Nike upgraded, RH 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:

• KeyBanc upgraded Nike (NKE) to Overweight from Sector Weight with a $90 price target. The company reported “solid” fiscal Q1 results, driven by continued progress on its “Win Now” actions, the firm tells investors in a research note.
• JPMorgan upgraded Corteva (CTVA) to Overweight from Neutral with an unchanged price target of $70. Corteva announced a plan to split into two companies in the second half of 2026, the firm notes, adding it does not believe the split announcement has lowered the value of Corteva.
• HSBC upgraded Ferrari (RACE) to Buy from Hold with a price target of $470, up from $413. The company’s capital markets day plan next week should provide a backdrop for double-digit earnings growth out to 2030, the firm tells investors in a research note.
• Barclays upgraded C.H. Robinson (CHRW) to Equal Weight from Underweight with a price target of $130, up from $95. The upgrade reflects the company’s artificial intelligence-enabled efficiency gains in a soft market, the firm says.
• Barclays upgraded Charles River (CRL) to Overweight from Equal Weight with a price target of $195, up from $165. The firm cites stabilized drug discovery demand and valuation for the upgrade.

Top 5 Downgrades:

• Roth Capital downgraded Electronic Arts (EA) to Neutral from Buy with a price target of $210, up from $185, following the receipt of the company’s $55B take private deal.
• Berenberg downgraded Mondelez (MDLZ) to Hold from Buy with a price target of $70, down from $81. The firm expects cocoa prices to decline in 2026 relative to 2025, but not to the level reflected in existing forward curve estimates.
• William Blair downgraded RH (RH) to Market Perform from Outperform after President Trump announced new tariffs on imported kitchen cabinets, bathroom vanities, and upholstered furniture under Section 232, starting at 25% on October 14 and rising to as much as 50% on January 1 for countries without trade deals, though the U.K., EU, and Japan are excluded.
• Mizuho downgraded Bloom Energy (BE) to Neutral from Outperform with a price target of $79, up from $48. The firm notes improved visibility for Bloom’s demand growth with utility-scale orders for data centers for the target increase, but downgrades the shares on valuation following the recent rally.
• Barclays downgraded Medpace (MEDP) to Underweight from Equal Weight with a price target of $425, down from $450. The downgrade is mostly on valuation, as Barclays sees Medpace’s growth deceleration in the second half of 2026 as well as margin pressure.

Top 5 Initiations:

• BNP Paribas Exane initiated coverage of Cadence Design (CDNS) with an Outperform rating and $400 price target. The company enjoys strong growth tailwinds driven by AI and limited competition in a market with daunting barriers to entry, the firm tells investors in a research note.
• B. Riley initiated coverage of Turtle Beach (TBCH) with a Buy rating and $21 price target, implying 37% upside. The firm views Turtle as a leading video game accessories company positioned for record financial results in 2026 and beyond.
• B. Riley initiated coverage of Corsair Gaming (CRSR) with a Neutral rating and $10 price target. The firm says the key 2026 gaming catalysts favor consoles, where Corsair is underweight relative to peers.
• Canaccord resumed coverage of Mercury Systems (MRCY) with a Buy rating and $88 price target. Mercury is positioned to be a winner irrespective of which primes are selected for different layers of golden dome as a critical component, module and subsystem supplier to most major U.S. and NATO weapons systems, the firm says.
• Lucid Capital initiated coverage of Ramaco Resources (METC) with a Buy rating and $50 price target. Ramaco Resources has the right assets at the right time and is on the verge of a significant inflection, the firm tells investors in a research note.