Netflix upgraded, Carvana 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:

• Goldman Sachs upgraded Netflix (NFLX) to Buy from Neutral with a price target of $120, up from $100, which offers 26% upside from current levels ahead of the Q1 earnings report. Goldman sees a more positive risk/reward with the stock down 18% in the past six months.
• Jefferies upgraded Twilio (TWLO) to Buy from Hold with a price target of $160, up from $125. Jefferies cites its greater conviction in the role Twilio will play in the voice AI tech stack for the upgrade.
• Piper Sandler upgraded Tyson Foods (TSN) to Overweight from Neutral with a price target of $75, up from $61. The firm says the “competitive disruptions” in beef and chicken are potential upside catalysts to Tyson’s second half of fiscal 2026 and first half of fiscal 2027 earnings.
• Jefferies upgraded Boot Barn (BOOT) to Buy from Hold with an unchanged price target of $195. The stock’s valuation has “meaningfully reset,” while the company’s execution and underlying demand trends remain intact, the firm tells investors in a research note.
• Jefferies upgraded Kratos Defense (KTOS) to Buy from Hold with an $85 price target. A $14B opportunity pipeline that includes Prometheus and Hypersonics in Kratos Government Solutions could drive a greater than 30% compound annual growth rate in revenue to $2.4B in 2028, the firm tells investors.

Top 5 Downgrades:

• BofA downgraded Carvana (CVNA) to Neutral from Buy with a price target of $360, down from $400. The firm says that with the recent spike in oil prices pressuring lower and middle income consumers, and two-year rates “moving in the opposite direction,” Carvana’s risk/reward is more balanced heading into 2026.
• Melius Research downgraded Sprouts Farmers Market (SFM) to Sell from Hold with a price target of $70, down from $75. The firm sees risk to the company’s traffic and margins not meeting expectations.
• Jefferies downgraded Las Vegas Sands (LVS) to Hold from Buy with a price target of $61, down from $72. The firm sees risk that adjusted EBITDA growth underperforms expectations with Las Vegas Sands’ increased push into premium mass.
• Deutsche Bank downgraded Avis Budget (CAR) to Hold from Buy with a $128 price target. The firm says the downgrade is “purely fundamental in nature.”
• BofA downgraded Dow Inc. (DOW) and LyondellBasell (LYB) to Underperform and Westlake (WLK) to Neutral following strong year-to-date share price performance driven by what it believes to be “unsustainable market tailwinds.”

Top 5 Initiations:

• Cantor Fitzgerald initiated coverage of PayPay (PAYP) with an Overweight rating and $25 price target. The firm says a “significant structural shift” is occurring across Japan’s payments industry as the economy is beginning to embrace digital payments at scale. Benchmark, Mizuho, Jefferies and BofA also started coverage of the stock with Buy-equivalent ratings, while Deutsche Bank, Morgan Stanley and Citi initiated the name with Hold-equivalent ratings.
• Keefe Bruyette initiated coverage of Sezzle (SEZL) with an Outperform rating and $85 price target, implying 33% potential upside. The firm believes several aspects of Sezzle’s “unique story” are underappreciated at current share levels.
• JPMorgan initiated coverage of MDA Space (MDA) with an Overweight rating and $34 price target, which implies 25% upside. MDA’s satellite business has “significant potential for growth” due to new capacity given its exposure to both commercial and military demand, the firm tells investors in a research note. Jefferies also started the name with a Buy rating.
• Wells Fargo initiated coverage of Versigent (VGNT) with an Overweight rating and $35 price target. The firm sees the company as the global leader in auto wiring with scale and leading margins.
• TD Cowen initiated coverage of ThredUP (TDUP) with a Buy rating and $5 price target. The firm expects the company will become more profitable in fiscal 2027 as its operating expenses grow slower than revenue and AI drives innovation.