Eli Lilly downgraded, Lyft 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 Upgrades:

• Roth Capital upgraded Lyft (LYFT) to Buy from Neutral with a price target of $19, up from $16. The company’s ridesharing performance indicators as well as EBITDA and free cash flow margins reached all-time highs, the firm tells investors in a research note.
• BofA upgraded CommScope (COMM) to Buy from Underperform with a price target of $20, up from $4, following its decision to sell CCS, its flagship segment, to Amphenol (APH). CommScope has been making progress with paying down debt over the past few quarters and the CCS sale is another step in the company’s breakup, designed to eliminate the risk of default and expose the sum-of-parts value, the firm tells investors.
• Baird upgraded Fastenal (FAST) to Outperform from Neutral with a price target of $55, up from $47. The firm believes the market is underestimating the company’s earnings power.
• Piper Sandler upgraded HubSpot (HUBS) to Overweight from Neutral with a price target of $675, up from $645. The company’s Q2 report was “better-than-feared” with a sales beat against a backdrop of negative investor sentiment, the firm tells investors in a research note.
• Stifel upgraded ESAB (ESAB) to Buy from Hold with an unchanged price target of $141. Stifel views the selloff as a “compelling entry point” for a “high quality compounder at a significant discount.”

Top Downgrades:

• Leerink downgraded Eli Lilly (LLY) to Market Perform from Outperform with a price target of $715, down from $944. Following “disappointing” initial results for orforglipron, the company’s oral GLP-1, the firm is lowering its long-term projections and notes that its “investment thesis has changed” as it no longer expects upward pressure on long-term consensus expectations.
• TD Cowen downgraded Fortinet (FTNT) to Hold from Buy with a price target of $105, down from $135, post the Q2 report. While the company’s second half of 2025 billings guidance was raised by one point to 15% year-over-year, the current refresh cycle at 50% attainment creates uncertainty of core appliance growth once the cycle is complete in 4-6 quarters, the firm tells investors in a research note. Rosenblatt, KeyBanc and Piper Sandler also downgraded Fortinet to Neutral-equivalent ratings.
• Morgan Stanley downgraded Caterpillar (CAT) to Underweight from Equal Weight with a price target of $350, up from $283. While the quarter contained some clear positives, the negatives indicate a “steady deterioration” in Caterpillar’s fundamentals and skew the stock’s risk to the downside, the firm tells investors in a research note.
• Citi downgraded Opendoor Technologies (OPEN) to Sell from Neutral with a price target of 70c, down from 80c. The firm cites its significantly reduced sales estimates, the 250% rally in the shares since July 1, and slowing home purchase and resell activity for the downgrade.
• Jefferies downgraded Six Flags (FUN) to Hold from Buy with a price target of $25, down from $41. The firm sees uncertainty following the company’s Q2 miss due to prospects for a protracted leadership and strategy change.

Top Initiations:

• Carvana (CVNA) was assumed at Morgan Stanley with an Overweight rating and a price target of $450, up from $290. The firm embeds greater acceleration in market share gains and “gives credit for operating execution” with Carvana’s management team “delivering yet another strong operating result well ahead of expectations,” the firm tells investors.
• Sagimet Biosciences (SGMT) was assumed at H.C. Wainwright with a Buy rating and $29 price target. The company has a potential best-in-class fatty acid synthase inhibitor platform with “multiple shots on goal” across a number of diseases, including near-term clinical catalysts in metabolic dysfunction-associated steatohepatitis and dermatology, the firm tells investors in a research note.