Arm upgraded, Flutter 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:

• Susquehanna upgraded Arm (ARM) to Positive from Neutral with an unchanged price target of $150. Recent sell-side competitor downgrades and the significant underperformance of the stock offer “an excellent setup,” the firm tells investors.
• BNP Paribas upgraded Seagate (STX) to Outperform from Neutral with a $380 price target. The firm is gaining greater conviction that “robust” data center storage demand could drive an upcycle longer than the firm initially expected.
• Raymond James upgraded Ulta Beauty (ULTA) to Strong Buy from Outperform with a price target of $790, up from $605. The firm sees “outsized growth” in fiscal 2026 for the company after a period of heavy investments.
• Northcoast upgraded Advance Auto Parts (AAP) to Buy from Neutral with a $55 price target. The firm cites “healthy” demand trends and continued underlying performance improvements into 2026 for the upgrade, telling investors in a research note that the decision to sell Worldpac and exit the West Coast market, while doubling down on the core retail box store performance, reflects confidence in the company’s long-term trajectory and a disciplined strategy.
• BofA upgraded Oklo (OKLO) to Buy from Neutral with a price target of $127, up from $111, following the company’s signing of a firm, binding agreement with Meta (META) to develop a phased 1.2 GW advanced nuclear campus.

Top 5 Downgrades:

• Craig-Hallum downgraded Flutter Entertainment (FLUT) to Hold from Buy with a $200 price target. The firm believes the headwinds continue to mount and should limit upside in shares in the near-term.
• Rothschild & Co Redburn downgraded FedEx (FDX) to Neutral from Buy with a $317 price target which offers 3% upside. The firm says current valuation levels fairly reflect the potential value creation from the spinoff of FedEx’s freight division.
• Raymond James downgraded Cheesecake Factory (CAKE) to Market Perform from Outperform. The stock is fairly valued after achieving the firm’s price target, Raymond tells investors in a research note.
• Raymond James downgraded Darden (DRI) to Market Perform from Outperform. The stock is fairly valued, and while Darden can sustain market share gains, there is limited room for further multiple expansion, the firm tells investors in a research note.
• UBS downgraded Southern Copper (SCCO) to Sell from Neutral with a price target of $148, up from $143. The firm sees potential for prices to consolidate near-term after the recent “aggressive move.”

Top 5 Initiations:

• Texas Capital initiated coverage of Applied Digital (APLD) with a Buy rating and $42 price target. Applied Digital combines hyperscale development expertise, proprietary waterless cooling, and rapid deployment capabilities, notes the firm, which views the company as well positioned to attain leases for a meaningful portion of its land and power portfolio of up to 4.3 gigawatts following recent industry and Trump Administration announcements.
• Barclays reinstated coverage of Occidental (OXY) with an Equal Weight rating and $50 price target following close of the OxyChem divestiture. The divestiture accelerates Occidental’s debt reduction, but at the cost of a free cash flow, which had “provided some insulation to the energy commodity cycle,” the firm tells investors in a research note.
• Deutsche Bank initiated coverage of Ametek (AME) with a Buy rating and $271 price target. The firm likes the company’s “high exposure” to a potential short-cycle industrial recovery.
• Rosenblatt initiated coverage of Credo Technology (CRDO) with a Neutral rating and $170 price target. The firm sees the company’s revenue nearly tripling and earnings to more than quadrupling in fiscal 2026, but says “additional competition is imminent.”
• Deutsche Bank initiated coverage of Pinnacle Financial (PNFP) with a Buy rating and $116 price target, which represents 19% upside. The firm says Pinnacle offers “growth at a discount” following the share pullback post the Synovus merger news.