CoreWeave upgraded, Instacart 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:

• Morgan Stanley upgraded HP Enterprise (HPE) to Overweight from Equal Weight with a price target of $28, up from $22. The firm believes accretion from the Juniper acquisition and multiple upside is not being priced into the shares.
• H.C. Wainwright upgraded CoreWeave (CRWV) to Buy from Neutral with an $180 price target. The stock’s valuation “has sunk deep enough,” the analyst tells investors in a research note. Arete also upgraded CoreWeave to Buy from Neutral with an $180 price target.
• Citi upgraded Bio-Techne (TECH) to Buy from Neutral with a price target of $70, up from $55. The firm views the company’s growth and margin outlook as conservative and believes the stock is undervalued at current levels.
• Jefferies upgraded Enphase Energy (ENPH) to Hold from Underperform with a price target of $36, up from $28. Treasury guidance issued on Friday of last week was positive for residential solar, yet Enphase’s stock is up just about 10%, notes the analyst, who perceives a market disconnect in which the buyside gives little credit for TPO sales, wrongly assuming the majority of sales are tied instead to cash/loan.
• UBS upgraded iQiyi (IQ) to Buy from Neutral with a price target of $3.32, up from $1.97. iQiyi’s fundamentals could be bottoming out amid a more benign regulatory environment, the analyst tells investors in a research note.

Top 5 Downgrades:

• Wedbush downgraded Instacart (CART) to Underperform from Neutral with a price target of $42, down from $55, arguing that Amazon’s (AMZN) expansion of its same-day perishable grocery delivery service has intensified competition.
• Citi downgraded Coty (COTY) to Neutral from Buy with a price target of $4.25, down from $6.50. The company’s fiscal Q4 results came in weaker than expected despite a low bar, the analyst tells investors in a research note.
• Wells Fargo downgraded Truist Financial (TFC) to Equal Weight from Overweight with an unchanged $47 price target after its announced 5-year strategic plan that contains “new new metrics.” The company is lagging its numerous peers with this announcement after years of share loss and weak JD Power rankings, the analyst tells investors in a research note.
• JPMorgan downgraded Alcon (ALC) to Neutral from Overweight with a price target of $77.53, down from $105.88. The company reported another “soft” quarter and cut to guidance, the analyst tells investors in a research note.
• BofA downgraded Monday.com (MNDY) to Neutral from Buy with a price target of $205, down from $240. Search engine optimization driven website visits to Monday.com sank by an average of 23.5% year-over-year in Q2 and declines accelerated to 25.3% in July, according to Similarweb data, reports the analyst.

Top 5 Initiations:

• Argus initiated coverage of DexCom (DXCM) with a Buy rating and $100 price target. The firm sees the company maintaining above industry average growth with expanding customer reach across the continuous glucose monitoring for diabetes landscape and leveraging costs to enhance profitability.
• Morgan Stanley assumed coverage of NetApp (NTAP) with an Equal Weight rating and price target of $115, up from $106. The firm says its intra-quarter storage channel checks were most cautious for NetApp.
• Rosenblatt initiated coverage of PubMatic (PUBM) with a Buy rating and $17 price target. The company’s Q2 earnings report unearthed a second problem in a major DSP relationship, setting the stage for a decline in adjusted EBITDA in 2026, but these operating challenges seem likely to be overcome, the analyst tells investors in a research note.
• BofA initiated coverage of NuScale Power (SMR) with a Neutral rating and $36 price target. The developer of small modular reactor nuclear technology’s use of lightwater technology and LEU, rather than scarce HALEU, offers “a more de-risked fuel pathway” than peers, but the firm’s Neutral rating reflects the early commercialization stage, a lack of binding contracts, and a valuation that “already prices in significant future success.”
• Morgan Stanley initiated coverage of Trevi Therapeutics (TRVI) with an Overweight rating and $18 price target. The firm sees a multi-billion dollar opportunity for Haduvio.