Apple upgraded, Wayfair 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:

• KeyBanc upgraded Apple (AAPL) to Sector Weight from Underweight without a price target. Last Friday’s announcement of exception from tariffs on smartphones is probably the best-case scenario for Apple, which makes it unlikely KeyBanc’s prior downside call will be achieved, the firm tells investors in a research note.
• Baird upgraded Atlassian (TEAM) to Outperform from Neutral with a price target of $255, down from $320. The firm cites Atlassian’s platform opportunity, positive receptivity to its generative artificial intelligence strategy, and a valuation at the lower end of the stock’s historical range for the upgrade.
• Deutsche Bank upgraded Peloton (PTON) to Buy from Hold with a price target of $6.60, down from $8.60. The firm believes the shares have been “unfairly punished” since the fiscal Q2 report, down over 30%.
• KeyBanc upgraded DuPont (DD) to Overweight from Sector Weight with an $81 price target. The firm cites the selloff in the shares and the Trump administration’s recent steps on deescalating the tariff uncertainty for the upgrade.
• Goldman Sachs double upgraded Choice Hotels (CHH) to Buy from Sell with a price target of $138, down from $141. With an increasingly uncertain demand backdrop, Choice Hotels is one of the most defensive names in the sector given its largely franchise revenue structure and “solid” balance sheet, the firm tells investors in a research note.

Top 5 Downgrades:

• Deutsche Bank downgraded Wayfair (W) to Hold from Buy with a price target of $25, down from $54. Wayfair’s business model is “by far the most upended by the new tariff regime” in the internet group, as evidenced by the shares declining 42% since earnings, the firm notes.
• Deutsche Bank downgraded General Motors (GM) to Hold from Buy with a $43 price target. While stating that the stock already trades at a low multiple, the firm worries GM “may be an impaired asset for several years” given structural uncertainty around U.S. industrial and tariff policy.
• Wells Fargo downgraded Comcast (CMCSA) to Underweight from Equal Weight with a price target of $31, down from $37. The firm says Comcast is being pulled into a convergence investment cycle with higher mobile costs to re-accelerate broadband, and says it is no longer defensive.
• Goldman Sachs downgraded Marriott (MAR) to Neutral from Buy with a price target of $245, down from $313. The firm expects the recent macro volatility and consumer pressures to be a headwind to the “macro sensitive segments.” Goldman also downgraded Hilton (HLT) and Hyatt (H) to Neutral from Buy.
• TD Cowen downgraded Medpace (MEDP) to Hold from Buy with a price target of $328, down from $370. The firm cites the challenging biotech funding and uncertain regulatory environment for the downgrade.

Top 5 Initiations:

• Bernstein initiated coverage of Toyota (TM) with a Market Perform rating. The firm initiated the Japan autos and auto parts sector with a bearish view. While sector-wide valuations already reflect a cautious outlook with declining sales and loss in market share, Bernstein sees greater need to be selective in this space given geopolitical risks in short term and the electrified propulsion vehicle transition in mid-to-long term. The firm also started coverage of Honda (HMC) with a Market Perform.
• Morgan Stanley initiated coverage of Dover (DOV) with an Equal Weight rating and $185 price target. The company’s organic growth should outpace peers in 2025 as it laps “acute headwinds,” but Morgan Stanley is yet to see signs that its mid-single-digit organic growth is durable. The firm also started coverage of Ametek (AME) and Watsco (WSO) with Equal Weight ratings.
• Wells Fargo initiated coverage of SailPoint (SAIL) with an Equal Weight rating and $16 price target. The firm believes the lack of a platform will limit the company’s long-term growth below 20%, which in turn should limit the stock’s multiple.
• Stephens initiated coverage of CNB Financial (CCNE) with an Overweight rating and $26.50 price target. The firm believes the $6.2B, soon to be $8.5B, western Pennsylvania franchise is “a strong, but not well-known story,” with the potential for net interest margin expansion with the soon-to-be-closed ESSA Bancorp (ESSA) acquisition.
• Needham initiated coverage of Establishment Labs (ESTA) with a Hold rating and no price target. The firm says Establishment’s international business has been weak, and that it worries the trade war could weigh on its international growth.