Cisco upgraded, Doximity 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:

• HSBC upgraded Cisco (CSCO) to Buy from Hold with a price target of $137, up from $77. The company reported a “modest” beat in fiscal Q3, but new AI orders reset the growth debate as management expects FY27 AI revenue of at least $6B, implying about 50% year-over-year growth, the firm tells investors.
• RBC Capital upgraded Texas Roadhouse (TXRH) to Outperform from Sector Perform with a price target of $210, up from $180. The firm sees potential for beef prices to be “less unfavorable” for Texas Roadhouse, driving upside to out-year margin expectations.
• Raymond James upgraded Arista Networks (ANET) to Outperform from Market Perform with a $164 price target. The company’s sales growth will improve in 2027 and beyond as it expands into new applications like scale-across and gains share in the AI backend and campus, the firm tells investors in a research note.
• Stifel upgraded RXO Inc. (RXO) to Buy from Hold with a $22 price target. The firm sees a more favorable setup emerging into the balance of 2026, with the company positioned at the intersection of improving brokerage fundamentals and healthy idiosyncratic levers, the firm tells investors in a research note.
• Citi upgraded C.H. Robinson (CHRW) to Buy from Neutral with an unchanged price target of $199 after the company posted better than expected Q1 results with margin improvements. While the Supreme Court Montgomery decision “adds complexity,” it benefits scale, adds the firm.

Top 5 Downgrades:

• Barclays downgraded Doximity (DOCS) to Equal Weight from Overweight with a price target of $20, down from $38. Growth in the digital advertising space is slowing while competition is ramping, and as such, Barclays expects industry growth to remain “lackluster,” keeping shares of Doximity range-bound. The firm also downgraded Phreesia (PHR) to Equal Weight from Overweight.
• Morgan Stanley downgraded Viking Holdings (VIK) to Equal Weight from Overweight with a price target of $86, up from $81. The firm continues to view Viking as a “quality compounder” but says its bull thesis has played out.
• JPMorgan downgraded Allegion (ALLE) to Neutral from Overweight with a price target of $150, down from $170. The firm cites the company’s margin and construction headwinds for the downgrade.
• JPMorgan downgraded A.O. Smith (AOS) to Underweight from Neutral with a price target of $60, down from $65. The firm is more cautious on the shares given the company’s China and residential exposure.
• Evercore ISI downgraded Fermi (FRMI) to In Line from Outperform with a price target of $11, down from $20. The firm says the downgrade is “not a rejection of the long-term scarcity value of Project Matador,” or the broader power-demand thesis, but reflects a changed underwriting standard.

Top 5 Initiations:

• Loop Capital initiated coverage of Vertiv (VRT) with a Buy rating and $500 price target. The firm says the company has a “fly-wheel” just as the “industry enters the front-end of a legitimate AI infrastructure super cycle.”
• Evercore ISI resumed coverage of Biogen (BIIB) with an Outperform rating. Biogen’s recent update “brings a mix of insights regarding the tau program for Alzheimer’s treatment” and while the primary efficacy endpoint was not met, there are “key nuances worth noting,” the firm tells investors.
• Evercore ISI initiated coverage of J.M. Smucker (SJM) with an Outperform rating and $117 price target. Smucker presents “a compelling valuation with superior growth prospects relative to peers,” says the firm, which forecasts a “robust” expected EPS compound annual growth rate of about 9% through FY28, primarily driven by recovery in the coffee segment and operational efficiencies.
• Wedbush initiated coverage of Solventum (SOLV) with an Outperform rating and $94 price target as the firm believes shares represent a compelling, multi-catalyst special situation offering asymmetric upside potential.
• RBC Capital resumed coverage of Illumina (ILMN) with an Outperform rating and $170 price target. The firm states that its constructive view on the stock is underpinned by building clinical momentum and fading competitive concerns.