Netflix downgraded, Intel 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:

• UBS upgraded Albertsons (ACI) to Buy from Neutral with a price target of $27, up from $22. The recent share pullback does not reflect the company’s sales opportunity from pharmacy cross-shopping and digital, the firm says.
• Northcoast upgraded United Natural Foods (UNFI) to Buy from Neutral with a $36 price target. The firm’s confidence in the shares is restored post the fiscal Q4 report and management update.
• Baird upgraded STMicroelectronics (STM) to Outperform from Neutral with a price target of $50, up from $23. The firm increased the second half of 2025 estimates and upgraded the shares citing the ongoing cycle recovery, the company’s gross margin expansion, a bottom in silicon carbide revenue, and STM’s higher content in upcoming new products.
• William Blair upgraded Booz Allen (BAH) to Outperform from Market Perform. Solid June quarter results reflect the new administration warming up to Booz Allen’s role as a provider of mission-critical AI, cybersecurity, software development, and data analytics services, the firm tells investors in a research note.
• KeyBanc upgraded Cleveland-Cliffs (CLF) to Overweight from Sector Weight with a $14 price target. The firm sees an improved risk/reward for the shares following the company’s Q2 report.

Top 5 Downgrades:

• Phillip Securities downgraded Netflix (NFLX) to Sell from Neutral with an unchanged price target of $950. The firm cites valuation for the downgrade following the recent share rally.
• Loop Capital downgraded Shopify (SHOP) to Hold from Buy with an unchanged price target of $120. The downgrade is based on valuation and not a more bearish view of the company’s fundamentals, the firm tells investors in a research note.
• JPMorgan downgraded Lululemon (LULU) to Neutral from Overweight with a price target of $224, down from $303. Field work shows that while consumers are responding favorably to Lululemon’s new product and fabric innovation, this is being more than offset by customers not responding as well to the updated core-seasonal colors, which represents an estimated 40% of the inventory mix, the firm tells investors in a research note.
• Compass Point downgraded Circle Internet (CRCL) to Sell from Neutral with a price target of $130, down from $205 after the U.S. stablecoin legislation passed last week. The firm still believes USDC can be an integral part of the financial system, though it is more cautious towards Circle’s long-term economics than its $53B valuation implies.
• Barclays downgraded Sarepta (SRPT) to Equal Weight from Overweight with a price target of $18, down from $32. The firm highlights the “numerous twists and turns” from both the FDA and company in the past few days following the death of a third patient.

Top 5 Initiations:

• Loop Capital initiated coverage of Intel (INTC) with a Hold rating and $25 price target. The firm says TSMC’s (TSM) advanced-node manufacturing is better than Intel’s, and views TSMC as the “obvious manufacturing partner” to get Intel’s products more competitive with AMD (AMD), Nvidia (NVDA) and Arm (ARM).
• Stephens resumed coverage of Repligen (RGEN) with an Overweight rating and $160 price target. The firm views Repligen as the leader within the bioprocessing industry.
• TD Cowen initiated coverage of Carnival (CCL) with a Buy rating and $36 price target. The firm views Carnival as an industry leader with an opportunity to boost margins.
• TD Cowen initiated coverage of Norwegian Cruise Line (NCLH) with a Buy rating and $31 price target. The firm says Norwegian is a premium cruise line trading at an airline valuation multiple.
• TD Cowen initiated coverage of Royal Caribbean (RCL) with a Buy rating and $405 price target. The firm cites Royal’s strong growth and “best-in-class” margins for the Buy rating.