Nu double upgraded, Novavax 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:

• Citi double upgraded Nu Holdings (NU) to Buy from Sell with a price target of $18, up from $9. Despite concerns on the macroeconomic environment, the firm sees the recent quarters as a testament to the bank’s ability to not only navigate well but also accelerate in key portfolios while maintaining good asset quality, the analyst tells investors in a research note. 
• BofA upgraded Snowflake (SNOW) to Buy from Neutral with a price target of $240, up from $220. Three distinct proprietary data sources point to momentum in Snowflake’s data warehouse and emerging Cortex AI and Snowpark developer businesses, the analyst tells investors. 
• Piper Sandler upgraded Vita Coco (COCO) to Overweight from Neutral with an unchanged price target of $39. The firm cites valuation for the upgrade following the recent selloff. 
• JPMorgan upgraded Upstart (UPST) to Overweight from Neutral with a price target of $88, down from $93. The firm is taking a more positive stance on the “more seasoned” fintech lenders, citing a favorable stable credit trends and potential interest rate cuts.
• UBS upgraded Antero Resources (AR) to Buy from Neutral with a $43 price target. The firm sees a better entry point following the recent 30% stock price decline, the analyst tells investors in a research note. 

Top 5 Downgrades:

• BofA downgraded Novavax (NVAX) to Underperform from Neutral with a price target of $7, down from $9, citing the recent share movement and “increasingly murky outlook” for Novavax’s key drivers.
• BofA downgraded Avis Budget (CAR) to Underperform from Buy with a price target of $113, down from $120. The stock significantly outperformed the market in June, but fundamentals and the macro environment don’t support the current stock price, the analyst tells investors. 
• Citi downgraded Abercrombie & Fitch (ANF) to Neutral from Buy with an unchanged price target of $105. The firm is more cautious on the specialty apparel group heading into the second half of 2025 and notes the shares are within 10% of its price target. Citi also downgraded Gap (GAP) and Urban Outfitters (URBN) to Neutral.
• JPMorgan downgraded General Mills (GIS) to Underweight from Neutral with a price target of $45, down from $53, after assuming coverage of the name. Food producers are dealing with pressure from slower center store category growth and market share losses while food retailers should benefit from the continued inflationary environment, the analyst tells investors in a research note.
• JPMorgan downgraded Custom Truck One Source (CTOS) to Underweight from Neutral with a price target of $5.50, down from $6. The firm sees the stock underperforming the group following the 25% rally year-to-date. 

Top 5 Initiations: 

• Piper Sandler initiated coverage of Figma (FIG) with an Overweight rating and $85 price target. The company combines a “differentiated” platform with an “attractive” business model, the analyst tells investors in a research note.
• Citi initiated coverage of Roper Technologies (ROP) with a Buy rating and $626 price target. The company’s latest “more subtle” evolution has gone overlooked by investors, with expanded operational and capital allocation capabilities that should drive higher value capture and a path to accelerating organic growth, the analyst says.
• JPMorgan assumed coverage of Tyson Foods (TSN) with a Neutral rating and unchanged price target of $60. Food producers are dealing with pressure from slower center store category growth and market share losses while food retailers should benefit from the continued inflationary environment, the analyst tells investors. 
• Melius Research initiated coverage of Chevron (CVX) with a Hold rating and $155 price target. The introduction, adoption and acceleration of AI has transformed “Energy & Power” into an AI category and the market is in the early stages of a “Power revolution” that is only in the early innings of shifting leadership toward a whole new group of winners, the analyst tells investors while establishing coverage on several of the Supermajors.
• Wells Fargo initiated coverage of Soleno Therapeutics (SLNO) with an Overweight rating and $123 price target. The shares are down 23% this month on concerns over Vykat’s satiety, competition and and its recent financing which could be a sign of no near-term takeover, the analyst tells investors in a research note.