CoreWeave initiated, Shopify 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: 

• William Blair upgraded Medtronic (MDT) to Outperform from Market Perform without a price target as part of its 2026 outlook for the medical technology group. The company has several new and ramping launches this year, the firm tells investors in a research note.
• Stephens upgraded Saia (SAIA) to Overweight from Equal Weight with a price target of $414, up from $308, citing the belief that the bulk of the new terminal noise is now through and numbers are in “an achievable spot.” 
• BofA upgraded Allegiant Travel (ALGT) to Neutral from Underperform with a price target of $95, up from $55. The firm views potential economic stimulus as helpful for low-cost carriers and notes Allegiant is keeping capacity growth flat in 2026, which can help drive higher prices, while new 737 MAX aircraft can help keep unit costs under control.
• Raymond James upgraded Stryker (SYK) to Outperform from Market Perform with a $418 price target. Stryker’s current valuation represents an attractive entry point, the firm contends.
• UBS upgraded Brinker (EAT) to Buy from Neutral with a price target of $175, up from $144. The firm says the company’s “leading” same-store sales momentum will continue.

Top 5 Downgrades:

• Wolfe Research downgraded Shopify (SHOP) to Peer Perform from Outperform and removed the firm’s prior $185 price target. The firm sees as elevated expectations that leave modest room for upside, and says valuation “looks full” after a re-rating over the last two years.
• Freedom Capital downgraded Chevron (CVX) and Exxon Mobil (XOM) to Sell from Hold with price targets of $165 and $123, respectively. The “euphoria” in the U.S. oil and gas sector triggered by the U.S. operation in Venezuela is “unjustified,” contends the firm, which calls rising oil and gas equities amid declining oil prices “a dangerous game for investors.” Freedom also downgraded Halliburton (HALO) and Phillips 66 (PSX) to Sell from Hold, and SLB (SLB) to Hold from Buy.
• UBS downgraded Lennar (LEN) to Neutral from Buy with a price target of $122, down from $137. The path back to 20%-plus gross margins could be delayed in the absence of a stronger than forecast industry recovery over the firm’s forecast period, the firm tells investors in a research note.
• Wells Fargo downgraded D.R. Horton (DHI) to Equal Weight from Overweight with a price target of $155, down from $180, following the firm’s December web scrape.
• Baird downgraded Wells Fargo (WFC) to Underperform from Neutral with an unchanged price target of $90. The firm sees limited upside to bank stocks in 2026.

Top 5 Initiations: 

• Truist initiated coverage of CoreWeave (CRWV) with a Hold rating and $84 price target. The Nvidia (NVDA) partnership is vital as it ensures CoreWeave access to GPUs, providing a long-term revenue backstop, Truist says.
• Aletheia initiated coverage of Lam Research (LRCX) with a Buy rating and $260 price target. Given “industry leading” process tools, rising content value, and expanding market share, the firm anticipates Lam will sustain its strong growth, the firm tells investors.
• Truist initiated coverage of Accenture (ACN) with a Buy rating and $317 price target. Accenture provides a relatively attractive, though not risk-free, way to gain exposure to enterprise modernization driven by GenAI, offering mid-single-digit growth and stable margins at a reasonable valuation that is discounted versus its history, the firm tells investors in a research note.
• Truist initiated coverage of Intuit (INTU) with a Buy rating and $739 price target. Intuit maintains a dominant market position, providing tangential financial technology products to consumers and SMBs across its TurboTax, Credit Karma, QuickBooks, and Mailchimp brands, the firm tells investors in a research note.
• Truist initiated coverage of Palantir (PLTR) with a Buy rating and $223 price target. Palantir holds a unique market position and is ideally positioned for increased AI adoption by both governments and enterprises, the firm tells investors in a research note.