AMD, Under Armour 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:

• Leerink upgraded Johnson & Johnson (JNJ) to Outperform from Market Perform with a price target of $265, up from $252. The firm says the company’s “strong new drug momentum” will drive accelerating revenue growth and share outperformance.
• Argus upgraded Wendy’s (WEN) to Buy from Hold with a $12 price target. The firm cites reports that the company is possibly being taken private by activist investor Trian Fund Management and believes the takeover talk will fuel further upward momentum in the stock price.
• KeyBanc upgraded Zebra Technologies (ZBRA) to Overweight from Sector Weight with a $305 price target. The firm views the company’s Q1 results as strong and believes the limited visibility into longer-term memory cost trends may already be priced into the shares.
• Guggenheim upgraded MasTec (MTZ) to Buy from Neutral with a $480 price target following the company’s analyst meeting. At the event, the company presented a multi-year outlook that the firm views as “reasonable or perhaps even conservative.”
• BofA upgraded Akamai (AKAM) to Buy from Neutral with a price target of $175, up from $130. Large cloud infrastructure wins, including a $1.8B, seven-year deal, signal real demand for distributed AI, says the firm, which sees the company’s story having shifted from “a legacy delivery network to a credible AI infrastructure platform.”

Top 5 Downgrades:

• Daiwa downgraded AMD (AMD) to Outperform from Buy with a price target of $500, up from $250. The firm cites valuation for the downgrade with the shares up 150% over the past 60 days.
• Stifel downgraded Under Armour (UAA) to Hold from Buy with a price target of $6, down from $9. The firm points to a more challenging risk/reward profile on the stock related to higher than previously anticipated SG&A expense, inflection to a normalized net debt position, and persistent challenges to topline growth, the firm tells investors in a research note.
• Mizuho downgraded ZoomInfo (GTM) to Underperform from Neutral with a price target of $3, down from $10. The company’s “disappointing” fiscal 2026 guidance revision implies its revenue will decline 8.5% in the second half of the year, the firm tells investors in a research note.
• Citi downgraded MercadoLibre (MELI) to Neutral from Buy with a price target of $1,950, down from $2,200. The firm views the company’s monetization path as less clear following the “weaker-than-expected” Q1 report.
• Noble Capital downgraded Bitcoin Depot (BTM) to Market Perform from Outperform after the company issued preliminary fiscal Q1 results that reflected a sharp deterioration in operating performance, driven by regulatory impacts and enhanced compliance controls.

Top 5 Initiations:

• Roth Capital initiated coverage of Unusual Machines (UMAC) with a Buy rating and $25 price target. The firm believes the regulatory exclusion of China-made drone parts presents a multibillion-dollar market.
• Rothschild & Co Redburn initiated coverage of Heico (HEI) with a Buy rating and $360 price target. The firm says history has shown that when airlines margins deteriorate and they enter cost-cutting mode, an opportunity presents itself to buy Heico shares.
• BTIG initiated coverage of BioAge Labs (BIOA) with a Buy rating and $40 price target. The firm believes BioAge’s lead program in cardiovascular risk “seems biologically de-risked” based on readouts linking reductions in systemic inflammation to improved outcomes.
• Jefferies initiated coverage of Madison Air (MAIR) with a Hold rating and $45 price target. While the firm views Madison as a premium return HVAC name with industry-leading margins and a differentiated product portfolio, it notes that shares are already trading near the top of the HVAC and Industrial peer set.
• Keefe Bruyette initiated coverage of CoinShares (CSHR) with an Outperform rating and $9 price target. Keefe views the company as well positioned to benefit from the continued adoption of digital assets given its “entrenched European foothold.”