CrowdStrike and McDonald’s 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: 

• Melius Research upgraded Deere (DE) to Buy from Hold with a $750 price target. The firm believes Deere’s “leading position” in agriculture technology will deliver “transformational value” to farmers.
• Jefferies upgraded Urban Outfitters (URBN) to Hold from Underperform with a price target of $70, up from $50. The firm upgrades the shares following Urban’s “healthy” Q1 results and ahead of an investor event next week
• Scotiabank upgraded Sarepta (SRPT) to Outperform from Sector Perform with an unchanged price target of $80. Now that negative news, including an Elevidys patient death and downward revision of 2025 sales guidance, is “more than reflected” in the share price, the firm thinks the risk reward is favorable and it sees several important catalysts coming up that could drive the stock higher.
• Morgan Stanley upgraded Applied Materials (AMAT) to Equal Weight from Underweight with a price target of $158, down from $162. The firm says the stock’s valuation drives the upgrade as its estimates are below consensus.
• UBS upgraded Teradata (TDC) to Neutral from Sell with a price target of $24, down from $26. After speaking with 15 of the company’s customers and partners, the firm resumes coverage at Neutral from Sell, concluding the outlook for Teradata is “still challenging” but that much of this appears to be priced into the shares.

Top 5 Downgrades:

• Bernstein downgraded CrowdStrike (CRWD) to Market Perform from Outperform with an unchanged price target of $371. The firm says the shares are “VERY expensive” at current levels.
• Loop Capital downgraded McDonald’s (MCD) to Hold from Buy with a price target of $315, down from $346. The firm has “growing concerns” that McDonald’s domestic comparable sales growth profile will not rebound as much as expected over the remainder of 2025.
• Northland downgraded Toro Company (TTC) to Market Perform from Outperform with a price target of $80, down from $100, after the company reported “mixed” Q2 results and lowered FY25 guidance.
• Goldman Sachs downgraded MYR Group (MYRG) to Neutral from Buy with a higher price target of $168, up from $145, as part of a broader research note on Americas Energy Services. The firm continues to believe that MYR will benefit from strong utility spending but also warns that at the current price the stock is reflecting a high single digit revenue growth CAGR through 2030, which is in line with its broader expectations of utility spending.
• Citi downgraded AMH (AMH) to Neutral from Buy with an unchanged $41 price target as part of a broader research note on REITs and Lodging. Citi says May will likely represent the peak of AMH’s new lease growth, surprising some investors.

Top 5 Initiations: 

• KeyBanc initiated coverage of Twilio (TWLO) with an Overweight rating and $146 price target. The positive momentum seen recently in Twilio has some legs, particularly in focusing on the core offerings and given some “blocking and tackling” on its go-to-market strategy, the firm tells investors in a research note. KeyBanc also started coverage of Five9 (FIVN) and Cloudflare (NET) with Overweight ratings.
• KeyBanc initiated coverage of Zoom Communications (ZM) with an Underweight rating and $73 price target as part of a broader research note launch coverage of select Enterprise Software names. The company’s primary video conferencing business has been under threat since the peak of the pandemic as “virtual happy hours” faded into the background of the 5-days-a week in-office mandates, the firm tells investors in a research note.  KeyBanc also started coverage of Akamai (AKAM) with an Underweight rating.
• KeyBanc initiated coverage of RingCentral (RNG) with a Sector Weight rating and no price target. The company has an opportunity to expand into Customer Experience, but it is a crowded field, the firm tells investors in a research note. KeyBanc also started coverage of Fastly (FSLY) with a Sector Weight.
• Goldman Sachs initiated coverage of Teva (TEVA) with a Buy rating and $24 price target. The firm sees an improving core business, with upside to near-mid-term consensus EBITDA estimates driven by “strong growth” in the branded segment. Goldman’s estimates are 6% above consensus EBITDA estimates in 2027 and it sees the potential for this to expand further on continued execution.
• Roth Capital initiated coverage of Hut 8 (HUT) with a Buy rating and $25 price target. Hut 8 is transforming into a power-first digital infrastructure platform, with 1.0GW energized, 2.6GW under exclusivity, and long-term growth visibility from bitcoin hosting and high-performance computing colocation, the firm tells investors in a research note.