KB Home downgrade, Costco 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 Upgrades: 

• More bullish on the name, Northcoast upgraded Costco (COST) to Buy from Neutral with a $1,100 price target. 

Top Downgrades:

• Raymond James downgraded KB Home (KBH) to Market Perform from Outperform without a price target. The firm cites the company’s “disappointing” Q4 report for the downgrade.
• William Blair downgraded Dynavax (DVAX) to Market Perform from Outperform after Sanofi (SNY) announced it will acquire the company for $15.50 per share. The firm, which believes the acquisition “makes sense” given growing regulatory concerns around vaccines and investor questions on management’s strategy for value creation, calls Sanofi a “logical acquisition partner.”
• Alliance Global downgraded Spire Global (SPIR) to Neutral from Buy with a price target of $9, down from $17, until there is more evidence of a recovery. Management expects to turn operating cash flow positive no later than Q4 of 2026, but the firm argues this would require 15% upside to its Q4 of 2025 revenue estimate and $36M of annual expense cuts from the most recent quarter, which it views as “unlikely.”

Top Initiations: 

• Chardan initiated coverage of Hyperliquid Strategies (PURR) with a Buy rating and $8.15 price target.
• Chardan also initiated coverage of Hyperion DeFi (HYPD) with a Buy rating and $7.75 price target.