Coinbase downgraded, Spotify 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:

• Phillip Securities upgraded Spotify (SPOT) to Neutral from Reduce with an unchanged price target of $600. The firm cites the recent share pullback for the upgrade.
• Oppenheimer upgraded Alnylam (ALNY) to Outperform from Perform with a $490 price target. The first full quarter of Amvuttra sales in transthyretin amyloid cardiomyopathy sales beat by a sizable margin as Alnylam secured payer agreements much faster than anticipated, the firm tells investors in a research note. Wolfe Research also upgraded Alnylam to Peer Perform from Underperform and removed the firm’s prior $368 price target.
• Baird upgraded MasTec (MTZ) to Outperform from Neutral with a price target of $210, up from $180. While the company’s Q2 report wasn’t great, the post-earnings selloff is overdone, the firm tells investors in a research note.
• Northland upgraded CommScope (COMM) to Outperform from Market Perform with a price target of $12, up from $4, citing “very strong” AI Optical datapoints last week from both hyperscale customers and peers such as Corning (GLW) that the firm says bode well for the CCS Connectivity unit.
• William Blair upgraded ViaSat (VSAT) to Outperform from Market Perform. The firm’s sum-of-the-parts analysis indicates there is greater than 100% upside to the shares over the next year.

Top 5 Downgrades:

• Compass Point downgraded Coinbase (COIN) to Sell from Neutral with a price target of $248, down from $330. The firm remains constructive on the current crypto cycle, but expects a “choppy” Q3 with weak August and September seasonality along with waning retail interest in crypto treasury stocks.
• Stifel downgraded Baxter (BAX) to Hold from Buy with a price target of $25, down from $36. Despite recent positive portfolio transformation initiatives, Baxter’s “disappointing” Q2 performance, full-year guidance reduction, and the 2026 outlook leave the firm “feeling that the path to reliably consistent mid-single-digit sales growth and more-meaningful margin expansion could take longer than previously-thought,” the firm tells investors.
• Piper Sandler downgraded AvalonBay (AVB) to Neutral from Overweight with a price target of $200, down from $255. The Q2 earnings reports in real estate thus far have shown weaker fundamentals for apartments, the firm tells investors in a research note. Piper Sandler also downgraded Essex Property Trust (ESS) to Neutral from Overweight with a price target of $275, down from $355.
• Stephens downgraded Cathay General (CATY) to Equal Weight from Overweight with an unchanged price target of $50. With Cathay raising its net interest margin guidance in April and net interest margin expansion having slowed materially such that NIM guidance was reiterated this quarter, the firm believes its prior upgrade rationale predicated on less-appreciated fixed asset repricing potential catalysts have “mostly played out,” the firm tells investors.
• Wolfe Research downgraded Vera Therapeutics (VERA) to Peer Perform from Outperform without a price target. The firm sees limited near-term upside in the shares given a lack of catalysts, increasing competitive pressure and “fading” takeover prospects.

Top 5 Initiations:

• Morgan Stanley resumed coverage of Chevron (CVX) with an Overweight rating and $174 price target. The firm believes the closing of the Hess acquisition removes an overhang on the shares and strengthens Chevron’s business model.
• Citizens JMP initiated coverage of AeroVironment (AVAV) with an Outperform rating and $325 price target. The firm views the U.S. government’s priorities, budget allocations, and new procurement mindset serve as tailwinds for AeroVironment.
• TD Cowen initiated coverage of Akero Therapeutics (AKRO) with a Buy rating and $76 price target. The firm believes the company’s efruxifermin, an FGF21 analog, has a “differentiated” clinical profile and see commercial success in metabolic dysfunction-associated steatohepatitis.
• UBS initiated coverage of Pony AI (PONY) with a Buy rating and $20 price target, which implies 53% upside from current levels. Pony is best positioned for China’s robotaxi commercialization, the firm tells investors in a research note.
• BofA initiated coverage of Liberty Formula One (FWONK) with a Neutral rating and $110 price target. The firm believes the risk/reward is balanced at current levels as strong execution over the last several years is priced into shares.