Lockheed upgraded, Oracle 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:

• Redburn Atlantic upgraded American Express (AXP) to Neutral from Sell with a price target of $255, down from $270. The shares have fallen over 25% from its January high, and American Express’ valuation now more appropriately matches the future returns profile of the business, the firm tells investors in a research note. 
• Baird upgraded Lockheed Martin (LMT) to Outperform from Neutral with an unchanged price target of $540. The company reported a strong Q1 print, accompanied by management’s bullish tone across segments, led by an “insatiable global demand” for missile and missile defense platforms, the firm tells investors in a research note. 
• HSBC upgraded Intuit (INTU) to Buy from Hold with an unchanged price target of $699. The company typically derives 90% of its revenue from the U.S. and is “effectively detached” from tariffs, the firm tells investors in a research note. 
• Craig-Hallum upgraded Boot Barn (BOOT) to Buy from Hold with a $130 price target. The firm’s upgrade is predicated on tariffs impacting competitors equally, the company likely to gain share from the disruption similar to gains during COVID crisis, strong balance sheet reducing downside risk, weakening Mexican Peso offsetting some tariff risks, and the Trump Administration clearly signaling it wants to reduce tariff measures.
• Bernstein upgraded Cava Group (CAVA) to Outperform from Market Perform with an unchanged price target of $115. The firm says the 30% share pullback year-to-date “without any material deterioration” in Cava’s long-term fundamental thesis led to re-evaluating the risk/reward skew heading into Q1 earnings. 

Top 5 Downgrades:

• Piper Sandler downgraded Oracle (ORCL) to Neutral from Overweight with a price target of $130, down from $190. The company’s share gain momentum in artificial intelligence workloads accelerates sales but could pressure margin and free cash flow in fiscal 2026 on cloud mix and rising capex, the firm tells investors in a research note. 
• Guggenheim downgraded Enphase Energy (ENPH) to Sell from Neutral with a $33 price target, calling the company’s Q1 report and outlook “worse than initially apparent.” Morgan Stanley also downgraded Enphase Energy to Underweight from Equal Weight with a price target of $36, down from $67.
• Guggenheim downgraded SolarEdge (SEDG) to Sell from Neutral with a $5 price target. Comments from competitor Enphase Energy (ENPH) on Tuesday regarding the company’s business outlook in the U.S. and Europe signal additional challenges for SolarEdge, says the firm, who also believes that consensus expectations for 2026 are “significantly too high.” Morgan Stanley also downgraded SolarEdge to Underweight from Equal Weight with a price target of $10, down from $18.
• Morgan Stanley downgraded Sunrun (RUN) to Equal Weight from Overweight with a price target of $11, down from $27. The firm believes Sunrun’s path for outperformance is limited, as it sees downside risks for growth due to the consumer-facing nature of its product, the sensitivity of unit economics to elevated interest rates, and an uncertain policy environment. 
• Redburn Atlantic downgraded Chevron (CVX) to Sell from Neutral with a price target of $124, down from $156. The oil market was looking “increasingly precarious” even prior to the announcement of widespread U.S. tariffs on April 2, the firm tells investors in a research note. Barclays also downgraded Chevron to Equal Weight from Overweight with a price target of $152, down from $171. 

Top 5 Initiations: 

• Citi initiated coverage of General Motors (GM) with a Buy rating and $62 price target. The firm rolled out coverage of the auto manufacturers and auto parts and equipment group, saying uncertainty from the tariff wars will likely lead to volatility in U.S. light vehicle sales until there is resolution. Citi also started coverage of Ford (F) with a Neutral rating and a price target of $10.
• Benchmark initiated coverage of Coinbase (COIN) with a Buy rating and $252 price target. With the crypto space approaching the end of the “air pocket” in a move toward regulatory clarity, Coinbase is poised to benefit from “long-awaited” institutional adoption, the firm says. 
• Roth Capital initiated coverage of CrowdStrike (CRWD) with a Buy rating and $410 price target. The firm believes CrowdStrike is one of the best positioned companies in security given its “broad portfolio, competitive positioning and execution.” Roth also started coverage of SentinelOne (S), Okta (OKTA) and CyberArk (CYBR) with Buy ratings. 
• Roth Capital initiated coverage of Check Point (CHKP) with a Neutral rating and $215 price target. The company’s growth lags its peers, and its new customer adds are light, the firm tells investors in a research note. Roth also started coverage of Fortinet (FTNT) with a Neutral rating.
• UBS initiated coverage of General Mills (GIS) with a Sell rating and $54 price target, implying 6% downside from current levels. The firm’s analysis suggests that Street estimates for fiscal 2026 on both the top and bottom line appear optimistic, even after a significant reduction following earnings in mid-March. UBS also started coverage of Campbell’s (CPB) with a Sell rating and a price target of $36.