AMD upgraded, Electronic Arts 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:

• BofA upgraded AMD (AMD) to Buy from Neutral with a price target of $120, up from $105. AMD’s Q1 beat and “strong” Q2 sales outlook that was 10% above the firm’s forecast despite a $700M China headwind addresses the firm’s pre-call concerns regarding China AI restriction headwinds and Nvidia (NVDA) GPU competition, the firm tells investors.
• HSBC upgraded Electronic Arts (EA) to Buy from Hold with a price target of $190, up from $126. The company reported an “all-round beat” in fiscal Q4, boosted by strong game sales, the firm tells investors in a research note.
• BofA upgraded Honeywell (HON) to Buy from Neutral with a price target of $250, up from $210. The company reported a “solid, beat-and-raise” Q1 report and has returned to positive estimate revisions, the firm tells investors in a research note.
• Truist upgraded Constellation Brands (STZ) to Buy from Hold with a price target of $215, up from $190. The firm says investor cynicism on alcohol consumption is too high and investor sentiment on Constellation has bottomed.
• BofA upgraded Wynn Resorts (WYNN) to Buy from Neutral with a price target of $100, up from $90, citing the opening of Wynn Al Marjan Island in early 2027 as the “key catalyst.”

Top 5 Downgrades:

• MoffettNathanson downgraded Electronic Arts to Neutral from Buy with a $163 price target. After “a very healthy run-up in the stock” since January’s panic regarding EA Sports FC, the firm thinks “it’s time to take a more cautious stance.”
• Cantor Fitzgerald downgraded Marvell (MRVL) to Neutral from Overweight with a price target of $60, down from $125. The firm believes the meaningful selloff of Marvell shares from their January peak reflects the loss of Trainium Gen3 Amazon (AMZN), but not the loss of Microsoft (MSFT) Maia Gen3, which the firm believes will happen according to industry checks.
• Jefferies downgraded Discover (DFS) to Hold from Buy with an unchanged price target of $180. The firm downgraded Discover to Hold given the imminent closure of the Capital One (COF) takeover on May 18.
• Morgan Stanley downgraded Skechers (SKX) to Equal Weight from Overweight with a price target of $63, down from $73, after the company agreed to be taken private for $63 per share.
• BofA downgraded Illinois Tool Works (ITW) to Underperform from Neutral with a price target of $220, down from $245. Given its exposure to automotive and consumer markets, the firm believes that the company will face headwinds to growth and margin expansion, driving negative consensus revisions, says the firm, which notes its 2025 estimates are below consensus.

Top 5 Initiations:

• Needham resumed coverage of Super Micro (SMCI) with a Buy rating and $39 price target after the company announced fiscal Q3 revenue in line with its preliminary announcement, but notably below its prior guidance.
• Wedbush initiated coverage of Jade Biosciences (JBIO) with an Outperform rating and $17 price target. Wedbush sees potential for further differentiation with JADE-001 versus other anti-APRIL agents.
• Chardan initiated coverage of Xenon Pharmaceuticals (XENE) with a Buy rating and $55 price target. The firm views Xenon as a “high conviction play,” and believes it remains one of the most interesting stories in the central nervous system space given the potential of its lead asset azetukalner for the treatment of epilepsy and neuropsychiatric disorders.
• Chardan initiated coverage of Praxis Precision (PRAX) with a Buy rating and $80 price target. The firm cites the potential of the company’s epilepsy franchise for the Buy rating.
• Chardan initiated coverage of Bright Minds (DRUG) with a Buy rating and $80 price target. The firm cites the potential of the company’s lead asset BMB-101 for the treatment of epilepsy for the Buy rating.