Cigna downgraded, Humana 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:

• Deutsche Bank upgraded Humana (HUM) to Buy from Hold with a price target of $441, up from $235. 2026 should be the earnings bottom for Humana and a rebasing year depending on stars results in October, the firm tells investors in a research note. Deutsche also upgraded Centene (CNC) and Elevance Health (ELV) to Buy.
• Arete upgraded Etsy (ETSY) to Buy from Neutral with a $76 price target. The company’s gross merchandise sales growth rates are “finally” showing signs of improvement, the firm tells investors in a research note.
• Maxim upgraded Gilead (GILD) to Buy from Hold with a $165 price target. The company’s growth in the base business is expected to reach 5%-6%, exceeding the prior expectation of 4%-5%, and factoring in the growth potential of Yeztugo in PREP, Trodelvy in first-line breast cancer, as well as continued dominance in HIV treatment, Maxim believes that a premium to peers is justified.
• Oppenheimer upgraded Rubrik (RBRK) to Outperform from Perform with an $85 price target, citing strong checks from value-added resellers. The firm believes Rubrik is benefiting from a sharp recovery in backup and recovery/cyber-resilience sector demand.
• Jefferies upgraded C.H. Robinson (CHRW) to Buy from Hold with a price target of $200, up from $195. A visit to the company’s headquarters “materially reinforced” the firm’s conviction in C.H. Robinson’s technology and productivity transformation.

Top 5 Downgrades:

• Deutsche Bank downgraded Cigna (CI) to Hold from Buy with a price target of $302, down from $303. The company faces “multi-year uncertainty” as it transitions a part of its insurance portfolio and pharmacy benefit manager model, the firm tells investors in a research note.
• Morgan Stanley downgraded Newell Brands (NWL) to Underweight from Equal Weight with a price target of $3.50, down from $4. The firm is above consensus in Q2, but expects downside to consensus in the back half of 2026 and FY27 given cost pressure potentially above management guidance as well as greater risk from demand pressure with weaker consumer sentiment post the Iran conflict.
• Wells Fargo downgraded Phreesia (PHR) to Equal Weight from Overweight with a price target of $9, down from $15. The firm says its channel checks and Phreesia’s competition indicate risk to consensus estimates.
• Wolfe Research downgraded Crown Castle (CCI) to Peer Perform from Outperform. The loss of Dish rent has reduced Crown Castle’s growth profile, the firm tells investors in a research note.
• Seaport Research downgraded Dominion (D) to Neutral from Buy following the announcement of NextEra Energy’s (NEE) all-stock acquisition. Dominion trades above the firm’s previous $67 price target, notes the firm, which is “bracing for a lengthy and challenging regulatory approval process.”

Top 5 Initiations:

• BofA reinstated coverage of BJ’s Wholesale (BJ) with a Neutral rating and $110 price target. If oil prices remain higher for longer, the warehouse club model has “the potential to shine,” but for BJ to breakout the firm thinks the market needs to see evidence of comp consistency and improvement.
• William Blair initiated coverage of Casey’s General Stores (CASY) with an Outperform rating. The firm says Casey’s offers “growing credibility as a highly consistent, inherently defensive model and best-in-class operator.”
• Cantor Fitzgerald initiated coverage of X-energy (XE) with an Overweight rating and $38 price target. The firm says X-Energy is the “most strategically positioned company” in the U.S. advanced nuclear landscape.
• Baird initiated coverage of Pinnacle Financial (PNFP) with an Outperform rating and $115 price target. The firm says the stock’s valuation discount “provides an attractive risk/reward.”
• Needham initiated coverage of QuickLogic (QUIK) with a Buy rating and $22 price target. Needham sees a path to stronger revenue visibility, better mix, and improving margins as customer evaluations convert into production programs.