Cloudflare upgraded, SolarEdge 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:

• Piper Sandler upgraded Cloudflare (NET) to Overweight from Neutral with a $222 price target. The firm is positive on the company’s infrastructure positioning across multiple growth opportunities across Delivery, APSEC, NaaS, SASE, IAS, and IaaS.
• Citi upgraded Adient (ADNT) to Buy from Neutral with a price target of $33, up from $30. Since the conflict started in the Middle East, auto suppliers have underperformed the S&P by an average of 10%, notes the firm, which sees this dislocation creating an opportunity.
• DA Davidson upgraded Symbotic (SYM) to Buy from Neutral with a price target of $70, up from $57. The firm says the company has an “unparalleled AI-enabled technology moat” which is years beyond its closest peers.
• Mizuho upgraded American Tower (AMT) to Outperform from Neutral with a price target of $205, up from $189. Over the last 12 months, the stock is down 19%, compared to REITs being up 10%, notes the firm, which believes several negatives are priced in and sees two drivers of a multiple re-rating.
• Wells Fargo upgraded CRH (CRH) to Overweight from Equal Weight with an unchanged price target of $135. The firm cites valuation for the upgrade heading into the Q1 report.

Top 5 Downgrades:

• Goldman Sachs downgraded SolarEdge (SEDG) to Sell from Neutral with a price target of $31, down from $36, as part of a broader research note previewing Q1 results in Solar. The firm is citing elevated expectations and challenging valuation for SolarEdge, especially when considering margin gains tied mostly to 45X credits.
• Wolfe Research downgraded Shift4 Payments (FOUR) to Peer Perform from Outperform without a price target. While Wolfe is optimistic on Shift4 Payments’ structural position in U.S. restaurants and hotels, shares should be range-bound pending execution on Global Blue cross-sell and valuation is less compelling.
• Argus downgraded Integra LifeSciences (IART) to Hold from Buy. The company’s operating performance has been inconsistent as it has faced multiple quality control issues in its manufacturing facilities, the firm tells investors in a research note.
• Jefferies downgraded Autoliv (ALV) to Hold from Buy with a price target of $120, down from $150. For the fiscal year, the firm cut its EBIT estimate by 8% and now sits 4% below consensus, stating that it sees Autoliv being largely successful in passing on escalating raw material costs, but expects an elevated call-off environment and lower overall light vehicle production in response to higher fuel prices.
• KeyBanc downgraded Parsons (PSN) to Sector Weight from Overweight without a price target. The company is unlikely to upgrade its 2026 revenue growth outlook beyond 6%, the firm tells investors in a research note.

Top 5 Initiations:

• Jefferies initiated coverage of Autodesk (ADSK) with a Buy rating and $300 price target. The firm believes concerns around architecture, engineering and construction software are unjustified.
• Citi initiated coverage of Zoetis (ZTS) with a Buy rating and $145 price target. Citi also opened an “upside 90-day catalyst watch” on Zoetis, saying Solensia will return to growth in fiscal 2026. Citi also started coverage of Henry Schein (HSIC), Align Tehcnology (ALGN) and Elanco (ELAN) with Buy ratings; Envista (NVST) and Idexx Laboratories (IDXX) with Neutral ratings; and Dentsply Sirona (XRAY) with a Sell.
• BofA resumed coverage of CarMax (KMX) with an Underperform rating and $40 price target after the company reported Q4 sales of $5.96B, down 1% year-over-year but above the Street at $5.74B, and EPS below expectations as unit declines moderate from lower prices.
• Texas Capital initiated coverage of Chime (CHYM) with a Buy rating and $28 price target. Revenue for the fast-growing consumer fintech and top 10 debit card issuer in the U.S. is primarily driven by interchange fees on spending of the 9.5M consumers who currently use Chime products, notes the firm, which forecasts that the company will add 1.5-2M consumers per year through 2028.
• Citi initiated coverage of OSI Systems (OSIS) with a Buy rating and $345 price target. The firm views OSI as “both defensive and offensive” in the current aerospace and defense environment.