Boeing upgraded, Chipotle 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:

• Bernstein upgraded Boeing (BA) to Outperform from Market Perform with a price target of $218, up from $181. Boeing is now “making the progress it needed” for the growth trajectory expected before the Alaska door plug accident in January 2024, the firm says.
• Truist upgraded Peloton (PTON) to Buy from Hold with an unchanged price target of $11. The stock is finally nearing a point where the company’s improving fundamentals should support a gradual recovery of its equity, the firm says.
• BofA upgraded Progressive (PGR) to Buy from Neutral with a price target of $312, up from $297. In the 15 trading sessions since the firm downgraded Progressive earlier this month, shares fell 8%, while the company also announced March results, adding a net 572,000 new personal auto customers in the “growthiest” month in its history on a nominal basis, and the best March in its history on a percentage basis since at least 2002, the firm tells investors.
• Citi upgraded On Holding (ONON) to Buy from Neutral with a price target of $60, down from $65. The firm says that as the fastest growing brand within athletic with “very strong brand heat,” a geographically diverse sales base, and low sourcing exposure in China, On Holding is one of the best positioned brands to navigate the current uncertain tariff environment.
• Stifel upgraded Jack in the Box (JACK) to Buy from Hold with a price target of $32, down from $35. The firm views last week’s announcement as a “clearing event” for the stock.

Top 5 Downgrades:

• Argus downgraded Chipotle (CMG) to Hold from Buy with no price target. The firm is citing rising avocado, chicken and pepper prices, growing competition among restaurants, and higher wage and store location costs remaining headwinds for the chain.
• Compass Point downgraded Coinbase (COIN) to Sell from Buy with an $180 price target as the firm transferred coverage of the stock. The firm is cautious heading into Q1 results on May 8 and is also concerned about second half performance as growth comes from lower margin institutional segments.
• BofA downgraded Saia (SAIA) to Neutral from Buy with a price target of $251, down from $484, following a “sizable” yield miss in Q1 that points to price competitiveness in an industry with 30% excess capacity and an increasing desire to keep networks busy.
• HSBC double downgraded Eli Lilly (LLY) to Reduce from Buy with a price target of $700, down from $1,150. The market has assumed a significant market share for Lilly, but with potential economic sensitivity to the adoption curve for weight loss drugs, these expectations might be revised down, the firm tells investors in a research note.
• HSBC downgraded Biogen (BIIB) to Hold from Buy with a price target of $118, down from $342. The firm cites the company’s negative pipeline updates combined with a weaker outlook in the near term for the downgrade.

Top 5 Initiations:

• Wells Fargo initiated coverage of Zillow Group (ZG) with an Equal Weight rating and $62 price target. The firm notes that the outlook for growth drivers and agent checks on residential initiatives are mixed, and Wells believes that it is likely more challenging to grow residential revenue faster than Existing Home Sales in 2025 and 2026.
• Susquehanna initiated coverage of Live Nation (LYV) with a Positive rating and $155 price target. The firm believes that in the intermediate term, the stock will be sensitive to any read from the ongoing Meta (META) and FTC anti-trust hearing as well as further announcements of advance ticket sales to offset concerns about a weakening consumer.
• Barclays initiated coverage of Kohl’s (KSS) with an Underweight rating and $4 price target. The firm says of near-term cost pressures from tariffs and the ensuing price increases will likely compound what was already a difficult second half of 2025 for Kohl’s, especially as the company laps Sephora store openings.
• Barclays initiated coverage of Macy’s (M) with an Equal Weight rating and $12 price target. The firm believes Macy’s strategy for the “Bold New Chapter” takes the right actions in order to return the business to positive growth, but is cautious on the structural headwinds to the department store channel.
• Susquehanna initiated coverage of TKO Group (TKO) with a Positive rating and $180 price target. Of all the professional leagues, the structure of TKO “has notable structural advantages over time,” the firm tells investors in a research note.