LendingClub upgraded, Enphase Energy 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:

• JPMorgan upgraded LendingClub (LC) to Overweight from Neutral with a price target of $22, up from $17. The firm believes LendingClub has “more ways than ever” to grow originations and profits without incurring punitive charges. It sees this driving accelerating profit growth and improved return metrics in 2026.
• Roth Capital upgraded Core Scientific (CORZ) to Buy from Neutral with a price target of $23.50, up from $17. The firm now assumes the company’s takeover by CoreWeave (CRWV) does not go through amid increasing activity and commentary around voting against the deal.
• Deutsche Bank upgraded CME Group (CME) to Buy from Hold with a price target of $300, up from $266, following the Q3 report. The firm believes CME’s organic growth initiatives, mainly within the prediction markets, will drive its earnings growth into the high single digits in 2026.
• Needham upgraded TransMedics (TMDX) to Buy from Hold with a $148 price target. Needham’s transplant tracker indicates that TransMedics’ U.S. sales are likely to beat consensus in Q3.
• UBS upgraded UiPath (PATH) to Neutral from Sell with a price target of $17, up from $10, as the firm resumed coverage of the stock. The outlook is “still mixed,” but near-term GenAI risk fears appear “overdone,” UBS tells investors.

Top 5 Downgrades:

• Mizuho downgraded Enphase Energy (ENPH) to Neutral from Outperform with a price target of $37, down from $50. The firm cites reduced residential solar demand in 2026, Enphase’s lower solar market share due to lease switching, and limited visibility into the success of its new lease and loan financing model for the downgrade.
• Mizuho downgraded Hologic (HOLX) to Neutral from Outperform with a $78 price target after the company agreed to be acquired by funds managed by Blackstone (BX) and TPG (TPG) in a transaction valued at up to $79 per share, representing an enterprise value of up to $18.3B.
• Wells Fargo downgraded Tegna (TGNA) to Equal Weight from Overweight with an unchanged price target of $22. The firm cites the pending Nexstar (NXST) for the downgrade.
• H.C. Wainwright downgraded Avadel Pharmaceuticals (AVDL) to Neutral from Buy with a price target of $20, down from $36, after the company entered into a definitive agreement to be acquired by Alkermes (ALKS) in an all-cash transaction for up to $20.00 per share – $18.50 per share plus a contingent value right of $1.50 per share.
• Citi downgraded Arcturus Therapeutics (ARCT) to Neutral from Buy with a price target of $12, down from $49. The ARCT-032 Phase 2 trail did not show a meaningful improvement for cystic fibrosis patients despite high expectations, the firm tells investors in a research note.

Top 5 Initiations:

• Citi initiated coverage of PayPal (PYPL) with a Neutral rating and $78 price target. The company’s two-sided network and “strong brand” make it a key player in the payment ecosystem, but the “key metric to watch,” namely improvement in PayPal branded growth, has failed to materialize so far, the firm tells investors.
• Citi initiated coverage of Block (XYZ) with a Buy rating and $105 price target. Block has turned the corner and is focused on accelerating growth, the firm tells investors in a research note. Citi also started coverage of Visa (V), MasterCard (MA), and Affirm (AFRM) with Buy ratings.
• KeyBanc initiated coverage of Booking Holdings (BKNG) with an Overweight rating and $6,450 price target as well as Expedia (EXPE) with a Sector Weight rating and no price target. Booking has a “strong track record” of executing against its initiatives.
• Bernstein initiated coverage of BellRing Brands (BRBR) with an Outperform rating and $46 price target. The firm believes the company’s market share will prove resilient and views the stock’s valuation as attractive at current levels.
• Jefferies initiated coverage of Gulfport Energy (GPOR) with a Buy rating and $250 price target. The firm believes the company’s inventory position is misunderstood and cost execution is underappreciated.