Micron upgraded, Klarna initiated: 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:

• Morgan Stanley upgraded Micron (MU) to Overweight from Equal Weight with a price target of $220, up from $160. The company will see multiple quarters of double-digit price increases, which can drive “substantially higher earnings power,” the firm tells investors in a research note.
• Rothschild & Co Redburn upgraded Affirm (AFRM) to Buy from Neutral with a price target of $101, up from $74, which offers 30% upside. Affirm offers a “more established” product set and partnership-led international growth relative to Klarna (KLAR), the firm tells investors in a research note.
• Jefferies upgraded Ford (F) to Hold from Underperform with a price target of $12, up from $9. The firm says that with 43% of U.S. volume in full size pick-ups and SUVs, the loosening of current constraints on mix of higher CO2 mix models should enable Ford to offset tariffs and improve earnings next year.
• BofA upgraded Brinker (EAT) to Buy from Neutral with a price target of $192, up from $190. The disparity between low and high wage earnings is growing starker and is likely to persist, notes the firm, which points out that the pressure on younger workers is also growing more acute. These recent divergences suggest that full-service restaurants are better positioned as full-service consumers have higher incomes and are older.
• Deutsche Bank upgraded Mobileye (MBLY) to Buy from Hold with a $19 price target as part of a Q3 earnings preview. The firm sees a favorable setup for the shares.

Top 5 Downgrades:

• Susquehanna downgraded Rambus (RMBS) to Neutral from Positive with a price target of $100, up from $75. With a best-case EPS outlook of $4 combined with 25-times peak EPS multiple implying a price target near the current share price, the firm sees the best-case as priced in and the current share price reflecting “a balanced risk/reward profile.”
• BofA downgraded Shake Shack (SHAK) to Underperform from Neutral with a price target of $86, down from $148. While stating that Shake Shack has done an “impressive job of systematizing its approach to innovation,” the firm sees margin pressure from competition and inflation at a time when the labor market is softening, and consumers’ restaurant spending has come under pressure. BofA also downgraded Papa John’s (PZZA) and Portillo’s (PTLO) to Neutral from Buy.
• Citi downgraded Boston Beer (SAM) to Neutral from Buy with a price target of $235, down from $255. Citi sees Boston Beer’s challenging backdrop continuing in the second half of 2025 due to the negative impact of volume deleverage and tariffs and aluminum price impacts.
• Scotiabank downgraded AT&T (T) to Sector Perform from Outperform with a $30.25 price target. AT&T is expected to post 2% revenue and EBITDA growth in Q3, driven by mobility and consumer strength, while business segment weakness persists, the firm tells investors in a research note.
• Scotiabank downgraded Check Point (CHPT) to Sector Perform from Outperform with a price target of $205, down from $220. While the firm’s analysis of the U.S. software sector based on approximately 40 recent checks reinforces its positive stance and makes it “incrementally more optimistic about IT budget growth,” the firm feels “less optimistic” about Check Point heading into 2026 despite calling it an “amazing” company.

Top 5 Initiations:

• Oppenheimer initiated coverage of Zillow Group (ZG) with a Perform rating and no price target. The company is making the right strategic decisions, but investors are “overly bullish” on a 2026 housing recovery and long-term rentals growth, the firm tells investors in a research note.
• BofA initiated coverage of Klarna (KLAR) with a Buy rating and $51 price target. Klarna, a leading Buy Now, Pay Later provider, has a significant total addressable market opportunity, a growing merchant network, solid credit results, an attractive funding structure, and a “robust” product lineup, the firm tells investors. Wolfe Research, JPMorgan, Deutsche Bank, and UBS also started coverage of the name with Buy-equivalent ratings, while Morgan Stanley, Rothschild and Co Redburn, and Bernstein initiated the stock with Neutral-equivalent ratings.
• Citi resumed coverage of Charter (CHTR) with a Buy rating and $325 price target. The company will continue to see broadband subscriber losses, but the stock offers value following the recent correction into improving free cash flow generation, the firm tells investors in a research note.
• Needham initiated coverage of Figure (FIGR) with a Buy rating and $51 price target. Needham expects Figure to continue to focus on expanding its product suite in areas such as stablecoins, democratized prime, and crypto exchange. Keefe Bruyette, Bernstein, Goldman Sachs, Piper Sandler and Mizuho also started coverage of Figure with Buy-equivalent ratings, while BofA and Jefferies initiated the stock with Neutral-equivalent ratings.
• JonesResearch initiated coverage of Seaport Entertainment Group (SEG) with a Buy rating and $27.50 price target. The internally managed C-corp, which was once a part of Howard Hughes (HHH), has a “unique” portfolio of premier quality entertainment, retail and experiential assets in NYC’s Seaport District and Las Vegas, notes the firm, which views Seaport as well positioned to benefit from its “distinctive assets and immersive experiences.”