Avis Budget downgraded, Sprouts 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:

• Jefferies upgraded Sprouts Farmers Market (SFM) to Buy from Hold with a price target of $190, up from $180. The company reported strong Q2 results with double-digit company growth and new store strength, the firm tells investors in a research note.
• Piper Sandler upgraded AppFolio (APPF) to Overweight from Neutral with a price target of $350, up from $240. The company’s Q2 results were highlighted by sales growth reacceleration to 19% and the appointment of CFO Tim Eaton “removes a layer of uncertainty for the business,” the firm tells investors in a research note.
• Macquarie upgraded Nio (NIO) to Outperform from Neutral with a $5.50 price target. The firm believes the L90 will be Nio’s most competitive offering.
• JPMorgan upgraded DoubleVerify (DV) to Overweight from Neutral with a price target of $19, up from $18. The firm believes DoubleVerify is a category leader with a diversified business model that benefits from low churn among its largest customers.
• Wells Fargo upgraded Canada Goose (GOOS) to Overweight from Equal Weight with a price target of C$20, up from C$19. The firm notes Canada Goose has quietly begun to inflect its business post a 24-month reset – with material improvements in product plus marketing driving meaningful direct-to-consumer growth, while wholesale upside now appears more visible.

Top 5 Downgrades:

• Wolfe Research downgraded CyberArk (CYBR) to Peer Perform from Outperform without a price target after the company agreed to be acquired by Palo Alto Networks (PANW) in a $25B cash and stock deal. Oppenheimer and Baird also downgraded the stock to Neutral-equivalent ratings.
• HSBC downgraded Chubb (CB) to Hold from Buy with a price target of $300, down from $317. The firm sees pricing pressure in the company’s commercial property keeping investor interest subdued.
• Goldman Sachs downgraded Avis Budget (CAR) to Sell from Neutral with a price target of $105, up from $87. The firm views the stock’s valuation as “stretched” following doubling over the past three months.
• Goldman Sachs downgraded Baxter (BAX) to Neutral from Buy with a price target of $25, down from $37. The firm’s thesis on Baxter had centered on a recovery in the company’s IV therapies business following business disruption in 2024, a cyclical margin recovery on waning inflationary pressures and improving mix, and deleveraging following the sale to the company’s dialysis business earlier this year, but based on year-to-date results, all of these factors look to be deferred, the firm tells investors in a research note.
• Oppenheimer downgraded Couchbase (BASE) to Perform from Outperform without a price target citing the company’s agreement to be acquired by Haveli Investment for $24.50 per share.

Top 5 Initiations:

• DA Davidson analyst Gil Luria assumed coverage of AppFolio (APPF) with a Buy rating with a price target of $350, up from $275. The company’s Q2 results support the firm’s perspective that AppFolio can deliver efficient growth over the long term by consistently winning new business and expanding with customers over time, the firm tells investors in a research note.
• Barclays initiated coverage of Incyte (INCY) with an Overweight rating and $90 price target. The firm sees “value-inflecting” data readouts for the company in the second half of 2025 and 2026.
• Alliance Global Partners initiated coverage of Rezolve AI (RZLV) with a Buy rating and $8.50 price target. The firm’s contacts indicate Rezolve AI’s conversational artificial intelligence technology is among the two or three best technologies focused on e-commerce.
• Cantor Fitzgerald initiated coverage of USA Rare Earth (USAR) with an Overweight rating and $16 price target. With global trade tensions driving new supply chain risks to rare earths, USA Rare Earth is “uniquely positioned” to establish a fully integrated, domestic supply chain for “heavy” rare earths, the firm tells investors in a research note.
• Needham initiated coverage of Turning Point Brands (TPB) with a Hold rating and no price target. The firm sees a lot to like about Turning Point, namely its nicotine pouch opportunity and growing legacy Stoker’s smokeless tobacco business.