Goldman downgraded, Coinbase initiated: 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: 

• Raymond James upgraded Capri Holdings (CPRI) to Outperform from Market Perform with a $25 price target. Capri appears well-positioned for a turnaround following several challenging years, supported by improving demand signals, conservative FY26 guidance, and upside potential to FY27 estimates, the firm tells investors in a research note.
• Citi upgraded Sunrun (RUN) to Buy from Neutral with a price target of $26, up from $11. While Sunrun benefits from tailwinds from increasing electricity rates on one hand, more leverage over suppliers from market shift to TPO should provide a second growth leg, the firm tells investors in a research note.
• Citi upgraded Nextracker (NXT) to Buy from Neutral with a price target of $114, up from $66. The company now has a globally dominant position in tracker sales and has acquired several adjacent businesses which may contribute a third of revenues by FY30, the firm tells investors in a research note.
• Leerink upgraded Exelixis (EXEL) to Outperform from Market Perform with a price target of $48, up from $38, following the ESMO presentation of the Phase 3 STELLAR-303 trial evaluating zanzalintinib plus atezolizumab versus regorafenib in 3L non MSI-high metastatic colorectal cancer. While the stock was pressured on these data, down 12%, the firm thinks the trial established a number of important levers critical to its longer-term investment thesis.
• BofA upgraded Eversource (ES) to Buy from Neutral with a price target of $85, up from $73. The firm sees an “improving regulatory tone” across Eversource’s key jurisdictions and a path to about 6% EPS growth through 2029, driving total return potential.

Top 5 Downgrades:

• JPMorgan downgraded Goldman Sachs (GS) to Neutral from Overweight with a price target of $750, up from $625. While JPMorgan is willing to pay a premium for Tier 1 players like Goldman Sachs and Morgan Stanley (MS), the current valuation of 14x for Goldman and 15.2x for Morgan Stanley on its 2027 forecasts looks too high a premium of roughly 80% versus European IBs.
• BNP Paribas Exane downgraded Verizon (VZ) to Neutral from Outperform with a $44 price target. The firm’s “simplistic view” in the last few years has been “own wireless over cable,” but the recent CEO change at Verizon has raised questions about strategy and how aggressively they will be willing to defend share.
• BNP Paribas Exane downgraded NuScale Power (SMR) to Underperform from Neutral with a price target of $25, down from $41. On the firm’s estimate of about 4 GW of cumulative shipments by 20240, it estimates NuScale will pay ENTRA1 over $6B over the next 15 years under their milestone agreement. Citi also downgraded NuScale to Sell from Neutral with a price target of $37.50, down from $46. The firm’s concerns include potential further sales by Fluor (FLR), stretched valuation, and the view that contract with TVA is unlikely in the near to medium term.
• TD Cowen downgraded Tempus AI (TEM) to Hold from Buy with a price target of $88, up from $72. The firm views the stock as fairly valued following the 160% rally year-to-date. 
• Wells Fargo downgraded Cleveland-Cliffs (CLF) to Underweight from Equal Weight with an unchanged price target of $11. The firm views the stock’s 22% rally on Monday as “excess exuberance.”

Top 5 Initiations: 

• Clear Street initiated coverage of Coinbase (COIN) with a Buy rating and $406 price target. The firm believes many asset classes will move on-chain, which will benefit Coinbase substantially.
• Clear Street initiated coverage of Circle Internet (CRCL) with a Hold rating and $135 price target. The firm prefers to stay on the sidelines until a more attractive entry point presents itself.
• Clear Street initiated coverage of Bullish (BLSH) with a Hold rating and $60 price target. The firm believes in the long term potential of Bullish, but the 54% share price appreciation since the IPO in August 2025 as well as the current multiple leaves the firm on the sidelines at this time.
• Morgan Stanley resumed coverage of Zoom Communications (ZM) with an Equal Weight rating and $85 price target. While Zoom’s valuation is “undemanding” and suggests limited share downside, a more meaningful growth acceleration is needed to drive a re-rating, the analyst tells investors in a research note.
• KeyBanc initiated coverage of Hims & Hers (HIMS) with a Sector Weight rating and no price target. The firm is “intrigued” by the company’s international ramp and expansion into more treatments, but believes it may lead to “more muted” margin expansion in 2026.