Lyft upgraded, Block assumed: 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:

• TD Cowen upgraded Lyft (LYFT) to Buy from Hold with a price target of $21, up from $16. TD says Lyft is its “Best Smidcap Idea” for 2025 and says the company is well-positioned with growth levers including refocusing outside top 25 markets, international expansion with the FREENOW acquisition and ongoing Canada efforts, and continued product innovation, including price lock.
• Roth Capital upgraded Electronic Arts (EA) to Buy from Neutral with a price target of $185, up from $175. The firm cites increased confidence in Electronic Arts’ ability to execute and deliver double-digit earnings growth over the next three years for the upgrade.
• Stephens upgraded Exelixis (EXEL) to Overweight from Equal Weight with a price target of $60, up from $29, and is also making it the analyst’s “Best Idea” pick among the analyst’s coverage universe. The firm has a better understanding on how Cabometyx can retain market share in RCC, despite current competition and triplet combination trials in-progress, giving it heightened confidence on the franchise to retain market share in RCC and add growth from NET, the analyst tells investors.
• HSBC upgraded Broadcom (AVGO) to Buy from Hold with a $400 price target.
• Macquarie upgraded MakeMyTrip (MMYT) to Outperform from Neutral with a $110 price target. The company is raising $3.1B via a mix of primary share issuance and zero-coupon convertible notes, the analyst tells investors in a research note.

Top 5 Downgrades:

• Goldman Sachs downgraded Advance Auto Parts (AAP) to Sell from Neutral with a price target of $46, down from $48, which implies 11% downside from current levels. Advance Auto is likely to underperform peers in the near term, according to the firm.
• Raymond James double downgraded Vital Energy (VTLE) to Underperform from Outperform without a price target. As the geopolitical risk premium unwinds on oil, the fundamentals support an oil price closer to $60 per barrel, the analyst tells investors in a research note.
• Loop Capital downgraded Ollie’s Bargain Outlet (OLLI) to Hold from Buy with a $130 price target. The firm notes that its downgrade is based on the stock’s current valuation rather than its more bearish view as it continues to believe that Ollie’s is well positioned to outperform for the foreseeable future, the analyst says.
• Goldman Sachs downgraded RH (RH) to Sell from Neutral with a price target of $179, down from $199. While the housing market remains pressured, RH will face increasingly difficult compares for the remainder of 2025, the firm says.
• Arete downgraded Alibaba (BABA) to Neutral from Buy with a $153 price target.

Top 5 Initiations:

• Piper Sandler assumed coverage of Block (XYZ) with an Underweight rating and $50 price target. While Block’s valuation is “depressed” relative to its historical average and peers, this is warranted given the persistent deceleration of Cash App user growth and mounting competition across its business lines, the analyst tells investors in a research note.
• Morgan Stanley assumed coverage of Snowflake (SNOW) with an Overweight rating and $262 price target. Under new CEO Sridhar Ramaswamy, Snowflake has become a “better executing and faster innovating company,” the analyst tells investors in a research note.
• Compass Point initiated coverage of Circle (CRCL) with a Neutral rating and $205 price target. While the firm believes stablecoins can disrupt the financial system as blockchains disintermediate banks and payments networks and notes that Circle provides “pure-play exposure to this disruptive technology” as the largest issuer of regulated stablecoins, it cites the threat of new entrants and declining gross margins for its Neutral rating.
• Stifel resumed coverage of SAIC (SAIC) with a Buy rating and $130 price target. The firm likes the relative positioning of smaller service companies and believes SAIC’s ability to pivot and adapt to the changed priorities of the U.S. government is underappreciated.
• Bernstein initiated coverage of Avidity Biosciences (RNA) with an Outperform rating and $50 price target. The firm sees muscle as one of the most promising “next frontiers” for oligonucleotides, and says Avidity Biosciences and Dyne (DYN) are “clear leaders in the space by virtue of their antibody-conjugated delivery tech.”