Nike, Boeing and Alphabet upgraded: 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:

• HSBC upgraded Nike (NKE) to Buy from Hold with a price target of $80, up from $60, following the fiscal Q4 report. There is now “more than tangible evidence” that Nike has a path to see its sales rebound in the “not-too-distant future,” the analyst tells investors in a research note. 
• Rothschild & Co Redburn upgraded Boeing (BA) to Buy from Neutral with a price target of $275, up from $180. “After years of troubles, things seem to be taking a more positive turn for Boeing and the company appears healthier,” the analyst says.
• Citizens JMP upgraded Alphabet (GOOGL) to Outperform from Market Perform with a $220 price target. The firm says artificial intelligence is a “net tailwind” for the company, with ChatGPT’s impact too small today to move enough queries away from Google to materially impact results. 
• Evercore ISI upgraded Trade Desk (TTD) to Outperform from In Line with an unchanged price target of $90. Recent channel checks have indicated that online advertising demand sentiment has “clearly improved” since May, though second half of 2025 uncertainty remains significant, the analyst tells investors in a research note.
• HSBC upgraded Estee Lauder (EL) to Buy from Hold with a price target of $99, up from $80. “After months of investors lacking interest, the market seems once again to have called the bottom,” the firm says. 

Top 5 Downgrades:

• Canaccord downgraded Lyft (LYFT) to Hold from Buy with a price target of $14, down from $22, after assuming coverage of the name. The firm also downgraded Uber (UBER) to Hold with a price target of $84, down from $90. Lyft’s “future could be bright,” providing value add in the autonomous vehicle world through hybrid human-robot networks, strong on the ground operations, and other tactical elements, the analyst tells investors in a research note.
• BNP Paribas Exane downgraded Alphabet (GOOGL) to Neutral from Outperform with a $172 price target. 
• BofA downgraded Molson Coors (TAP) to Neutral from Buy with a price target of $50, down from $65. The U.S. beer industry continues to decline below historic trends, market share loss continues and the stock’s valuation reflects uncertainty, the analyst tells investors.
• Baird downgraded JPMorgan (JPM) to Underperform from Neutral with an unchanged price target of $235. The firm does not see attractive risk/reward profiles in the U.S. mega cap banking group. 
• TD Cowen downgraded W. R. Berkley (WRB) to Hold from Buy with a price target of $78, up from $77. The firm cites valuation for the downgrade following the share outperformance on news of Mitsui Sumitomo Insurance buying a 15% equity stake. 

Top 5 Initiations: 

• Baird initiated coverage of Emcor (EME) with an Outperform rating and $560 price target. The firm likes Emcor’s portfolio of mechanical and electrical skilled labor services, which service a variety of end markets that are “collectively experiencing significant investment.”
• Deutsche Bank initiated coverage of A10 Networks (ATEN) with a Buy rating and $22 price target. The firm views A10 as a “unique SMID-cap story,” offering a “differentiated mix” of high-single digit revenue growth, 80%-plus gross margins, and 25% adjusted EBITDA and free cash flow margins, which supports both share buybacks and dividends.
• Raymond James initiated coverage of Republic Bancorp (RBCAA) with a Market Perform rating and no price target. The firm believes Republic is well positioned for incremental growth in the coming years, but sees near-term earnings growth headwinds coming from reduced income from its Tax Refund Solutions segment and modest net interest margin pressure. 
• William Blair initiated coverage of James Hardie (JHX) with an Outperform rating. The firm says the company’s portfolio of brands is well recognized, with number one or two positions. Blair believes buying Azek (AZEK) will create one of the fastest-growing and highest-margin building products franchises, with secular growth from material conversion.
• Grupo Santander initiated coverage of Stellantis (STLA) with a Neutral rating and $10.89 price target.