Autodesk upgraded, Nio 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:

• Deutsche Bank upgraded Autodesk (ADSK) to Buy from Hold with a price target of $375, up from $345. The company reported “very healthy” Q3 results that represented “one of its “cleanest” quarterly prints over the last few years, the firm tells investors in a research note.
• Northland upgraded NetApp (NTAP) to Outperform from Market Perform with a price target of $137, up from $120, after the company reported revenue growth excluding divested Spot accelerated to 4% year-over-year in fiscal Q2 and guided to accelerate to 5% in the second half of FY26.
• Morgan Stanley upgraded Amentum (AMTM) to Equal Weight from Underweight with a price target of $35, up from $20. The firm sees a more balanced risk/reward at current share levels.
• JPMorgan upgraded Atmus Filtration (ATMU) to Overweight from Neutral with a price target of $60, up from $53, after the company announced the proposed acquisition of Koch Filter, a pure-play air filter manufacturer.
• Argus upgraded Herbalife (HLF) to Buy from Hold. The firm cites the company’s Q3 earnings beat reported earlier this month while also boosting its FY25 EPS view by 3c to $2.15 and its FY26 view by 4c to $2.64.

Top 5 Downgrades:

• Macquarie downgraded Nio (NIO) to Neutral from Outperform with a price target of $5.30, down from $6.70, following the Q3 report. The company issued “weak” Q4 volume guidance of 122,500 units at the midpoint, below its prior.
• Craig-Hallum downgraded PagerDuty (PD) to Hold from Buy with a price target of $15, down from $20. While difficult to put a precise finger on it, there clearly appears to be a fundamental change in end markets in ways detrimental to the standing of PagerDuty, Craig-Hallum adds.
• UBS downgraded Biohaven (BHVN) to Neutral from Buy with a price target of $11, down from $26. The firm says the company’s “multiple” research and development and regulatory setbacks have lowered confidence in the viability of its remaining pipeline programs.
• Bernstein downgraded Ambev (ABEV) to Market Perform from Outperform with a $2.88 price target. The firm cites valuation for the downgrade with the shares up 16% year-to-date.
• RBC Capital downgraded Morgan Stanley Direct Lending (MSDL) to Sector Perform from Outperform with a price target of $18, down from $19. The firm believes Morgan Stanley Direct could generate net interest income return on equity closer to the lower end of the range for its business development company coverage in 2026.

Top 5 Initiations:

• Citi initiated coverage of Nektar (NKTR) with a Buy rating and $102 price target. Citi also opened a “positive 90-day catalyst watch” on Nektar ahead of the Phase 2b alopecia areata data expected in December. The firm believes data for rezpegaldesleukin in atopic dermatitis “look competitive” in crowded field.
• Guggenheim initiated coverage of Kyndryl Holdings (KD) with a Buy rating and $30 price target. The company’s progress on profitability has been encouraging, particularly in a challenging macroeconomic environment, the firm tells investors in a research note.
• TD Cowen initiated coverage of Astronics (ATRO) with a Buy rating and $65 price target. The company should post 30% earnings growth in 2026 and 10% growth in 2027 on over 7% sales growth, the firm tells investors in a research note.
• William Blair initiated coverage of Coterra Energy (CTRA) with an Outperform rating and fair value estimate of $36, which represents 37% upside. The firm says the company provides multi-basin exposure to the Permian and Marcellus.
• William Blair initiated coverage of Ovintiv (OVV) with an Outperform rating and fair value estimate of $50, which offers 26% upside. The company’s recent NuVista acquisition adds core liquids inventory with potential for incremental synergies, the firm tells investors in a research note.