MongoDB and Asana 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:

• UBS upgraded Mettler-Toledo (MTD) to Buy from Neutral with a price target of $1,350, down from $1,530. The firm cites the company’s “incremental opportunities” for service sales, “industry leading” pricing power, “beneficial” portfolio exposure, and medium-term tailwind from reshoring for the upgrade.
• Melius Research upgraded Kroger (KR) to Hold from Sell with a two-year price target of $70, up from $58. The firm cites share gains from widespread pharmacy closures, limited exposure to tariffs within the retail landscape, and consistent free cash flow generation to support on-going investment and share repurchases for the upgrade. 
• Evercore ISI upgraded HP Enterprise (HPE) to Outperform from In Line with a price target of $22, up from $17. The firm thinks the current risk/reward is “fairly attractive,” especially for investors that have some duration, the firm tells investors. 
• Wolfe Research upgraded LivaNova (LIVN) to Outperform from Peer Perform with a $60 price target. The firm says that since its downgrade, LivaNova’s valuation has compressed, its Italian legal overhang has lifted at a total liability a little less than “worst case,” and it made a commitment to expand oxygenator capacity into next year, which could produce “step change” in its ability to supply 2026. 
• Citi upgraded Air Lease (AL) to Buy from Neutral with a price target of $68, up from $45. The firm says that after pivoting away from a long-held strategy of growing organically via direct purchases from aerospace manufacturers, Air Lease “now seems to be pursuing an AerCap-style capital allocation strategy.” 

Top 5 Downgrades:

• Loop Capital downgraded MongoDB (MDB) to Hold from Buy with a price target of $190, down from $350. The firm’s most recent industry checks indicate that MongoDB’s Atlas platform “continues to show lackluster market adoption.” 
• Deutsche Bank downgraded Chubb (CB) to Hold from Buy with a $303 price target. The company’s year-to-date outperformance versus the S&P 500 Index is unlikely to continue, as a “calmer” equity market shifts its focus back to underlying fundamentals, the firm tells investors in a research note. 
• Morgan Stanley downgraded Asana (ASAN) to Underweight from Equal Weight with an unchanged price target of $14. The firm says that over this period of time, its channel checks and the broader macro backdrop do not support the prospect of improving fundamentals. 
• Raymond James downgraded Nutanix (NTNX) to Market Perform from Outperform without a price target. The shares are appropriately valued following the recent rally, the firm says.
• Jefferies downgraded Onto Innovation (ONTO) to Hold from Buy with a price target of $110, down from $135. The firm believes the drivers of the artificial intelligence packaging correction are likely to extend through 2026, leaving Onto’s 2027 as a “show-me story based upon regaining share.” 

Top 5 Initiations:

• William Blair initiated coverage of OneStream (OS) with an Outperform rating. The firm says OneStream has seen strong growth in recent years and was one of the few public software vendors to grow revenue over 30% in 2024. It believes the company has a “fast-growing” software platform.
• TD Cowen initiated coverage of Zymeworks (ZYME) with a Buy rating and no price target. The firm believes Ziihera has blockbuster potential and impending data will be the next key catalyst for the stock in the second half of 2025. 
• Raymond James initiated coverage of Lionsgate Studios (LION) with an Outperform rating and $10 price target. The firm says that unlike many other media stocks, Lionsgate has no direct exposure to the declining linear TV ecosystem. 
• Raymond James initiated coverage of Starz Entertainment (STRZ) with an Outper0form rating and $19 price target. Starz is a “misunderstood asset” given its small size and the fact it has been hidden in the legacy Lionsgate structure under the “sexier” studio business since 2016, the firm tells investors in a research note. 
• Roth Capital initiated coverage of Capricor Therapeutics (CAPR) with a Buy rating and $31 price target. The firm’s optimism on the shares is driven by “first-in-indication” deramiocel’s ability to improve cardiac and skeletal muscle function in Duchenne muscular dystrophy patients with cardiomyopathy.