Brinker upgraded, Coinbase 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:

• UBS upgraded Applied Materials (AMAT) to Buy from Neutral with a price target of $285, up from $250. The firm cites its “significantly more bullish” outlook for wafer fab equipment spending in 2026 and 2027 for the upgrade.
• Citi upgraded Brinker (EAT) to Buy from Neutral with a price target of $176, up from $144. The company’s cost environment is getting better with Brazil food tariffs dropping and its sales can see momentum through fiscal 2026, the firm tells investors in a research note.
• Raymond James upgraded CDW (CDW) to Strong Buy from Outperform with a $185 price target. The company’s cost headwinds are easing into a period of potential growth acceleration, the firm tells investors in a research note.
• UBS upgraded Cummins (CMI) to Neutral from Sell with a price target of $500, up from $350. The truck cycle is bottoming in 2026 and the stock’s risk/reward is now more balanced, the firm tells investors in a research note.
• Wolfe Research upgraded Inspire Medical (INSP) to Outperform from Peer Perform with an $180 price target. The firm says the “surprise” 50% Medicare reimbursement raise “pumps oxygen” into the stock’s bull case.

Top 5 Downgrades:

• Argus downgraded Coinbase (COIN) to Hold from Buy with no price target. The company is the leading cryptocurrency trading platform and USDC – the number 2 dollar-backed stablecoin in the world – saw continued momentum, but the stock is trading at 39-times expected forward earnings, which is well above the 24- to 27-times multiples of the other exchanges, the firm tells investors in a research note.
• Rothschild & Co Redburn downgraded Estee Lauder (EL) to Sell from Neutral with a price target of $70, down from $83. The firm believes that despite improving sales growth, Estee needs deeper investment, which puts its scale of the margin recovery at risk.
• Canaccord downgraded Exact Sciences (EXAS) to Hold from Buy with a price target of $105, up from $85, after the company announced an agreement to be acquired by Abbott (ABT) for $105 per share. TD Cowen also downgraded the stock to Hold.
• Northland downgraded Green Dot (GDOT) to Market Perform from Outperform with a price target of $14.25, down from $18, after the company announced “two somewhat complicated and coordinated” strategic transactions that will separate its fintech and bank operations.
• Barclays downgraded Camden Property (CPT) to Equal Weight from Overweight with a price target of $118, down from $127. The company’s prospective total return profile now sits “closer to the middle of the pack” when measured against the rest of apartment real estate investment trust sector, the firm tells investors in a research note.

Top 5 Initiations:

• Macquarie initiated coverage of ServiceNow (NOW) with a Neutral rating and $860 price target. The firm views ServiceNow as a “great company but only a fair stock” at current share levels.
• UBS initiated coverage of Live Nation (LYV) with a Buy rating and $164 price target. The firm believes the company is well positioned to benefit from the “strong secular trends” driving double-digit growth in the live entertainment industry.
• Citi initiated coverage of Rhythm Pharmaceuticals (RYTM) with a Buy rating and $136 price target. The firm sees a high probability of approval for Imcivree in acquired hypothalamic obesity into the FDA action date of March 20, 2026.
• KeyBanc initiated coverage of Vistra (VST) with an Overweight rating and $217 price target. The firm likes the company’s scale, “diversified” generation mix, and “strong” cash flow.
• Deutsche Bank initiated coverage of Qnity Electronics (Q) with a Buy rating and $92 price target. The firm says the stock offers an “attractive opportunity” to gain exposure to “fast-growing” materials spending trends in some of the most appealing segments of the semiconductor market, including leading-edge process nodes.