DoorDash, Baidu 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:

• Jefferies upgraded DoorDash (DASH) to Buy from Hold with a price target of $260, up from $220. The firm believes faster growth in U.S. restaurant delivery over the past four quarters warrant a more bullish stance on the growth runway for DoorDash’s most profitable business.
• Nomura upgraded Baidu (BIDU) to Buy from Neutral with a price target of $140, up from $135. The firm believes that Baidu’s 69% owned chip-design subsidiary, Kunlunxin, offers “substantial growth potential” and it notes that management is considering enhancing capital returns, which it sees as likely to “enhance the appeal of the stock.”
• UBS upgraded Insulet (PODD) to Buy from Neutral with a price target of $400, up from $355, ahead of the analyst day. The firm believes the company can sustain its growth momentum through the end of the decade.
• Jefferies upgraded Zions Bancorp (ZION) to Buy from Hold with a price target of $60, up from $55. The stock pullback on the alleged fraud-related charge-off in Q3 combined with the “mini credit scare” among non-bank financials is overdone, the firm tells investors in a research note.
• Goldman Sachs upgraded Medtronic (MDT) to Neutral from Sell with a price target of $111, up from $81. Post Q2 results, the firm noted that the company’s new product momentum is picking up and overall P&L metrics have taken another step in the right direction.

Top 5 Downgrades:

• Wells Fargo downgraded Molson Coors (TAP) to Equal Weight from Overweight with a price target of $50, down from $53. Molson faces category softness, which is exacerbated by share losses and “tight” costs, the firm tells investors in a research note.
• Mizuho double downgraded Canadian Solar (CSIQ) to Underperform from Outperform with a price target of $21, up from $15. The firm says the impact of U.S. factory resolution remains uncertain.
• BofA downgraded BellRing Brands (BRBR) to Neutral from Buy with a price target of $28, down from $50, following “soft” Q4 results, a “contentious” FY26 outlook, and a cut to the company’s long-term sales algorithm.
• HSBC downgraded QuantumScape (QS) to Reduce from Hold with a price target of $10.50, up from $5.30. While the company has made progress on its targets and announced some key agreements and partnerships, visibility or the disclosure of contract economics remains limited, the firm tells investors in a research note.
• Truist downgraded GitLab (GTLB) to Hold from Buy with a price target of $44, down from $55. Truist sees the company facing low visibility and heightened execution risk in the face of a business model transition that is being forced by secular changes in the developer tools landscape.

Top 5 Initiations:

• Wells Fargo initiated coverage of AB InBev (BUD) with an Overweight rating and $75 price target. The firm sees a “tactical” setup for the shares into 2026 given AB InBev’s “cheap” valuation, “easy” year-ago volume compares, and calendar catalysts into the 2026 World Cup.
• Citizens JMP initiated coverage of Riot Platforms (RIOT) with an Outperform rating and $25 price target. The firm launched coverage of five companies previously in bitcoin mining, saying they provide “critically scarce” power supply for high performance compute and artificial intelligence.
• BofA initiated coverage of Extreme Networks (EXTR) with a Buy rating and $24 price target. Catalysts for the provider of cloud-driven Campus networking solutions include a WiFi-7 upgrade cycle, Campus refresh/modernization initiatives, and growing adoption of cloud and SaaS-based offerings, driving the firm’s estimates “moderately” above the Street, the firm tells investors.
• Canaccord initiated coverage of Insight Enterprises (NSIT) with a Hold rating and $100 price target. The firm says the company is “well on its way” through a multi-year shift from a transactional IT reseller to a solutions-led technology partner.
• UBS initiated coverage of Parsons (PSN) with a Buy rating and $107 price target. Supported by strong bookings and a technology-focused bolt-on M&A strategy, growth is set to accelerate, led by Federal, with margin expansion across both segments, the firm tells investors in a research note.