AMD upgraded, Reddit 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:

• Seaport Research upgraded AMD (AMD) to Buy from Neutral with a $430 price target. Near term results are driven by surging CPU demand and next year’s outlook for the company’s GPU business “grows increasingly attractive,” the firm tells investors. Bernstein and Goldman Sachs also upgraded AMD to Buy-equivalent ratings.
• Needham upgraded IPG Photonics (IPGP) to Buy from Hold with a $110 price target. The firm cites its “growing confidence” in the company’s sales prospects for the upgrade after it reported Q1 revenue above guidance and consensus.
• Argus upgraded Palantir (PLTR) to Buy from Hold with a $190 price target after its Q1 results. The company’s revenue growth has accelerated and operating margin has vaulted, the firm tells investors in a research note.
• BTIG upgraded VF Corp. (VFC) to Buy from Neutral with a $23 price target. The firm says that after five years of downward earnings revisions, consensus estimates “now appear appropriate with potential to move up.”
• Rothschild & Co Redburn upgraded Monster Beverage (MNST) to Buy from Neutral with a price target of $90, up from $76. The company is well positioned to capitalize on the rising demand for caffeine, “underpinned by the powerful Coca-Cola distribution system,” the firm tells investors in a research note.

Top 5 Downgrades:

• Phillip Securities downgraded Reddit (RDDT) to Accumulate from Buy with a price target of $200, down from $240. The company’s Q1 results came in below the firm’s expectations.
• Northcoast downgraded Norwegian Cruise Line (NCLH) to Neutral from Buy without a price target following the earnings report. Norwegian’s balance sheet transformation has been slower than expected, the firm tells investors in a research note.
• Oppenheimer downgraded TransMedics (TMDX) to Perform from Outperform without a price target post the Q1 report. The firm cites “pure exhaustion defending this name” for the downgrade.
• Jefferies downgraded IAC (IAC) to Hold from Buy with an unchanged price target of $44 following the Q1 report. The firm says IAC’s lack of new acquisitions limits excitement in its long-term growth potential.
• DA Davidson downgraded TopBuild (BLD) to Neutral from Buy with a price target of $437, down from $465, following the Q1 report. The firm cites the definitive agreement for QXO to acquire TopBuild for the downgrade.

Top 5 Initiations:

• Citi analyst Geoff Meacham reinstated coverage of Merck (MRK) with a Neutral rating and $125 price target. Citi views the company’s Q1 report as solid but wants to see positive clinical catalysts and more business development before recommending the shares.
• Rothschild & Co Redburn initiated coverage of Celsius (CELH) with a Neutral rating and $47 price target. The company has found a “niche” in the U.S. energy market, but expanding abroad will be challenging, the firm tells investors in a research note.
• Wolfe Research initiated coverage of Oscar Health (OSCR) with a Peer Perform rating and no price target. The company “presents an interesting mix” of earnings power and share gain opportunity, offset by near-term uncertainties around risk pool shifts and significant growth in new geographies, says the firm, which sees a $19-$21 year-end 2026 range for shares.
• Canaccord initiated coverage of Kymera Therapeutics (KYMR) with a Buy rating and $106 price target. The firm views Kymera as one of the “more cutting-edge technology companies” developing drugs within the immunology and inflammation space.
• Raymond James initiated coverage of F&G Annuities (FG) with a Market Perform rating. The firm expects F&G Annuities to continue to grow its strong distribution capabilities and shift its earnings mix toward fee-based business at a measured pace, the firm tells investors in a research note, adding that the company’s Blackstone (BX) investment management agreement allows F&G to offer competitive pricing on spread-based annuities.