Meta, Microsoft 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:

• HSBC upgraded Meta Platforms (META) to Buy from Hold with a price target of $900, up from $610. The company reported strong Q2 results as its artificial intelligence tools and network effect supported double-digit revenue growth, the firm tells investors in a research note.
• KeyBanc upgraded Microsoft (MSFT) to Overweight from Sector Weight with a $630 price target following the fiscal Q4 report. The firm says the fears of its downgrade in April have not played out
• BMO Capital upgraded eBay (EBAY) to Outperform from Market Perform with a price target of $102, up from $70. The firm sees the company’s focus categories accelerating growth and driving upside to fiscal 2025 estimates.
• Citi upgraded CoreWeave (CRWV) to Buy from Neutral with an unchanged price target of $160. The firm also closed its “90-day negative catalyst watch” on CoreWeave with the stock down 45% from its peak. Citi still expects trading volatility around the share lockup expiration on August 15, but views CoreWeave’s fundamentals as stronger post the Microsoft (MSFT) earnings report.
• Barclays upgraded Sprouts Farmers Market (SFM) to Overweight from Equal Weight with a price target of $185, up from $173. The company reported up to Q2 estimates, raised its fiscal year guidance again, and pointed to potential upside to its long-term growth targets, the firm tells investors in a research note.

Top 5 Downgrades:

• Baird downgraded UnitedHealth (UNH) to Underperform from Neutral with a price target of $198, down from $312. The firm sees a more challenging road ahead for UnitedHealth following the Q2 report.
• DA Davidson downgraded SPS Commerce (SPSC) to Neutral from Buy with a price target of $125, down from $175. The firm cites updates to the company’s target model, which now calls for two points of EBITDA margin expansion annually, but high single digit organic year-over-year growth rate beyond 2025 vs. the prior 15% target inclusive of M&A. Loop Capital also downgraded SPS Commerce to Hold from Buy with a price target of $120, down from $175.
• Truist downgraded Fortive (FTV) to Hold from Buy with a price target of $55, down from $60. With a new management team in place and a more streamlined portfolio, Fortive has “the potential to finally deliver on its financial targets and drive consistent earnings growth,” but the firm is moving to the sidelines as it views the stock as “a show-me story” given what it says are “less aspirational organic growth targets relative to peers.”
• KeyBanc downgraded Palo Alto Networks (PANW) to Sector Weight from Overweight without a price target following the announced acquisition of CyberArk (CYBR). The firm does not see meaningful synergies between identity and a broad platform vendor focused on network and security operations.
• Wedbush downgraded CyberArk (CYBR) to Neutral from Outperform with an unchanged price target of $450 after Palo Alto Networks (PANW) agreed to acquire CyberArk in a cash and stock deal. UBS, Rosenblatt, Piper Sandler, RBC Capital, Guggenheim and Stephens also downgraded the stock to Neutral-equivalent ratings.

Top 5 Initiations:

• Evercore ISI resumed coverage of Chevron (CVX) with an Outperform rating and $180 price target. The Hess acquisition boosts Chevron’s upstream trajectory, particularly in Guyana, while maintaining disciplined capital spending, says the firm, which sees strategic moves positioning Chevron for strong free cash flow growth.
• Maxim initiated coverage of Galaxy Digital (GLXY) with a Buy rating and $40 price target. Maxim expects Galaxy’s gross profit to grow 88% in 2026 and 78% in 2027, reflecting contracted datacenter lease payments from CoreWeave (CRWV) and stronger institutional demand for digital assets. Goldman Sachs also started coverage of Galaxy Digital with a Neutral rating and $30 price target.
• Citi initiated coverage of Life360 (LIF) with a Buy rating and $90 price target. Citi sees an opportunity for the company to monetize its free user base.
• Oppenheimer initiated coverage of Lexeo Therapeutics (LXEO) with an Outperform rating and $20 price target. The firm expresses “enthusiasm on this emerging developer of potentially transformative gene therapies” investigating rare and poorly met cardiac and neurodegenerative diseases, noting that lead candidate LX2006 is heading into a registration trial in Friedreich’s ataxia cardiomyopathy.
• Morgan Stanley resumed coverage of MP Materials (MP) with an Equal Weight rating and $65 price target. MP’s public-private partnership with the DoD, along with its commercial deal to provide Apple (AAPL) with recycled permanent magnets in the U.S., has “materially transformed the company’s business model for the next 10+ years,” the firm tells investors.