Etsy upgraded, ZoomInfo 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.

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Top Upgrades: 

• Argus upgraded Etsy (ETSY) to Buy from Hold with a $67 price target. The company’s metrics, such as active buyers and growth in gross merchandise sales per active buyer, appear to be improving as Etsy benefits from personalization and machine learning initiatives, driving the stock’s outperformance over the past quarter, the firm tells investors in a research note.
• UBS upgraded GE HealthCare (GEHC) to Neutral from Sell with a price target of $69, down from $75. The firm cites valuation for the upgrade with the shares down 30% since January.
• Goldman Sachs upgraded Occidental (OXY) to Neutral from Sell with a price target of $64, up from $57. The firm is citing meaningful progress on lowering absolute debt following asset sales and higher oil prices, the company’s continued execution strength and progress on reducing its capital intensity and operating cost structure, as well as the management’s strategic focus on improving efficiencies and harvesting free cash flow rather than incremental resource replacement through M&A.
• Citizens upgraded Regional Management (RM) to Outperform from Market Perform with a $45 price target post the Q1 report. The firm cites the company’s new management, geographic expansion from the new Column partnership, “more stable” credit performance, and visibility into growth and credit trends in the coming quarters for the upgrade.
• JPMorgan upgraded Flywire (FLYW) to Neutral from Underweight with a price target of $16, up from $14. The company’s execution on re-mixing the business makes it less vulnerable to negative earnings revision risk, the firm tells investors in a research note.

Top Downgrades:

• Jefferies downgraded ZoomInfo (GTM) to Hold from Buy with a price target of $4, down from $12. The firm “materially reduced” ZoomInfo’s revenue growth for 2026 and does not expect conditions to improve in 2027.
• Berenberg downgraded Mobileye (MBLY) to Hold from Buy with a price target of $10.80, up from $9.30. The firm believes Mobileye’s near-term risk-reward is now more balanced.
• Susquehanna downgraded Kyndryl (KD) to Neutral from Positive with a price target of $13, down from $16. While stating that Kyndryl has “come a long way” since it spun out of IBM (IBM), the firm also says there have been “more challenging signs in the last year.”
• Raymond James downgraded Northern Oil and Gas (NOG) to Outperform from Strong Buy with a price target of $35, down from $37. The company’s hedge position creates some near-term headwinds in the current “robust” oil environment relative to its less-hedged peers, the firm tells investors in a research note.

Top Initiations: 

• Goldman Sachs reinstated coverage of Medtronic (MDT) with a Neutral rating and $84 price target, which offers 7.5% upside potential. The shares at current levels offer a balanced risk/reward, trading at a 10% discount to Medtronic’s large cap medical technology peers, the firm tells investors in a research note.
• Freedom Capital initiated coverage of DraftKings (DKNG) with a Buy rating and $30 price target. After moving into the prediction markets in order to compete against Kalshi and others, DraftKings is “positioned to win across sports,” the firm tells investors in a research note.
• Citizens initiated coverage of Brown & Brown (BRO) with an Outperform rating and $70 price target. The firm sees the company posting “cyclically-soft” organic growth in the near term, but sees improvement in growth sequentially across the year.
• Roth Capital initiated coverage of SailPoint (SAIL) with a Buy rating and $19 price target. Roth views SailPoint’s fiscal 2027 outlook and consensus annual recurring revenue expectations as conservative.
• Guggenheim initiated coverage of Oculis (OCS) with a Buy rating and $75 price target. The firm sees OCS-01 having the potential to become the first non-invasive topical treatment for DME, which it calls a large market with about 1M immediately addressable patients currently under-served by injection-based therapies