AMD, Block 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:

• HSBC upgraded AMD (AMD) to Hold from Reduce with a price target of $100, up from $75. The firm cites the recent re-rating of the shares on the back of the Saudi artificial intelligence deal and tariff de-escalation for the upgrade. 
• BNP Paribas Exane upgraded Block (XYZ) to Outperform from Neutral with a $72 price target. The company’s guidance for mid-teens gross profit growth acceleration in Q4 looks attainable as headwinds fade, such as high comps in bitcoin and continued pressure in the cash business, the firm tells investors in a research note. 
• Jefferies upgraded Southwest (LUV) to Hold from Underperform with a price target of $33, up from $24, after having met with CEO and Vice Chair Bob Jordan and CFO Tom Doxey. Southwest laid out $1.8B of initiatives to hit EBIT in FY25, including $1B from tactical changes of yield/inventory management, new distribution channels, cuts to underperforming cities, and new intentional connections, notes the firm, which cites growing confidence in realizable initiatives for the upgrade.
• Truist upgraded Wingstop (WING) to Buy from Hold with a price target of $400, up from $274. The firm has increased confidence that Wingstop’s same-store-sales will trough in Q1 and accelerate in 2026, with Truist card data pointing to improved trends in May. 
• JPMorgan upgraded MSC Industrial (MSM) to Overweight from Neutral with a price target of $89, up from $73. MSC Industrial is a “turnaround story where growth has been a challenge,” the firm says, adding that it sees potential support coming from tariff-driven price along with short cycle industrial end markets “that have appeared to remain stable on net. 

Top 5 Downgrades:

• Barclays downgraded CoreWeave (CRWV) to Equal Weight from Overweight with a price target of $100, up from $70. The firm continues to like the role Coreweave is playing in the new generative artificial intelligence world, but after a 157% rally since the initial public offering, Barclays says the stock’s valuation “could be stretched to move higher off fundamentals in the near term.” 
• BTIG downgraded Globus Medical (GMED) to Neutral from Buy without a price target. On the Q1 earnings call, Globus provided a number of reasons why it missed estimates, but there were “nagging fears that there could be foundational cracks” in the base Spine business a year past the NuVasive integration, the firm tells investors in a research note. 
• Baird downgraded Leidos (LDOS) to Neutral from Outperform with a price target of $163, down from $176. The firm believes headline risk across government services names is set to continue in the coming months, coupled with a weaker bookings’ environment that started to emerge since Q1. 
• Truist downgraded Jack in the Box (JACK) to Hold from Buy with a price target of $22, down from $51. The firm says that following another quarter of same-store-sales underperformance and upcoming promotions at competitors, it does not see near-term same-store sales catalysts driving the stock higher, despite Jack in the Box’s “historically low valuation. ” 
• Oppenheimer downgraded Prothena (PRTA) to Perform from Outperform without a price target based on the Phase 3 AFFIRM-AL trial for birtamimab in amyloid light chain amyloidosis that failed to meet the primary endpoint of all-cause mortality. Jefferies and Cantor Fitzgerald also downgraded Prothena to Neutral-equivalent ratings. 

Top 5 Initiations: 

• Benchmark initiated coverage of SanDisk (SNDK), which was spun out of Western Digital (WDC) in February, with a Buy rating and $58 price target. SanDisk is a leading manufacturer of flash memory, which is “a highly cyclical business,” and the firm believes a cyclical upturn has begun that it thinks will extend into 2026.
• Piper Sandler initiated coverage of SoundHound (SOUN) with an Overweight rating and $12 price target. With its voice artificial intelligence platform, SoundHound is a direct play on the AI revolution, the firm tells investors in a research note. 
• Deutsche Bank initiated coverage of Immunocore (IMCR) with a Buy rating and $65 price target. The firm says Immunocore’s current valuation offers a favorable risk/reward where Kimmtrak’s “niche” in metastatic uveal melanoma provides a “floor valuation” with expansion into second-line cutaneous melanoma providing upside.
• Wells Fargo initiated coverage of Expro (XPRO) with an Overweight rating and $12 price target. The firm says that compared to many small-cap capital oilfield service companies, Expro possesses very modest U.S. onshore exposure. 
• Northland initiated coverage of Fold Holdings (FLD) with an Outperform rating and $10 price target. With over 600,000 active and 76,000 verified accounts, Fold serves as a key point of entry for consumers to engage with and integrate Bitcoin into their everyday lives, argues the firm, which views the company as “well-positioned” to take advantage of growing bitcoin adoption.