Nike downgraded, IBM 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.

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Top 5 Upgrades: 

• Mizuho upgraded Shake Shack (SHAK) to Outperform from Neutral with a price target of $120, up from $100. The firm’s channel checks point to same-store-sale growth upside in Shake Shack’s Q1 report.
• Seaport Research upgraded MSG Sports (MSGS) to Buy from Neutral with a $430 price target. Shares have commenced a round of appreciation ahead of the start of the 2025-2026 season, but the vast trading discount vs. intrinsic value, at an estimated 57.5% vs. a 10-year average of 72%, needs to be revisited by the market ahead of the potential spin later this summer that separates the Knicks and Rangers into their own standalone companies, the firm tells investors in a research note.
• Goldman Sachs upgraded Southern Copper (SCCO) to Neutral from Sell with a price target of $178, up from $142.79. The firm says the copper scarcity premium is “larger than ever” due to expectations of structural supply/demand tightness.
• Morgan Stanley upgraded Ryman Hospitality (RHP) to Overweight from Equal Weight with a price target of $105, up from $88. The firm cites the company’s RevPAR acceleration for the upgrade.
• Citi upgraded Nexstar (NXST) to Buy from Neutral with a price target of $220, down from $252. The firm believes the Street has become too bearish on the Tegna acquisition.

Top 5 Downgrades:

• Wells Fargo downgraded Sherwin-Williams (SHW) to Equal Weight from Overweight with a price target of $365, down from $410. The firm believes the company’s volume pressure will be more pronounced relative to RPM (RPM) and PPG Industries (PPG). Wells also downgraded Axalta Coating (AXTA) to Equal Weight from Overweight with a price target of $30, down from $39, citing a similar rationale.
• Piper Sandler downgraded Nike (NKE) to Neutral from Overweight with a price target of $50, down from $60. The firm expects momentum in performance across the industry to continue, but says Nike is a quarter away from lapping big gains in running.
• UBS downgraded ServiceNow (NOW) to Neutral from Buy with a price target of $100, down from $170. The firm is no longer confident that ServiceNow is better positioned for the AI era relative to other application software names.
• Citi downgraded DocuSign (DOCU) to Neutral from Buy with a price target of $50, down from $99. The firm is “turning more selective” into the application software group, saying it sees a lack of catalysts over the next 12 months. Citi also downgraded Veeva (VEEV), Similarweb (SMWB), Nice (NICE), Autodesk (ADSK), and CCC Intelligent Solutions (CCC) to Neutral.
• JPMorgan downgraded Nutanix (NTNX) to Neutral from Overweight with a price target of $44, down from $55. The company’s investor day brought a detailed long-term outlook but with limited near-term visibility, the firm tells investors in a research note.

Top 5 Initiations: 

• Citi initiated coverage of IBM (IBM) with a Buy rating and $285 price target. The firm views the shares as “defensive” in an “increasingly hostile” backdrop for enterprise software.
• Raymond James resumed coverage of Ionis Pharmaceuticals (IONS) with an Outperform rating and $104 price target. The firm sees further upside in the shares given the company’s “fundamentally improved story.”
• Raymond James resumed coverage of Jazz Pharmaceuticals (JAZZ) with an Outperform rating and $227 price target. The Jazz story has moved beyond the “it looks inexpensive/fairly valued, but where can I get upside?” narrative since adding greater visibility to the tail value of the Epidiolex franchise and zanidatamab delivering “highly competitive” data in gastroesophageal adenocarcinoma, the firm tells investors.
• Raymond James initiated coverage of United Therapeutics (UTHR) with an Outperform rating and $700 price target. The firm believes $5B in peak sales is achievable for Tyvaso in idiopathic pulmonary fibrosis.
• Goldman Sachs resumed coverage of Becton Dickinson (BDX) with a Neutral rating and $167 price target. At current levels, the firm views the upside/downside drivers for the stock as “relatively balanced,” but while its FY27 EPS view is in line with consensus, it is also assuming a “slightly more bearish” outlook on certain inputs such as raw materials, operating margins, and durability of business headwinds relative to what the company had provided in its updated FY26 guidance.