Pinterest downgraded, Tractor Supply upgraded: 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:

• Evercore ISI upgraded Tractor Supply (TSCO) to Outperform from In Line with a price target of $65, up from $60. Traffic trends are rebounding, growth initiatives are gaining traction, and the stock’s valuation “now provides a compelling entry point,” the firm tells investors.
• Northland upgraded Qualys (QLYS) to Outperform from Market Perform with a price target of $162, up from $150, following “strong” Q3 revenue and EPS results. Piper Sandler also upgraded Qualys to Neutral from Underweight.
• Evercore ISI upgraded Yum! Brands (YUM) to Outperform from In Line with an $180 price target. The firm cites the company’s higher growth excluding Pizza Hut and the stock’s valuation for the upgrade.
• Raymond James upgraded O’Reilly Automotive (ORLY) to Outperform from Market Perform with a $105 price target. The company reported a “clean” Q3 report and the stock’s 14% pullback from the 52-week high brings an attractive entry point, the firm tells investors in a research note.
• Citi double upgraded IPG Photonics (IPGP) to Buy from Sell with a price target of $105, up from $68, following the Q3 report. The firm sees the company’s business recovery in Q3 continuing due to improving demand for welding and micromachining. IPG posted positive revenue growth year-over-year after 12 consecutive quarterly declines.

Top 5 Downgrades:

• Monness Crespi downgraded Pinterest (PINS) to Neutral from Buy and lowered the firm’s estimates after the company reported “uninspiring” Q3 results, issued a “muted” Q4 outlook, and hosted an “unsettling” conference call. Rosenblatt also downgraded Pinterest to Neutral from Buy with a $30 price target.
• Gordon Haskett downgraded Burlington Stores (BURL) to Hold from Buy with a $270 price target. The firm views the lack of a recovery in foot traffic recently at Burlington as disappointing.
• BofA downgraded Trex Company (TREX) to Underperform from Buy with a price target of $36, down from $67. Following “disappointing” Q3 earnings, 2025 guidance and 2026 margin commentary, the firm lowered its 2025 and 2026 EPS estimates by 13% and 30%, respectively. Deutsche Bank and William Blair also downgraded Trex Company to Neutral-equivalent ratings.
• JPMorgan downgraded Archer Daniels (ADM) to Underweight from Neutral with a price target of $59, down from $61. The company’s Q3 earnings beat estimates but guidance cut indicates its profit headwinds extend beyond a lack of clarity on U.S. biofuel policies and trade relations with China, the firm tells investors in a research note.
• Roth Capital downgraded Energy Fuels (UUUU) to Sell from Neutral with a price target of $11.50, up from $7.25. The firm believes the momentum around the company’s rare earth business potential has subsided.

Top 5 Initiations:

• Roth Capital resumed coverage of LeMaitre (LMT) with a Buy rating and $108 price target. The firm says the company’s product portfolio vascular surgeons combined with its direct sales force of 164 reps is driving organic sales growth of 15% with favorable operating leverage.
• Ladenburg initiated coverage of Draganfly (DPRO) with a Buy rating and $19 price target. The provider of UAV platforms for defense and commercial applications recently won a large Department of Defense contract to supply first person view drones to a brigade of the U.S. Army, notes the firm, which thinks this win is “significant and possibly repeatable,” highlighting that the company has a “robust pipeline beyond that win.”
• Oppenheimer initiated coverage of Docebo (DCBO) with an Outperform rating and $35 price target. The firm sees Docebo’s average revenue per user as a key growth driver with management prioritizing enterprise sales.
• Piper Sandler initiated coverage of Ascentage Pharma (AAPG) with an Overweight rating and $48 price target. The company’s two approved assets in China are now under evaluation in the U.S., the firm tells investors in a research note.
• B. Riley initiated coverage of Vanda Pharmaceuticals (VNDA) with a Buy rating and $11 price target. The firm says Vanda is a commercial-stage turnaround story trading at a “historic discount.”