Booking Holdings upgraded, Nordstrom 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:

• BTIG upgraded Booking Holdings (BKNG) to Buy from Neutral with a $5,500 price target. Tracking points to a Q1 beat, says the firm, which notes that its estimates are above the Street view.
• Rosenblatt upgraded Coherent (COHR) to Buy from Neutral with an $85 price target as the firm is “upbeat” on sequential re-acceleration in AI transceivers by the second half of calendar 2025, driven by Nvidia’s (NVDA) Blackwell rollout, and coherent/ZR transceiver demand for DCI and Telco applications that is “very strong.”
• Evercore ISI upgraded Genuine Parts (GPC) to Outperform from In Line with a price target of $135, up from $128. Evercore views Genuine Parts as one of the “better insulated companies” in its coverage from a tariff perspective.
• B. Riley upgraded Fabrinet (FN) to Neutral from Sell with a price target of $176, down from $178. The firm cites the stock’s valuation for the upgrade with the shares down 22% year-to-date.
• BofA upgraded Logitech (LOGI) to Neutral from Underperform with a price target of $73, down from $90. A discount to the stock’s historical median multiple is warranted given the “considerable” macroeconomic uncertainties and tariff risks, but with the stock trading at “just” 12-times fiscal 2026 enterprise value to EBITDA estimates, Logitech’s “valuation somewhat bakes in that uncertainty,” the firm tells investors in a research note.

Top 5 Downgrades:

• Citi downgraded Nordstrom (JWN) to Sell from Neutral with a price target of $22, down from $25. While the stocks in the specialty softlines and department store group declined 15% on average following President Trump’s tariff announcement, Nordstrom only declined 2% because there is a pending deal for the Nordstrom family and Liverpool to purchase the company at $24.25 per share, the firm says, adding that Nordstrom trading at $23.96, the risk/reward “skews negative.”
• Citi downgraded Wayfair (W) to Neutral from Buy with a price target of $28, down from $58. The firm says Wednesday’s tariff announcement “created significant exposure” to Wayfair’s supplier base.
• Citi downgraded Kraft Heinz (KHC) to Sell from Neutral with a price target of $27, down from $28, ahead of the Q1 report. The firm sees risk to the company’s organic sales growth.
• BofA downgraded Progressive (PGR) to Neutral from Buy with a price target of $287, down from $300. Though the firm notes that its EPS forecasts remain “notably above consensus,” but “no longer high-on-the-Street,” it expects EPS growth to decelerate in 2026 and argues that valuation is “approaching fundamentals at margin peak.”
• Oppenheimer downgraded RXO Inc. (RXO) to Perform from Outperform without a price target. The firm says that considering increased economic uncertainty on top of an “already soft” trucking environment, it is “incrementally cautious” on RXO’s volume trajectory.

Top 5 Initiations:

• Benchmark initiated coverage of Driven Brands (DRVN) with a Buy rating and $22 price target. Following the expected Q2 divestiture of its U.S. car wash business, Driven will emerge “leaner, more focused, and better positioned to capitalize on resilient auto service demand,” says the firm, which adds that this “looks like a classic Good Co/Bad Co transformation.”
• Loop Capital initiated coverage of Lattice Semiconductor (LSCC) with a Buy rating and $85 price target. Lattice is a significant share gainer in the programmable logic integrated circuit market, driven by the company’s expanding into the mid-size field programmable gate array market and disruption at one of the leading FPGA vendors, the firm tells investors in a research note.
• Citizens JMP reinstated coverage of Open Lending (LPRO) with a Market Perform rating and no price target. While Open Lending’s Lender Protection Program continues to offer a “unique value proposition” to its partners, Citizens JMP is “unable to be constructive on the shares” despite an 80% year-to-date selloff “based on several key unknowns.”
• Goldman Sachs initiated coverage of Vistra (VST) with a Neutral rating and $134 price target. The firm views Vistra as well positioned to benefit from rising power demand, but sees less relative upside at current levels, and are more concerned with headline risk around data center demand and uncertainty around colocation deals.
• TD Cowen initiated coverage of Valvoline (VVV) with a Buy rating and $40 price target. The firm is bullish on Valvoline’s growth opportunity, saying the company is a pure-play quick lube operator with “defensive moats in an attractive industry.”