Nvidia resumed, Palo Alto 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:

• Raymond James upgraded Doximity (DOCS) to Strong Buy from Outperform with a price target of $65, down from $75. The stock’s risk/reward is “too compelling to ignore” following the post-earnings selloff, the firm tells investors in a research note.
• Citi upgraded Wynn Resorts (WYNN) to Buy from Neutral with a price target of $160, up from $124.50, after analyst transfer in coverage of the name. The firm sees the company’s international expansion and capital returns driving further share upside.
• William Blair upgraded Cognizant (CTSH) to Outperform from Market Perform without a price target after hosting meetings with management. The firm says Cognizant’s leading indicators, such as bookings, deal pipeline, and the growth of its financial services and health sciences verticals, indicate “healthier, sustainable” growth for the next 12-18 months.
• Goldman Sachs upgraded Helmerich & Payne (HP) to Neutral from Sell with a price target of $28, up from $20. The firm is positive on the company’s exposure to Saudi activity improvements in 2026, along with further upside from Oman and Algeria, that should create positive rate of change for rig activation throughout the year along with an improving balance sheet in a relatively more stable North America backdrop.
• BTIG upgraded Prog Holdings (PRG) to Neutral from Sell and removed the firm’s prior $31 price target. The current valuation appropriately reflects the weak Progressive Leasing business and balances the opportunities from the potential growth and EBITDA margin expansion at Four Technologies versus the continued drag to volumes and potential credit concerns at the main leasing business, the firm tells investors.

Top 5 Downgrades:

• HSBC downgraded Palo Alto Networks (PANW) to Reduce from Hold with an unchanged price target of $157. The firm views the company’s fiscal Q1 the print as “sufficient, not transformational.”
• Oppenheimer downgraded T-Mobile (TMUS) to Perform from Outperform and removed the firm’s $300 price target on the shares. The firm thinks the company will have a difficult time beating subscriber and free cash flow estimates after a decade of outsized share gains and margin expansion.
• Morgan Stanley downgraded Bath & Body Works (BBWI) to Equal Weight from Overweight with a price target of $18, down from $43, following the earnings report. The company’s path to consistent growth above low single digits and margin expansion “appears increasingly out of reach,” the firm tells investors in a research note. Goldman Sachs and Baird also downgraded Bath & Body Works to Neutral-equivalent ratings.
• Monness Crespi downgraded Elastic (ESTC) to Neutral from Buy with no price target after the company reported a “mixed” fiscal Q2, issued a “healthy” Q3 outlook and boosted its FY26 guidance.
• Citi downgraded MGM Resorts (MGM) to Neutral from Buy with a price target of $35, down from $47.50, after transfer in analyst coverage of the name. MGM faces pressure in Las Vegas and uncertainty regarding the promotional environment in its regional markets, the firm tells investors in a research note.

Top 5 Initiations:

• Raymond James resumed coverage of Nvidia (NVDA) with a Strong Buy rating and $272 price target. As the leader in accelerated and AI computing, the company benefits directly from a multi-year build-out of “AI factories” and data-center-scale platforms, the firm tells investors in a research note. Additionally, the firm resumed coverage of Marvell (MRVL) with a Strong Buy rating and Broadcom (AVGO) with an Outperform, while also rating AMD (AMD) with an Outperform after transfer in analyst coverage.
• Raymond James resumed coverage of Intel (INTC) with a Market Perform rating. Intel shares are trading well-above median historic earnings multiples, and the firm’s sum-of-the-parts model suggests that shares are fairly valued, Raymond James added. The firm also resumed coverage of Arm (ARM) and Astera Labs (ALAB) with Market Perform ratings.
• Deutsche Bank resumed coverage of Carvana (CVNA) with a Buy rating and $395 price target. The company is entering a “Goldilocks scenario” where its fixed operating leverage will allow it to reinvest into its “market leading competitive moats” at a high rate, the firm tells investors in a research note.
• Oppenheimer initiated coverage of IBM (IBM) with an Outperform rating and $360 price target. The firm says its bullish stance is predicated on its belief IBM’s software portfolio should see sustained “double-digit” revenue growth driven by strength in Automation and improving growth in RedHat, consulting should grow at a sustained “low single digits” with recovery in application development/management, and additional revenue optionality with creation and management of AI applications.
• Raymond James initiated coverage of Workday (WDAY) with a Market Perform rating. The firm notes a generally positive but fairly balanced risk/reward for Workday after a strong Analyst Day, supported by a profitable growth plan, activist backing, and a $5B buyback.