Deere upgraded, AST SpaceMobile 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:

• UBS upgraded Deere (DE) to Buy from Neutral with a price target of $535, down from $545. The firm expects 2026 to be the last year of Deere’s earnings downturn before a recovery in 2027.
• KeyBanc upgraded AppFolio (APPF) to Overweight from Sector Weight with a $285 price target after attending the company’s annual Future user conference. The firm notes that its conversations with customers are renewing its confidence that the company is seeing momentum in both net new and expansions on Plus and Max, the firm tells investors in a research note.
• HSBC upgraded Freeport-McMoRan (FCX) to Buy from Hold with a price target of $50, up from $43. The firm says precious metal prices are hitting “record decades-high levels,” with copper outperforming base and bulk metals on supply disruptions.
• Stifel upgraded International Paper (IP) to Buy from Hold with an unchanged price target of $57.80. The firm says the “original exuberance” priced into the shares following Andy Silvernail’s appointment as CEO has been replaced by more realistic expectations
• Baird upgraded Zions Bancorp (ZION) to Outperform from Neutral with an unchanged price target of $65. The firm tells investors to take advantage of the selloff in the shares.

Top 5 Downgrades:

• TD Cowen downgraded Booz Allen (BAH) to Hold from Buy with a price target of $105, down from $125. The firm sees the company reducing its fiscal 2026 guidance when reporting September quarter results.
• Barclays double downgraded AST SpaceMobile (ASTS) to Underweight from Overweight with an unchanged price target of $60. While direct-to-cellular will prove to be a “very attractive opportunity” and AST has key assets to succeed, the stock’s valuation “has become excessive,” the firm tells investors in a research note.
• Raymond James downgraded Bank OZK (OZK) to Market Perform from Outperform without a price target. Following Q3 results and initial 2026 guidance, next year’s EPS forecast was reduced by roughly 12% due to softer loan growth expectations, higher expenses, and lower net interest income, the firm tells investors in a research note.
• Raymond James downgraded Graphic Packaging (GPK) to Market Perform from Outperform without a price target. Given recent share weakness, the downgrade offers limited differentiation as sentiment on Graphic Packaging has already deteriorated, the firm tells investors in a research note.
• Raymond James downgraded Silgan Holdings (SLGN) to Outperform from Strong Buy with a price target of $53, down from $60. While Raymond James is still constructive on Silgan and believes the portfolio transformation towards higher-value Dispensing products and the margin expansion story remain underappreciated, the firm is taking a more conservative approach and is heeding some caution from discrete items that showed up in Q2 that have remained an overhang on shares.

Top 5 Initiations:

• UBS initiated coverage of Planet Fitness (PLNT) with a Buy rating and $125 price target. The firm says structural shifts in consumer behavior are leading to a prioritization of health and wellness, especially among Gen Z.
• Wells Fargo initiated coverage of Cracker Barrel (CBRL) with an Equal Weight rating and $42 price target. The company’s fundamentals “have deteriorated” as consumers are resisting changes, the firm tells investors in a research note.
• Baird initiated coverage of Kontoor Brands (KTB) with an Outperform rating and $105 price target. The firm believes the company’s transformation from a “stable dividend yield story to an above-average” growth, high-margin portfolio following the Helly Hansen acquisition appears underappreciated.
• Jefferies initiated coverage of Primo Brands (PRMB) with a Hold rating and $23 price target. Primo has solid longer-term fundamentals, but integration complexity limits its near-term visibility, the firm tells investors in a research note.
• Morgan Stanley initiated coverage of Option Care Health (OPCH) with an Overweight rating and $35 price target. The company is well positioned amid rising prevalence of chronic disease and focus on lower-cost care centers, the firm tells investors in a research note.