Peloton upgraded, Booking 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 Upgrades:

• UBS upgraded Peloton (PTON) to Buy from Neutral with a price target of $11, up from $7.50, which implies a near doubling of the stock from current levels. The firm sees upside to Peloton’s fiscal 2026 EBITDA expectations from sales growth and further cost cutting.
• Cantor Fitzgerald upgraded Seagate (STX) to Overweight from Neutral with an unchanged price target of $175. The firm expects the stock’s re-rating to continue despite the weaker than expected September quarter guidance.
• Baird upgraded Ecolab (ECL) to Outperform from Neutral with a price target of $300, up from $273. The firm has increased in its estimates for Ecolab post the Q2 earnings report.
• Jefferies upgraded Aon plc (AON) to Buy from Hold with a price target of $426, up from $400. The firm believes the company is positioned to accelerate margin expansion due to favorable organic growth, productivity gains, and cost savings.
• Oppenheimer upgraded PNC Financial (PNC) to Outperform from Perform with a $238 price target. The firm notes the shares have lagged both the banks and the broader market in the past year, but Oppenheimer sees PNC as a well-managed, high-quality and consistently profitable regional banking company.

Top Downgrades:

• Wedbush downgraded Booking Holdings (BKNG) to Neutral from Outperform with a $5,900 price target. The firm notes that Booking reported healthy Q2 results, while guidance for Q3 was weak versus expectations.
• Lake Street downgraded Chart Industries (GTLS) to Hold from Buy with a price target of $210, down from $225, after the company agreed to be acquired by Baker Hughes (BKR) for $210 per share in cash. The firm thinks Baker Hughes is “a strong strategic fit that will have meaningful scale.” Seaport Research, Raymond James and UBS also downgraded the stock to Neutral-equivalent ratings.
• KeyBanc last night downgraded Albemarle (ALB) to Sector Weight from Overweight without a price target. The firm cites the recent share outperformance for the downgrade.
• BTIG downgraded NeoGenomics (NEO) to Neutral from Buy without a price target. The company reported another miss and guided down as its structural challenges will take time to fix, the firm tells investors in a research note.
• Citi downgraded Union Pacific (UNP) to Neutral from Buy with a price target of $250, down from $270, following the company’s acquisition of Norfolk Southern (NSC). The firm sees the appeal of a transcontinental railroad, but believes the transaction is likely to face “fierce pushback.”

Top Initiations:

• Raymond James initiated coverage of Edgewise Therapeutics (EWTX) with a Strong Buy rating and $46 price target. The firm sees a highly attractive risk/reward profile for the shares at current levels.
• Roth Capital initiated coverage of National Vision (EYE) with a Buy rating and $36 price target. The firm says new management is driving a successful transformation with new pricing and a focus on attractive managed care customers.
• Raymond James analyst Martin Auster assumed coverage of BridgeBio (BBIO) with an Outperform rating and a price target of $56, down from $57. While shares have “run significantly,” the firm sees potential for incremental upside with more upward revisions to consensus in coming quarters.
• Bullish on the name, DBS Bank initiated coverage of Blackstone (BX) with a Buy rating and $190 price target.