CoreWeave initiated, Texas Instruments 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:

• TD Cowen upgraded Texas Instruments (TXN) to Buy from Hold with a price target of $245, up from $200. Texas Instruments is positioned to outperform in either a sharp or gradual recovery, the firm tells investors in a research note.
• Scotiabank upgraded Thermo Fisher (TMO) to Outperform from Sector Perform with a price target of $590, down from $605. The firm believes the “worst-case outlook” for life science tools companies has been largely factored into valuations. Scotiabank also upgraded Danaher (DHR) to Outperform from Sector Perform.
• BNP Paribas Exane upgraded WK Kellogg (KLG) to Neutral from Underperform with a $23 price target after the company entered into an agreement under which Ferrero has agreed to acquire it for $23.00 per share in cash, representing a total enterprise value of $3.1B.
• Wedbush upgraded Cinemark (CNK) to Outperform from Neutral with a price target of $37, up from $32. The firm believes the company is poised to benefit from a more consistent release slate over the next several quarters, approaches its convertible debt repayment date next month, stays ahead of competitors with theater investments, and returns cash to shareholders in 2025 with a dividend and likely with shares repurchases.
• Wedbush upgraded AMC Entertainment (AMC) to Outperform from Neutral with a price target of $4, up from $3. The firm believes AMC is poised to benefit from a more consistent release slate over the next several quarters, is positioned to gain market share in 2025 and 2026 with the most premium screens in North America and expansion plans in U.K./EU, repaid or postponed all debt that was due in 2026, relieving near-term uncertainty, and is completing what Wedbush expects to be a last major issuance for the foreseeable future, putting a significant headwind behind it.

Top 5 Downgrades:

• Scotiabank downgraded Illumina (ILMN) to Sector Perform from Outperform with a price target of $125, down from $164. The firm awaits more clarity around company-specific macro factors before again recommending the shares.
• BofA downgraded Expeditors (EXPD) to Underperform from Neutral with a price target of $118, up from $117. Containership rates are sliding rapidly from current levels given excess supply and muted demand, the firm tells investors in a research note.
• Jefferies downgraded Nutrien (NTR) to Hold from Buy with a price target of $66, up from $63. Nutrien’s positive earnings momentum in the near-term now appears discounted in the shares, while consensus revisions are likely to peak by mid-2026, the firm tells investors in a research note.
• Wells Fargo downgraded Oscar Health (OSCR) to Underweight from Equal Weight with a price target of $10, down from $16. Wells believes 2025 pricing is not adequate to cover cost trends and increasing market acuity.
• Susquehanna downgraded Boyd Gaming (BYD) to Neutral from Positive with a price target of $86, up from $76, after the company sold its 5% ownership in FanDuel to Flutter and renegotiated its market access agreement.

Top 5 Initiations:

• Argus initiated coverage of CoreWeave (CRWV) with a Buy rating and $200 price target. The firm says the company has grown “more rapidly than expected and is on path to continue its rapid growth.”
• TD Cowen initiated coverage of SoFi Technologies (SOFI) with a Hold rating and $21 price target. TD views the company’s product diversification as a core strength but views the shares as fairly valued at current levels.
• Cantor Fitzgerald initiated coverage of Harrow (HROW) with an Overweight rating and $76 price target. The firm cites a path to strong growth and profitability, and believes Harrow is on a path to become the leading diversified U.S. ophthalmology company.
• Raymond James initiated coverage of Vir Biotechnology (VIR) with an Outperform rating and $12 price target. Vir’s VIR-5500 shows “compelling” early Phase 1 data in heavily treated metastatic castration-resistant prostate cancer patients, and VIR-5500 is well-positioned to capture share in the large and growing mCRPC market, the firm notes.
• Raymond James initiated coverage of Janux Therapeutics (JANX) with an Outperform rating and $65 price target. The firm sees good results to date for JANX007, saying the data offer “strong proof-of-concept” for the masking technology employed by Janux.