HubSpot downgraded, Qualcomm 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 5 Upgrades:

• Daiwa upgraded Qualcomm (QCOM) to Outperform from Neutral with a price target of $225, up from $140. Qualcomm’s Q2 results were mixed, with strong Auto and IoT growth offset by weaker-than-expected handset performance and softer Q3 guidance, but focus is increasingly shifting toward the company’s emerging data center AI CPU opportunity, which could position Qualcomm to benefit from the same Arm-based AI inference trends driving enthusiasm for Arm (ARM) and Intel (INTC), the firm says.
• Craig-Hallum upgraded Akamai (AKAM) to Buy from Hold with a price target of $190, up from $100, as the firm sees this quarter as transformational. Craig-Hallum notes the quarter and outlook for the core business were in line but were lost in the “shocking” implications of a $1.8B / seven-year deal with an AI Frontier Lab.
• Wells Fargo upgraded Victoria’s Secret (VSCO) to Overweight from Equal Weight with a price target of $57, up from $55. The firm’s work shows GLP-1 adoption is behind a “mega-trend that can drive robust demand” in U.S. apparel for multiple years.
• UBS upgraded Tapestry (TPR) to Buy from Neutral with a price target of $187, up from $142. The firm says the company is successfully executing its new customer acquisition plan, particularly Gen-Z consumers, better than expected.
• Craig-Hallum upgraded Rocket Lab (RKLB) to Buy from Hold with a $98 price target following a large beat and a Q2 outlook well ahead of consensus.

Top 5 Downgrades:

• BofA double downgraded HubSpot (HUBS) to Underperform from Buy with a price target of $180, down from $300. After last night’s Q1 results and commentary, the firm tells investors that the “biggest surprise” is that HubSpot is reorienting its go-to-market model to be agent-first, with reps now expected to position AI agents as “the tip of the spear” during sales conversations. Citi, William Blair and Cantor Fitzgerald also downgraded HubSpot but to Neutral-equivalent ratings.
• Wells Fargo downgraded Nike (NKE) to Equal Weight from Overweight with a price target of $45, down from $55. Wells says that as the largest footwear company globally, Nike does not fit with its preference of clothing outperforming over the next few years.
• Oppenheimer downgraded Trade Desk (TTD) to Perform from Outperform without a price target. William Blair and KeyBanc also downgraded the shares post earnings. Oppenheimer sees no catalyst for the shares until Trade Desk’s revenue accelerates.
• Morgan Stanley downgraded Planet Fitness (PLNT) to Equal Weight from Overweight with a price target of $47, down from $117. Key tenets of the firm’s prior investment case have been “disproved,” including lack of pricing visibility and headwinds to accelerating club growth, says the firm, which is “materially” lowering both estimates and target multiples to reflect low visibility to re-acceleration. TD Cowen and BofA also downgraded Planet Fitness to Neutral-equivalent ratings.
• Wells Fargo downgraded Deckers Outdoor (DECK) to Underweight from Equal Weight with a price target of $90, down from $115. The firm says Deckers is not likely to be a benefactor of the GLP-1 tailwind that will benefit apparel names.

Top 5 Initiations:

• HSBC initiated coverage of Applied Materials (AMAT) with a Buy rating and $517 price target. The company is well positioned to benefit from rising wafer fab equipment demand, the firm tells investors in a research note.
• Morgan Stanley initiated coverage of Versigent (VGNT) with an Overweight rating and $51 price target, implying 27% upside. The company plays a “foundational role” in vehicle electrical architecture, supplying signal, power, and data distribution systems that connect key vehicle components, the firm tells investors in a research note.
• Roth Capital initiated coverage of Satellogic (SATL) with a Buy rating and $10 price target. The firm expects Satellogic to expand its international and U.S. government customer position in support of evolving defense and national security requirements for geospatial intelligence and believes the company is at “a revenue inflection” with the launch of new key products.
• JPMorgan initiated coverage of Ceva (CEVA) with a Neutral rating and $30 price target. The stock’s premium valuation multiple prohibits material upside to the current share price, the firm tells investors in a research note.
• Stifel resumed coverage of ClearPoint Neuro (CLPT) with a Buy rating and $16 price target. ClearPoint is well-positioned in the large neurological disorder market with its “robust” and “differentiated” neuro ecosystem that enables precise delivery of both drugs and devices, the firm tells investors.