock price year-to-date, while noting that it is favorably disposed to the entire cruise industry, stating that its market share gains would be even more likely in a recession.

Top 5 Downgrades:

• Raymond James downgraded Amazon.com (AMZN) to Outperform from Strong Buy with a price target of $195, down from $275. Due to an “uneven” macro environment, tariffs, and “steepening investment intensity,” the Street is underestimating Amazon’s earnings pressures in 2025 and 2026, the firm tells investors in a research note.
• DA Davidson downgraded Salesforce (CRM) to Underperform from Neutral with a $200 price target, down from $250, and removed the stock from the firm’s “Best-of-Breed Bison” list. The firm believes Salesforce is neglecting its core business in an effort to pursue a “premature AI opportunity.”
• TD Cowen downgraded Global Payments (GPN) to Hold from Buy with a price target of $78, down from $110. The firm favors the divestment of Issuer Solutions, but sees the Worldpay acquisition as adding complexity, leverage, and increased execution risk “that runs counter to needed simplification.”
• Morgan Stanley downgraded Warner Music (WMG) to Equal Weight from Overweight with a price target of $32, down from $37. The firm says reduced estimates to reflect more conservative industry and company growth expectations
• KeyBanc downgraded Murphy Oil (MUR) to Sector Weight from Overweight without a price target. With no oil hedges and limited ability to repurchase more shares this year within its “Murphy 3.0 framework,” KeyBanc sees little ability for Murphy Oil to outperform oily peers.

Top 5 Initiations:

• William Blair initiated coverage of Zillow Group (Z) with a Market Perform rating. is making some early progress with a “super app,” including in mortgage and rentals, but it could face challenges and complexities integrating with so many third parties across the value chain, contends William Blair.
• JPMorgan initiated coverage of Dycom (DY) with an Overweight rating and $200 price target. The firm sees “strong” revenue and EBITDA growth for the company as the premier provider of contract services to the communications industry.
• BTIG initiated coverage of Tempus AI (TEM) with a Buy rating and $60 price target. Tempus AI is a rapidly growing precision medicine platform technology company, which has “done a good job in its early days” to monetize its genomics and data business to medical oncologists and with pharma companies.
• Cantor Fitzgerald initiated coverage of Verona Pharma (VRNA) with an Overweight rating and $80 price target. The firm considers Verona one of the best stories in biotech.
• Deutsche Bank initiated coverage of Genius Sports (GENI) with a Buy rating and $12 price target. The firm believes Genius gives investors “a playbook to navigate the potential macro uncertainty, through a business that is largely isolated from multiple potential regulatory and consumer related concerns.”