Micron initiated, Rambus 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:

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• Baird upgraded Old Dominion (ODFL) to Neutral from Underperform with a price target of $229, up from $204. The firm has an “incrementally more constructive view” on less than truckload tonnage and volumes.
• BofA upgraded TFI International (TFII) to Buy from Neutral with a price target of $161, up from $122. Following a logistics and truckload-led beat in Q1, the firm sees favorable supply side and industrial demand catalysts.
• Piper Sandler upgraded Organon (OGN) to Neutral from Underweight with a price target of $14, up from $5, after the company entered into an agreement under which Sun Pharma will acquire all outstanding shares of Organon for $14 per share in an all-cash transaction.
• TD Securities upgraded Telus (TU) to Buy from Hold with a price target of C$20, up from C$19. The firm cites valuation for the upgrade following the stock’s recent selloff.
• Less bearish on the name, HSBC upgraded IBM (IBM) to Hold from Reduce with a $231 price target.

Top 5 Downgrades:

• Baird downgraded Rambus (RMBS) to Neutral from Outperform with an unchanged price target of $120. The acceleration in x86 demand, driven by agentic AI, is positive for Rambus, but Baird sees the potential for a slowdown in registered dual inline memory modules growth next year due to increasing DRAM shortages.
• UBS downgraded Nucor (NUE) to Neutral from Buy with a price target of $224, up from $190. The firm sees a more balanced risk/reward at current share levels.
• Raymond James downgraded Compass Therapeutics (CMPX) to Market Perform from Outperform with no price target after the company disclosed survival outcomes from COMPANION-002, the Phase 3 trial of tovecimig in combination with paclitaxel for the treatment of second line biliary tract cancer.
• Truist downgraded Tronox (TROX) to Sell from Hold with a price target of $8, down from $9. The firm still expects Tronox earnings to improve sequentially throughout 2026, but sees potential for Q2 guidance to disappoint.
• BNP Paribas downgraded Organon (OGN) to Neutral from Outperform with a $14 price target after the company entered into an agreement under which Sun Pharma will acquire all outstanding shares of Organon for $14 per share in an all-cash transaction.

Top 5 Initiations:

• DA Davidson initiated coverage of Micron (MU) with a Buy rating and $1,000 price target. The firm says AI is creating a “longer-than-usual memory cycle as compute deployment and demand generation exist in a positive feedback loop.”
• Alliance Global initiated coverage of Opendoor Technologies (OPEN) with a Buy rating and $8 price target. The firm cites the company’s expectation of achieving breakeven adjusted net income on a 12-month go forward basis by the end of 2026 for the Buy rating.
• Barclays initiated coverage of Fortis (FTS) with an Overweight rating and $62 price target. The stock’s valuation does not fully reflect the company’s “high-multiple” ITC Holdings and Canadian businesses, the firm tells investors in a research note.
• William Blair initiated coverage of McKesson (MCK) with an Outperform rating. The company has a “durable competitive moat” with specialty-led growth upside, the firm tells investors in a research note.
• William Blair initiated coverage of Cardinal Health (CAH) with an Outperform rating. The firm says the company’s pharmaceutical distribution platform creates a “durable competitive moat” and supports “high-growth specialty upside.”