Five Below upgraded, Bill 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 Upgrades:

• Telsey Advisory upgraded Five Below (FIVE) to Outperform from Market Perform with a price target of $170, up from $144. The company’s business inflected in the first half of 2025 and the momentum should continue into the second half, the firm tells investors in a research note.
• UBS upgraded Wynn Resorts (WYNN) to Buy from Neutral with a price target of $147, up from $101. The firm cites its increased Macau estimates and more bullish view on Wynn’s Al Marjan resort for the upgrade.
• BofA upgraded Silgan Holdings (SLGN) to Buy from Neutral with a price target of $57, up from $53. While the firm saw less compelling valuation and upward catalysts into Q2 reporting, it thinks shares should be bought after the stock dropped over 15% on reduced earnings guidance, the firm tells investors.
• Deutsche Bank upgraded Venture Global (VG) to Buy from Hold with a $17 price target. The firm left its meeting with the company’s management at the Plaquemines LNG facility with a much better understanding of just how complex, disciplined, and deliberate the sequencing of construction activities are to allow for the simultaneous commissioning and construction work that occurs at these projects.
• Oppenheimer upgraded Green Plains (GPRE) to Outperform from Perform with a $14 price target. The company removed its largest financial overhang with the sale of its Obion plant, the firm tells investors in a research note.

Top Downgrades:

• Piper Sandler downgraded Bill (BILL) to Neutral from Overweight with a price target of $50, down from $70, following the fiscal Q4 report. The company’s fiscal 2026 core revenue growth guidance of 12%-15% is a “far cry” from its original ambition of 20% and below the consensus estimate of 15%, the firm tells investors in a research note.
• Citizens JMP downgraded Aspen Insurance (AHL) to Market Perform from Outperform without a rice target after the company agreed to be acquired by Sompo Holdings (SMPNY) for $37.50 per share, or $3.5B in cash.
• Citi downgraded Cooper Companies (COO) to Neutral from Buy with a price target of $72, down from $97. The firm views the company’s fiscal Q3 report as disappointing and cites execution uncertainty for the downgrade.

Top Initiations:

• BMO Capital initiated coverage of ServiceTitan (TTAN) with an Outperform rating and $129 price target. The firm sees a “multi-faceted growth opportunity” for ServiceTitan to expand wallet share with customers and add new trades and customers.
• Needham initiated coverage of Oddity (ODD) with a Buy rating and $72 price target. The firm says the company is “disrupting” the beauty and wellness market with a technology platform that uses artificial intelligence to develop differentiated products, build targeted audiences and match customers to personalized products.
• BTIG initiated coverage of Nano Nuclear Energy (NNE) with a Neutral rating and no price target. BTIG likes Nano’s micro reactor solution but says the company’s technology is still in the demonstration phase.
• Jefferies initiated coverage of Biomea Fusion (BMEA) with a Buy rating and $5 price target. The firm says the company’s lead asset icovamenib is being studied in both type 2 and type 1 diabetes with Phase 2 data updates coming in the second half of 2025. The drug has a mechanism of action that could “fundamentally address a root driver of diabetes,” contends Jefferies.
• Jefferies initiated coverage of Acuren (TIC) with a Buy rating and $16 price target. The company is positioned to boost EBITDA margins due to cost synergies from the NV5 acquisition, operating leverage, and business improvements, the firm tells investors in a research note.