Cisco upgraded, CoreWeave 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:

• Wolfe Research upgraded Pinterest (PINS) to Outperform from Peer Perform with a $40 price target. The firm says Q1 earnings and Q2 guidance gave further proof points on the fundamental health of the platform.
• Wells Fargo upgraded Cisco (CSCO) to Overweight from Equal Weight with a price target of $75, up from $72, following the fiscal Q3 report. The firm cites the company’s accelerating artificial intelligence momentum for the upgrade.
• Raymond James upgraded Centerspace (CSR) to Strong Buy from Outperform with a price target of $69, up from $66. The firm feels the shares have been unfairly penalized despite growing evidence of improving fundamentals across Centerspace’s markets into May, and sees rent pricing acceleration continuing across much of the Midwest, and particularly in Centerspace’s home market of Minneapolis.
• Cantor Fitzgerald upgraded Fulcrum Therapeutics (FULC) to Overweight from Neutral with a $10 price target. Today’s share valuation reflects very little credit for pociredir, which is likely to have a role in a “very large” sickle cell disease market, the firm tells investors in a research note.
• H.C. Wainwright upgraded CytomX Therapeutics (CTMX) to Buy from Neutral with a $5 price target. The company reported “highly encouraging” clinical data for its masked EpCAM ProBody Topo-1 ADC, CX-2051, in 25 patients with late-line colorectal cancer, the firm tells investors in a research note.

Top 5 Downgrades:

• Mizuho downgraded CrowdStrike (CRWD) to Neutral from Outperform with an unchanged price target of $425. The firm says its recent channel checks on CrowdStrike have moderated with a few partners coming in below plan, while some potential risk factors have emerged.
• DA Davidson downgraded CoreWeave (CRWV) to Underperform from Neutral with an unchanged price target of $36. The first detailed earnings report, with updated actuals and guidance, confirms the firm’s concern that CoreWeave is “not a business worth scaling, and we question the value of the equity,” the firm tells investors.
• TD Cowen downgraded Dick’s Sporting (DKS) to Hold from Buy with a price target of $216, down from $245. The company’s $2.4B acquisition of Foot Locker (FL) at an 85% premium to the closing price is a “strategic mistake” and misallocation of capital, the firm tells investors in a research note.
• UBS downgraded Alcoa (AA) to Neutral from Buy with an unchanged price target of $31. The firm believes alumina is likely to remain lower for longer, though UBS remains constructive on the medium-term outlook for aluminum prices, and thinks near-term upside in LME aluminum will be capped by softening demand.
• Raymond James downgraded JetBlue (JBLU) to Market Perform from Outperform without a price target. The firm sees a more balanced risk/reward, with the shares having reached their prior $5.00 target price following an April “tactical upgrade.”

Top 5 Initiations:

• Roth Capital initiated coverage of Palo Alto Networks (PANW) with a Neutral rating and $210 price target. The firm is cautious on the shares due to company’s new annual recurring revenue being down year-over-year in the past two quarters.
• TD Cowen initiated coverage of JPMorgan (JPM) with a Buy rating and $305 price target. The firm launched coverage of the U.S. large cap banks with a “very bullish outlook.” With large cap banks trading at the lowest relative valuation in “decades,” TD sees the group as being at least 30% undervalued. TD Cowen also started coverage of Bank of America (BAC) with a Buy, and Wells Fargo (WFC) and Citi (C) with Hold ratings.
• Roth Capital initiated coverage of Rubrik (RBRK) with a Buy rating and $97 price target. The cyber resiliency company helps customers protect their data and has “sufficient runway for growth,” says the firm, which believes that the company’s FY26 guidance and Street ARR expectations are “conservative.”
• Citi initiated coverage of Webtoon (WBTN) with a Buy rating and $11 price target. Citi says that with consensus estimates now reset and execution underway, the stock is undervalued.
• Oppenheimer initiated coverage of Wex (WEX) with a Perform rating. The firm believes Wex’s strong market position in fuel cards, corporate payments and benefits administration position the company well to capture strong secular growth trends in its end markets, but says its customers remain susceptible to an economic downturn, creating uncertainty around the timing of Wex’s return to its medium-term organic top-line growth target of 5%-10%.