Nvidia upgraded, Salesforce 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:

• Summit Insights upgraded Nvidia (NVDA) to Buy from Hold after its Q1 results and guidance. The risk of double-ordering on its Hopper generation AI GPU and the risk of China export controls are now priced into the stock, the firm tells investors in a research note.
• Deutsche Bank upgraded Southwest (LUV) to Buy from Hold with a price target of $40, up from $28. Southwest’s refreshed board of directors “ushered in a new era of change,” which will drive higher shareholder returns, the firm tells investors in a research note.
• Wells Fargo upgraded HCA Healthcare (HCA) to Equal Weight from Underweight with a price target of $385, up from $320. The firm is now more constructive on the hospital group and sees policy risks as having receded following the House passage of budget reconciliation legislation. Wells also upgraded Tenet Healthcare (THC) to Overweight from Equal Weight.
• Piper Sandler upgraded Claritev (CTEV) to Overweight from Neutral with a price target of $44, up from $19. The firm sees an improving fundamental outlook following the Q1 revenue and adjusted EBITDA beat.
• Citi upgraded Lamar Advertising (LAMR) to Buy from Neutral with a price target of $135, up from $114. The firm increased revenue estimates following a reduction in tariff-related risks to the advertising market.

Top 5 Downgrades:

• RBC Capital downgraded Salesforce (CRM) to Sector Perform from Outperform with a price target of $275, down from $420, after the company reported a relatively in-line quarter. The downgrade is primarily driven by the formally announced acquisition of Informatica (INFA) for $8B and merger model, as well as longer-term concerns, the firm says.
• TD Cowen downgraded Starbucks (SBUX) to Hold from Buy with an unchanged price target of $90. The firm believes Starbucks is settling into a new 2026 through 2028 earnings base versus consensus that does not appear to be considering labor investments that are central to the company’s turnaround.
• BofA downgraded SentinelOne (S) to Neutral from Buy with a price target of $21, down from $24, following “a mixed quarter.” For a few quarters now, results have been “uninspiring,” with two consecutive quarters of reduced guidance, and the company is growing at rates similar to CrowdStrike (CRWD), despite having an 80% lower revenue base and carrying about 650 basis points lower profitability, adjusting for scale, the firm tells investors in a post-earnings note. JPMorgan and Wells Fargo also downgraded SentinelOne to Neutral-equivalent ratings.
• Citi downgraded Paramount (PARA) to Neutral from Buy with a price target of $12, down from $13. The firm continues to expect the Skydance transaction to close in 2025, but believes the equity’s risk/reward is relatively balanced at prevailing levels.
• Jefferies downgraded GE Vernova (GEV) to Hold from Buy with a price target of $517, up from $427. The firm cites valuation for the downgrade.

Top 5 Initiations:

• Citi reinstated coverage of Kellanova (K) with a Neutral rating and $83.50 price target. The firm assumes the pending acquisition goes through as proposed.
• Goldman Sachs initiated coverage of BioNTech (BNTX) with a Neutral rating and $110 price target, representing 12% upside. The firm sees valuation support at current levels from the combination of BioNTech’s COVID vaccines franchise as well as a strong net cash position, but believes a sustained stock inflection is “contingent on a series of de-risking clinical data events” which will influence the company’s ability to successfully transition into its ambition of becoming a global immunotherapy powerhouse.
• Goldman Sachs reinstated coverage of DBV Technologies (DBVT) with a Sell rating and $7.25 price target, implying 14% downside. Goldman expects the key 2025 catalyst of the Phase 3 VITESSE readout to be positive, but expects share price upside to be limited due to the subsequent exercise of warrants, which could lead to significant dilution
• Roth Capital initiated coverage of USA Rare Earth (USAR) with a Buy rating and $15 price target. The company is building out a vertically integrated domestic rare earth elements supply chain as part of its end-to-end “mine-to-magnet” strategy, the firm says, adding that it believes this capability represents a favorable investment given the current geopolitical shift toward greater reliance on domestic suppliers, particularly given the strategic nature of rare earth elements to key industries such as defense.
• Jefferies initiated coverage of Steris (STE) with a Hold rating and $263 price target. The next few years will pit the company’s “resilient business against a potential wave of highly disruptive” healthcare policy changes, the firm tells investors in a research note.