Apple upgraded, Comcast 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: 

• Jefferies upgraded Apple (AAPL) to Hold from Underperform with a price target of $246.99, up from $203.07, after September quarter revenue grew about 8% and gross margin came in at 47.2%, or about 0.5% better than expected including a $1.1B tariff.
• Goldman Sachs upgraded Roblox (RBLX) to Buy from Neutral with a price target of $180, up from $155, following the Q3 earnings report. The company is seeing strength in bookings, revenue and daily active user growth, and management is optimistic surrounding the long-term scaling of the platform, the firm tells investors in a research note.
• BTIG upgraded Unity (U) to Neutral from Sell and removed the firm’s prior $27 price target after the firm recently conducted two surveys of gaming and non-advertising professionals that use AppLovin (APP), Unity, and a variety of other performance advertising platforms. The firm notes the survey suggests that while performance is still mixed and advertisers have some gripes around cohort evolution, spending trends are healthy and paint a different picture of the setup.
• Piper Sandler upgraded Hershey (HSY) to Neutral from Underweight with an unchanged price target of $167. The company’s initial plans to be “on-algorithm” in 2026 provides better visibility to its outlook, the firm tells investors in a research note.
• Stifel upgraded Idexx Laboratories (IDXX) to Buy from Hold with a price target of $700, up from $640. The firm expects the company’s CAG – Companion Animal Group – recurring revenue growth to accelerate over the next couple of years as price realization steps down modestly, while visits and the “premium” improves.

Top 5 Downgrades:

• Erste Group downgraded Netflix (NFLX) to Hold from Buy. The comparatively high valuation of the stock currently limits the upside potential, the firm tells investors.
• Benchmark downgraded Roblox (RBLX) to Hold from Buy and removed the firm’s previous price target following Q3 results and forward guidance. While stating that Roblox delivered “impressive” Q3 results and solid near-term execution, guidance points to a sharp deceleration in bookings growth and rising expense intensity that could pressure margins through fiscal 2026, the firm tells investors.
• Seaport Research downgraded Comcast (CMCSA) to Neutral from Buy without a price target following the earnings report. The firm cites Comcast’s “incrementally negative” broadband average revenue per user and cost commentary necessary to drive up broadband and wireless volumes for the downgrade. Goldman Sachs and KeyBanc also downgraded Comcast to Neutral-equivalent ratings.
• Barclays downgraded FMC (FMC) to Equal Weight from Overweight with a price target of $22, down from $48, following the earnings report. The firm sees no reason to be positive on the shares given the “soft” results, FMC’s “limited to no visibility” on earnings in coming quarters and a “surprise cut” of its dividend. KeyBanc and Wells Fargo also downgraded FMC to Neutral-equivalent ratings.
• Raymond James downgraded Lumentum (LITE) to Outperform from Strong Buy with a price target of $220, up from $145. The firm remains “upbeat” on the company’s longer-term trends, but its intermediate-term estimates are now near consensus

Top 5 Initiations: 

• Erste Group resumed coverage of Ross Stores (ROST) with a Buy rating. The retailer is currently in a favorable position to increase sales more strongly than its competitors and this positive dynamic will not change in the coming year, according to the firm, which also thinks the operating margin should increase.
• Jefferies analyst Joseph Gallo assumed coverage of Cloudflare (NET) with a Hold rating and price target of $250, up from $225. Jefferies cites the stock’s “premium” valuation for the Hold rating.
• Bernstein initiated coverage of SharpLink Gaming (SBET) with an Outperform rating and $24 price target. The firm expects SharpLink to emerge as a compliant-first-institutional focused investment vehicle to access ETH as an investment and yield-generating asset.
• Leerink initiated coverage of Immuneering (IMRX) with an Outperform rating and $15 price target. The firm notes lead asset atebimetinib is an allosteric MEK inhibitor that has shown compelling Phase 2 activity in combination with chemotherapy in first-line pancreatic ductal adenocarcinoma.
• Wells Fargo initiated coverage of Immunocore (IMCR) with an Overweight rating and $60 price target. The firm believes Kimmtrak “provides a good floor value” for the stock and indication expansion opportunities could offer upside over the next 12 months.