Buy/Sell: Wall Street’s top 10 stock calls this week

What has Wall Street been buzzing about this week? Here are the top 5 Buy calls and the top 5 Sell calls made by Wall Street’s best analysts during the week of April 27-May 1.

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Top 5 Buy Calls:

1. Qualcomm upgraded to Buy at Summit Insights

Summit Insights upgraded Qualcomm (QCOM) to Buy from Hold post the Q1 report. The firm believes the negatives are priced into the shares as the company pivots towards AI. Qualcomm’s diversification efforts beyond handsets will determine its trajectory moving forward, Summit tells investors in a research note. The firm believes Qualcomm’s Apple (AAPL) share loss and weakness in the Android market are now priced into the stock.

2. DoorDash initiated with a Buy at TD Cowen

TD Cowen initiated coverage of DoorDash (DASH) with a Buy rating and $225 price target. The firm says the company’s leadership position in the U.S., expanding international presence, growing grocery and retail mix, and emerging advertising and commerce offerings will support sustained growth and rising profitability. It forecasts 20% annual revenue growth and 27% adjusted EBITDA growth for DoorDash through 2030.

3. Snap upgraded to Buy at Rothschild & Co Redburn

Rothschild & Co Redburn upgraded Snap (SNAP) to Buy from Neutral with a price target of $10, up from $5. The firm views the company turning GAAP profitable for the first time this year, the “potential break-out” of specs driving a stronger core business, and ongoing subscriptions momentum for the upgrade. Snap’s commentary continues to emphasize a focus on GAAP profitability, “indicating it sees the same path to success that we envisage,” Rothschild tells investors in a research note.

4. Spotify upgraded to Buy at Rosenblatt

Rosenblatt upgraded Spotify (SPOT) to Buy from Neutral with a price target of $500, down from $670. The firm upgrades the shares following the post-earnings selloff. Spotify’s Q1 report was in-line and the Q2 outlook is “fine on sales, but low for operating income and a slight miss on premium subscribers,” Rosenblatt tells investors in a research note. The firm views Spotify’s revenue trajectory as “solid but in-line” and sees value in the shares at current levels.

5. Melius starts Micron with Buy on lasting memory cycle

Melius Research initiated coverage of Micron (MU) with a Buy rating and $700 price target. The firm views memory companies as core to its AI coverage. Memory names fit well with AI semis, AI hardware and hyperscalers, the analyst tells investors in a research note. Melius believes the AI memory cycle may continue through the end of the decade. The market will eventually be willing to pay more for the “unusual durability of the margin and demand profiles” that AI makes possible across high bandwidth memory, DRAM and NAND, the firm contends.

DA starts Micron with Buy on “longer-than-usual” memory cycle

DA Davidson initiated coverage of Micron with a Buy rating and $1,000 price target. The firm says AI is creating a “longer-than-usual memory cycle as compute deployment and demand generation exist in a positive feedback loop.” This creates a structurally higher ceiling for memory pricing and demand, DA Davidson tells investors in a research note. The firm believes the market is underestimating Micron’s demand environment, especially relative to the rest of the semiconductor complex. It sees “meaningful upside” to the shares.

Top 5 Sell Calls:

1. Citi double downgrades Alaska Air to Sell on fuel risk

Citi downgraded Alaska Air (ALK) to Sell from Buy with a price target of $32, down from $51. The airline is “asymmetrically and unfavorably exposed” to higher fuel prices, the firm tells investors in a research note. Citi expects consensus estimates to move lower with analysts “uniformly bullish” on the shares. The firm believes Alaska Air will likely need to revisits its greater than $10″ earnings per share target for 2027 later this year. The airline’s reluctance to cut capacity creates a risky second half of 2026 setup for the stock, contends Citi.

2. Brown-Forman downgraded to Underweight at JPMorgan

JPMorgan downgraded Brown-Forman (BF.B) to Underweight from Neutral with a price target of $23, down from $27, after the company terminated its merger talks with Pernod Ricard. With less strategic fit, potentially more burdensome regulatory process, and likely less control versus a Pernod Ricard deal, a Brown takeover by Sazerac has a lower probability, the firm tells investors in a research note. JPMorgan believes the focus will turn back to Brown-Forman’s fundamentals and limited earnings growth.

3. Reliance downgraded to Underperform at BofA

BofA analyst Lawson Winder downgraded Reliance (RS) to Underperform from Neutral with a price target of $365, up from $355. While near-term fundamentals remain supportive, equity upside is “now more valuation-constrained,” the firm tells investors.

4. Tronox downgraded to Sell at Truist

Truist downgraded Tronox (TROX) to Sell from Hold with a price target of $8, down from $9. The firm still expects Tronox earnings to improve sequentially throughout 2026, but sees potential for Q2 guidance to disappoint, the firm tells investors. Even when valuing shares on a “mid-cycle / normalized” basis, Truist believes implied upside is “relatively limited.”

5. JPMorgan downgrades Sunbelt Rentals to Underweight on rising costs

JPMorgan analyst Tami Zakaria downgraded Sunbelt Rentals (SUNB) to Underweight from Neutral with a price target of $75, up from $74. The firm believes the increase in freight rates and fuel costs and the expected outperformance of the company’s specialty unit, which has lower margins than general tool, will offset much of Sunbelt’s gains from easing hauler expense compares. The company needs an acceleration in rental rates for margin expansion, and this will be difficult amid sluggish local market demand and heightened competition, JPMorgan tells investors in a research note.