McDonald’s downgraded, Oracle 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:

• BMO Capital upgraded Oracle (ORCL) to Outperform from Market Perform with a price target of $235, up from $200. The firm cites the company’s “solid results and compelling guidance” for the upgrade.
• Wells Fargo upgraded Zscaler (ZS) to Overweight from Equal Weight with a price target of $385, up from $260. The firm believes software infrastructure spending in the second half of 2025 and beyond will be driven by adoption of agentic artificial intelligence, which benefits many software names, including Zscaler.
• Wells Fargo upgraded DocuSign (DOCN) to Equal Weight from Underweight with a price target of $80, up from $67. The firm says expectations now appear more reasonable following the “underwhelming” Q1 results.
• Jefferies upgraded Darden (DRI) to Hold from Underperform with a price target of $210, up from $165. The firm has become “increasingly positive” on Darden’s ability to return its core Olive Garden brand to “Every Day Affordable Price” leadership in casual dining and compete more effectively for traffic going forward.
• BofA upgraded Whirlpool (WHR) to Neutral from Underperform with a price target of $94, up from $68, after raising the firm’s 2025 and 2026 EPS by 3% and 10%, respectively, to reflect a stronger North America margin outlook.

Top 5 Downgrades:

• Argus downgraded McDonald’s (MCD) to Hold from Buy with no price target. The firm warns that consumers are pushing back against several years of price hikes as it expects traffic to remain weak.
• Wells Fargo downgraded ZoomInfo (GTM) to Underweight from Equal Weight with a price target of $9, down from $10. The firm sees fiscal 2025 as another transition year post the 6% workforce cut.
• Citi downgraded Sherwin-Williams (SHW) to Neutral from Buy with a price target of $385, down from $405. The firm cites “suppressed housing dynamics” in the near-term with elevated mortgage rates and pushed-out Federal Reserve rate cuts for the downgrade.
• Wells Fargo downgraded Dayforce (DAY) to Underweight from Equal Weight with a price target of $50, down from $60. The company’s narrative has become “increasingly tough to defend” with rising competitive intensity, especially from larger, upmarket vendors moving down market, the firm tells investors in a research note.
• Wolfe Research downgraded GE Vernova (GEV) to Peer Perform from Outperform without a price target. The downgrade “is all about valuation” following the stock’s 50% gain year-to-date, the firm tells investors in a research note.

Top 5 Initiations:

• Raymond James initiated coverage of Constellation Energy (CEG) with an Outperform rating and $326 price target. Constellation Energy distinguishes itself as the leading clean energy producer, the top nuclear fleet operator, and the largest holder of a commercial-industrial retail book, solidifying its position as a market leader, the firm tells investors in a research note. Raymond James also started coverage of American Electric (AEP), Talen Energy (TLN), Solaris Energy (SEI), and Southern Company (SO) with Outperform ratings.
• Raymond James initiated coverage of NRG Energy (NRG) with a Strong Buy rating and $195 price target. NRG has flipped the narrative of being “net short” power, thanks to its significant retail presence, while the CPower acquisition brings added upside from demand response capabilities, reinforcing NRG’s positioning to benefit from rising natural gas and power prices, the firm tells investors in a research note. Raymond James also started coverage of Vistra (VST) with a Strong Buy rating.
• Raymond James initiated coverage of Duke Energy (DUK) with a Market Perform rating. The firm views Duke Energy as a quality name trading at a reasonable valuation, with limited rate case risk in 2025-2026, creating a clear runway for its well-communicated growth strategy, the firm says. Raymond James also started coverage of Entergy (ETR) with a Market Perform rating.
• Wells Fargo initiated coverage of Blue Owl Technology Finance (OTF) with an Equal Weight rating and $15 price target. The firm says Blue Owl Technology’s under-earning and software concentration “are likely to prevent an immediate premium” for the shares.
• UBS initiated coverage of Emcor (EME) with a Buy rating and $570 price target. The company is “poised to outgrow a choppy non-residential construction backdrop,” the firm tells investors in a research note.