Qualcomm downgraded, Okta 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.

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Top 5 Upgrades:

• Raymond James upgraded Okta (OKTA) to Outperform from Market Perform with an $85 price target. Raymond James says its analysis of various metrics suggests a “forward waterfall that should result in upside to growth” for Okta.
• Seaport Research upgraded JetBlue (JBUL) to Buy from Neutral with an $8 price target. When a major competitor exits the industry as Spirit (FLYY) likely does this week as per media reports, revenue visibility improves, risk drops, valuation moves higher, and JetBlue becomes a more credible takeout target, the firm tells investors in a research note.
• HSBC upgraded OMA (OMAB) to Buy from Hold with a price target of $134, up from $112. The firm says the company’s domestic Mexico exposure and nearshoring tailwinds position it more resiliently amid higher fuel prices.
• Rothschild & Co Redburn upgraded Descartes Systems (DSGX) to Buy from Neutral with a price target of $90, down from $100. The company’s Global Logistics Network offers “strength and defensibility amid the rise of AI, the firm tells investors in a research note.
• JPMorgan upgraded Hamilton Lane (HLNE) to Overweight from Neutral with an unchanged price target of $166. The firm says the 21% selloff in Hamilton Lane is unwarranted given the company’s limited exposure to the private credit market.

Top 5 Downgrades:

• JPMorgan downgraded Qualcomm (QCOM) to Neutral from Overweight with a price target of $140, down from $185, and placed the shares on “negative catalyst watch.” It sees downside risk to Qualcomm’s near-term estimates due to concerns across its handset business.
• Mizuho downgraded PayPal (PYPL) to Neutral from Outperform with a price target of $50, down from $60. The firm sees rising competitive and fundamental headwinds for PayPal and Venmo.
• JPMorgan downgraded NetApp (NTAP) to Neutral from Overweight with a price target of $110, down from $125. The firm cites concerns around “muted” earnings growth for the company in fiscal 2027 for the downgrade.
• Seaport Research downgraded Shift4 Payments (FOUR) to Neutral from Buy. Shift4 Payments’ strategy remains differentiated, but external challenges, particularly with Global Blue, have weighed more than expected on revenue and EBITDA, the firm tells investors in a research note.
• Citi double downgraded Flutter Entertainment (FLUT) to Sell from Buy, opened a “negative catalyst watch” on the stock and removed the shares from its European Focus List. The firm no longer values the company U.S. business on fiscal 2028 estimates due to reduced conviction in its growth forecasts over 2026 and 2027.

Top 5 Initiations:

• Wolfe Research initiated coverage of CoreWeave (CRWV) with an Outperform rating and $150 price target. The firm views CoreWeave as the best positioned neocloud to continue expanding capacity with a positive FY26 catalyst path and believes its financing engine is “a key differentiator that sets it apart” from peers.
• BTIG initiated coverage of Dick’s Sporting (DKS) with a Buy rating and $300 price target. The firm is “impressed” by the progress made evolving Dick’s Sporting Goods from a retail box into the largest omni-channel sports retailer in the U.S.
• BTIG initiated coverage of Henry Schein (HSIC) with a Neutral rating and no price target. While the company’s scale is vast, the business is mature, the firm tells investors in a research note.
• BofA initiated coverage of Autoliv (ALV) with a Buy rating and $140 price target. The shares trade at a valuation that “materially undervalues” the quality of the franchise, the firm tells investors in a research note.
• Mizuho initiated coverage of Equifax (EFX) with an Outperform rating and $222 price target. The firm views the company’s Workforce Solutions business as a “key pillar” of its growth. Mizuho also started coverage of FICO (FICO) with an Outperform rating and TransUnion (TRU) with a Neutral.