Apple downgraded, Nvidia 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:

• DA Davidson upgraded Nvidia (NVDA) to Buy from Neutral with a price target of $210, up from $195, citing the belief the growth in AI compute demand will drive enough demand to sustain growth into next year and likely beyond.
• Deutsche Bank upgraded Chewy (CHWY) to Buy from Hold with a price target of $45, up from $38, post the fiscal Q2 report. The company’s growth investments in the second half of 2025 will drive earnings estimate cuts, but buy-side expectations are “now in a better place,” the firm tells investors in a research note. Seaport Research also upgraded Chewy to Buy from Neutral with a $47 price target.
• Barclays upgraded Thermo Fisher (TMO) to Overweight from Equal Weight with a price target of $550, up from $490. The company’s valuation, both on an absolute and relative basis, is now at attractive levels, the firm tells investors in a research note.
• Wolfe Research upgraded Bill (BILL) to Outperform from Peer Perform with a $70 price target. The shares are down 37% year-to-date and the company faces better prospects into fiscal 2026, the firm tells investors in a research note.
• Freedom Capital upgraded Zscaler (ZS) to Buy from Hold with a price target of $320, up from $280. The firm cites the company’s “strong” fiscal Q4 results, growth momentum from the Red Canary acquisition, and its higher long-term assumptions for the upgrade.

Top 5 Downgrades:

• Phillip Securities downgraded Apple (AAPL) to Reduce from Neutral with an unchanged price target of $200 following this week’s product event. DA Davidson also downgraded Apple but to Neutral from Buy with an unchanged price target of $250.
• Erste Group downgraded AMD (AMD) to Hold from Buy. Erste believes AMD’s valuation is high given the company’s below-average return on equity and not improving operating margins.
• BofA downgraded FedEx (FDX) to Neutral from Buy with a price target of $240, down from $245, as the firm accounts for increased pressure on volume and costs following the end of U.S. de minimis exemptions.
• BofA downgraded UPS (UPS) to Underperform from Neutral with a price target of $83, down from $91. International Priority & Economy packages represent 16% of UPS’ revenue and the removal of the de minimis exemption is expected to result in a muted air peak season in 2025, according to the analyst, who lowered the firm’s Q3, 2025, and 2026 UPS EPS estimates 6%, 3%, and 4%, respectively.
• BofA downgraded Grupo Cibest (CIB) to Underperform from Neutral with a $49 price target after the shares’ strong price performance. The firm, which continues to see a challenging fiscal outlook and a tight race in the presidential election, sees risks to its 2026 net income estimates if Colombia and other Latin American countries follow the Fed’s expected interest rate cuts.

Top 5 Initiations:

• Guggenheim initiated coverage of Atlassian (TEAM) with a Buy rating and $225 price target, which offers 30% potential upside. Despite indications that AI may impair entry level job growth, AI is not the “death knell for Atlassian,” the firm tells investors in a research note.
• Deutsche Bank initiated coverage of Synaptics (SYNA) with a Buy rating and $85 price target. The firm believes the company’s transformation from a mobile-centric company with significant concentration to Apple into a provider of connectivity and processor solutions to a diversified set of end markets and customers is not adequately in the share price.
• Oppenheimer initiated coverage of SoundHound (SOUN) with a Perform rating. The firm believes SoundHound has potential to be a durable growth compounder, but worries that potential newer competitive threats and the pace of penetrating existing and new verticals may not match the bullish expectations reflected in the sales multiple of 26x its 2026 EV/revenue estimate.
• Guggenheim initiated coverage of GitLab (GTLB) with a Buy rating and $70 price target, offering 43% potential upside. The stock’s valuation is “depressed” due to concerns that artificial intelligence coding tools will replace software developers, but Guggenheim thinks these risks are overblown and that GitLab “has a formidable offensive strategy in play.”
• Goldman Sachs initiated coverage of Celsius Holdings (CELH) with a Buy rating and $72 price target. The firm views Celsius as one of the best growth stories in consumer-packaged goods sector.