Micron initiated, Eli Lilly 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 Eli Lilly (LLY) to Hold from Reduce with a price target of $700, up from $675. The firm believes Orforglipron’s ATTAIN-2 Phase 3 data in diabesity offers a clear commercial path for filing and commercialization.
• Scotiabank upgraded Prologis (PLD) to Sector Perform from Underperform with a price target of $114, up from $100. Maintained occupancy guidance, “healthy” mark-to-market expectations, and increased development starts were among the positive takeaways from Q2 results, says the firm, which sees minimal downside risk to 2026-2027 FFOPS estimates and is raising the firm’s own 2026-2027 FFOPS estimates by 1.2% and 3.2%, respectively.
• Arete upgraded GlobalFoundries (GFS) to Neutral from Sell with a $37 price target. The firm sees a balanced risk/reward and more reasonable valuation multiple at current share levels.
• HSBC upgraded Amer Sports (AS) to Buy from Hold with a price target of $50, up from $38. Momentum at the company’s Salomon soft goods adds a “second leg of growth to the equity story” behind Arc’teryx, the firm tells investors in a research note.
• BofA upgraded Vir Biotechnology (VIR) to Buy from Neutral with a price target of $14, up from $12, arguing that the market is underestimating the potential for its asset for treatment of severe liver disease caused by hepatitis delta virus.

Top 5 Downgrades:

• BofA downgraded SBA Communications (SBAC) to Neutral from Buy with a price target of $230, down from $260, following the AT&T (T) and EchoStar (SATS) mid-band spectrum deal announcement. EchoStar exposure is not unique to SBA or towers and the firm does not expect the churn to be outsized for SBA, but it highlights the potential for incremental deployments on the AT&T side to be longer-dated and views positive catalysts as “longer-dated” post the announcement.
• Truist downgraded Fortune Brands Innovations (FBIN) to Hold from Buy with a price target of $60, down from $65. Company fundamentals have seen more pressure than the firm expected in this downturn and EPS has fallen versus gains at share repurchase-focused peer Masco (MAS), notes Truist, which does not think Fortune’s multiple compression will change near-term.
• JPMorgan downgraded Krispy Kreme (DNUT) to Underweight from Neutral without a price target. The company is in “survivor mode” following the cancelled launch at McDonald’s (MCD), the firm tells investors in a research note.
• Piper Sandler downgraded Health Catalyst (HCAT) to Neutral from Overweight with a price target of $4, down from $8. The company’s bookings disappointed in the first half of 2025 and its cut revenue guidance for the remaining of the year on lower net revenue retention and churn, the firm tells investors in a research note.
• Goldman Sachs downgraded Deutsche Bank (DB) to Neutral from Buy with a price target of EUR 34, up from EUR 30.25. While the firm expects Deutsche Bank will continue to improve its profitability and forecasts further acceleration in the franchise, it notes that Deutsche’s share price has re-rated and it sees current valuation as “fair.”

Top 5 Initiations:

• CLSA initiated coverage of Micron (MU) with an Outperform rating and $155 price target. The firm believes the company is positioned well to benefit from demand for high bandwidth memory and a “healthy” DRAM demand/supply balance.
• Cantor Fitzgerald initiated coverage of CoreWeave (CRWV) with an Overweight rating and $116 price target. As an enabling software-driven AI-focused hyperscaler, CoreWeave should benefit from secular growth trends in AI, specifically large language model training and inference-based usage, the firm tells investors in a research note.
• Oppenheimer initiated coverage of Dynatrace (DT) with an Outperform rating and $65 price target. The firm believes consensus estimates for Dynatrace are low, creating a favorable setup for multiple expansion.
• Piper Sandler initiated coverage of Chefs’ Warehouse (CHEF) with a Neutral rating and $66 price target. The firm sees credibility in Chefs’ long-term financial targets but views the stock’s risk/reward as currently balanced and awaits for a better entry point.
• Wedbush initiated coverage of Serve Robotics (SERV) with an Outperform rating and $15 price target. In the firm’s view, Serve Robotics has established a pioneering autonomous delivery platform that is uniquely positioned to capitalize on the accelerating adoption of AI-driven last mile delivery vehicles.