General Mills upgraded, Trade Desk 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:

• RBC Capital upgraded General Mills (GIS) to Outperform from Sector Perform with a price target of $63, down from $67. The firm acknowledges investor sentiment around packaged food “remains poor and fundamentals have yet to fully turn,” but it believes General Mills’ fiscal 2026 earnings guidance “embeds enough cushion for it to deliver, despite an ongoing sluggish environment.”
• Citizens JMP upgraded Penn Entertainment (PENN) to Outperform from Market Perform with a $24 price target. Penn has experienced several years of “well-known headwinds” primarily resulting from the build-out of its online businesses, and the stock is down 87% from its all-time high, the analyst tells investors in a research note.
• Raymond James upgraded FactSet (FDS) to Market Perform from Underperform without a price target. The firm sees limited further downside risk to FactSet’s valuation multiple, which it notes currently sits near the stock’s five-year low.
• William Blair upgraded Elanco (ELAN) to Outperform from Market Perform after hosting investor meetings with management. The conversations gave the firm more color around Elanco’s current momentum and pipeline efforts that give it confidence to upgrade the shares.
• Stifel upgraded Forward Air (FWRD) to Buy from Hold with a price target of $29, up from $21. The company’s new management team has mitigated customer attrition, laid out a “credible” go-forward strategy, and made significant progress on integrating Omni Logistics, the analyst says.

Top 5 Downgrades:

• Wells Fargo downgraded Trade Desk (TTD) to Equal Weight from Overweight with a price target of $68, down from $74. The impact of competition from Amazon (AMZN) is increasingly likely in 2026, the analyst tells investors in a research note.
• Citizens JMP downgraded MGM Resorts (MGM) to Market Perform from Outperform without a price target. Every several years, the Las Vegas market slows beyond the traditional seasonal slowdown and “this appears to be one of those years,” the analyst tells investors in a research note.
• BMO Capital downgraded Equinix (EQIX) to Market Perform from Outperform with a price target of $850, down from $1,045. The company’s analyst day highlighted a significant long-term growth opportunity, though its adjusted funds from operations 5%-9% growth forecast through 2029 “underwhelmed,” with 2026 growth at the low-end, the analyst tells investors in a research note. Raymond James double downgraded Equinix to Market Perform from Strong Buy.
• Mizuho downgraded Adaptimmune (ADAP) to Neutral from Outperform with a price target of 50c, down from $1.50. The firm says the company’s solvency and future sustainability are its main concerns.
• BTIG downgraded New Fortress Energy (NFE) to Neutral from Buy without a price target. The firm says that while New Fortress’ next debt maturity is not until September 2026, with the 2026 bonds trading in the 40s owing to covenants on the revolver and term loans which limit buybacks on the 2026 bonds, a potential debt exchange layered with equity looks like a potential solution.

Top 5 Initiations:

• Citi initiated coverage of SanDisk (SNDK) with a Buy rating and $57 price target. The analyst expects second half of the year supply/demand improvement in the NAND market, with a subsequent favorable pricing inflection and potential for share gains in the growing enterprise solid state drives segment.
• B. Riley initiated coverage of Capricor Therapeutics (CAPR) with a Buy rating and $21 price target. The firm believes deramiocel could become the first therapy for Duchenne muscular dystrophy-cardiomyopathy, addressing the leading cause of mortality in DMD.
• Wells Fargo initiated coverage of Ideaya Biosciences (IDYA) with an Overweight rating and $44 price target. The firm does not think the Street is pricing in enough value for darovasertib’s potential in uveal melanoma.
• Citi initiated coverage of Solid Biosciences (SLDB) with a Buy rating and $14 price target. With the stock trading at a $100M enterprise value versus the potential to achieve $2.5B-$3B of peak U.S. sales in Duchenne muscular dystrophy, Solid’s risk/reward skew “presents significant appeal,” the analyst says.
• BofA reinstated coverage of Unity (U) with an Underperform rating and $15 price target. The firm is “unconvinced” that Unity’s game engine business, or the Create segment, can create further shareholder value via its seat-based subscription sales.