Rivian downgraded, PayPal 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:

• Seaport Research upgraded PayPal (PYPL) to Neutral from Sell without a price target. The firm says potential tariff impacts to the company’s business are proving better than feared.
• Seaport Research upgraded MasterCard (MA) to Buy from Neutral with a $616 price target. The firm expects “strong compounding” of the company’s earnings and views the recent pullback in the shares as a buying opportunity.
• Deutsche Bank upgraded Hyatt (H) to Buy from Hold. The firm believes Hyatt has the “best catalyst path in lodging looking forward.”
• Barclays upgraded SolarEdge (SEDG) to Equal Weight from Underweight with a price target of $29, up from $12. The firm believes the One Big Beautiful Bill creates an “uneven playing field” for loans and cash in solar versus leases, and now expects SolarEdge to see 20% sales growth.
• Raymond James upgraded Paymentus (PAY) to Outperform from Market Perform with a $37 price target. The firm views the stock’s 29% pullback since May 19 as a “compelling buying opportunity.”

Top 5 Downgrades:

• Guggenheim downgraded Rivian (RIVN) to Neutral from Buy without a price target. The firm cites softer long-term R2/R3 assumptions driven by softer R1 sales and negative U.S. Electric Vehicle and Emissions policy changes for the downgrade.
• BTIG downgraded Affirm (AFRM) to Neutral from Buy without a price target. BTIG worries that Affirm will continue to experience Revenue Less Transaction Costs margin pressure like they experienced last quarter, while at the same time not showing accelerating gross merchandise value growth.
• Piper Sandler downgraded Best Buy (BBY) to Neutral from Overweight with a price target of $75, down from $82. While the shares have underperformed year-to-date and expectations are low, Best Buy lacks meaningful catalysts in the coming quarters to meaningfully accelerate comp and earnings growth, the firm tells investors in a research note.
• Evercore ISI downgraded Procter & Gamble (PG) to In Line from Outperform with a price target of $170, down from $190. Macro pressures are transient, but the firm’s concern lies in adverse shifts in retail channels that challenge Procter’s growth potential, and could cap Procter’s sales growth below the 4% needed to drive operating leverage.
• Morgan Stanley downgraded CrowdStrike (CRWD) to Equal Weight from Overweight with a price target of $495, up from $490. The firm sees a full valuation with the shares up 50% from the April lows.

Top 5 Initiations:

• Argus initiated coverage of Coinbase (COIN) with a Buy rating and $400 price target. Coinbase is in the early stages of expanding into other crypto products, and while its valuations are “off the charts,” its margins are higher than the peer group and its growth runway is promising, justifying the premium, Argus says.
• Melius Research rolled out coverage on 11 names in the restaurant group. The firm says restaurants are no longer competing just with each other, but with grocers and concipient stores for meal occasions. The firm put Sell ratings on McDonald’s (MCD) and Starbucks (SBUX), Buy ratings on Yum! Brands (YUM), Texas Roadhouse (TXRH), Restaurant Brands (QSR) and Dutch Bros (BROS), and Hold ratings on Chipotle (CMG), Darden (DRI), Domino’s Pizza (DPZ), Cava Group (CAVA) and Wingstop (WING).
• Gordon Haskett initiated coverage of Carvana (CVNA) with a Hold rating and $329 price target. With Carvana trading at a material premium to peers and recent tariff-driven demand pull-forward likely to pressure volumes over coming quarters, the firm sees limited multiple expansion ahead.
• Needham initiated coverage of Shopify (SHOP) with a Buy rating and $135 price target. Shopify remains in just the mid-cycle of a durable growth opportunity, as consumer spending remains strong and the recent U.S. tax bill can spur near-term consumer spend that can positively impact Shopify’s GMV, the firm tells investors in a research note.
• Jefferies initiated coverage of BridgeBio (BBIO) with a Buy rating and $70 price target. The firm believes Attruby could become a blockbuster pill with $4B in sales in transthyretin amyloid cardiomyopathy.