Sarepta upgraded, Tapestry 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:

• Oppenheimer upgraded Sarepta (SRPT) to Outperform from Perform with a price target of $37, up from $30, after the FDA recommended to remove the voluntary hold of Elevidys for ambulatory patients. JPMorgan also upgraded Sarepta to Neutral from Underweight with a $24 price target.
• BTIG upgraded Edwards Lifesciences (EW) to Buy from Neutral with a $100 price target. The firm cites improving stability in the company’s transcatheter aortic valve replacements segment and its positive U.S. doctor feedback on the upcoming catalysts for the upgrade.
• Guggenheim upgraded Generac (GNRC) to Buy from Neutral with a $190 price target. A greater focus on commercial power resilience opportunities along with the potential for withdrawal from the residential solar storage business supports a more positive stance on the shares, the firm tells investors.
• BofA upgraded Allegion (ALLE) to Neutral from Underperform with a price target of $175, up from $110, telling investors that Allegion’s strong execution has led to the company outperforming its weak construction end markets and Street expectations.
• JPMorgan upgraded CF Industries (CF) to Neutral from Underweight with a price target of $92, up from $75. The firm sees potential tariffs on Russian agricultural products driving higher domestic urea prices in the near term.

Top 5 Downgrades:

• BofA downgraded Tapestry (TPR) to Neutral from Buy with a price target of $115, up from $95. The 66% year-to-date run in the stock price puts the stock near its peak multiple and leaves the shares close to fair value, the firm tells investors.
• RBC Capital downgraded Domino’s Pizza (DPZ) to Sector Perform from Outperform with a price target of $500, down from $550. Domino’s faces increased potential for slowing U.S. same-store-sales in 2026, which could limit the stock’s multiple expansion, and its international unit growth is increasingly coming from lower unit volume markets, which could limit a sales reacceleration, the firm tells investors in a research note.
• BofA downgraded Whirlpool (WHR) to Underperform from Neutral with a price target of $70, down from $100, following “disappointing” Q2 earnings and guidance as well as a dividend cut.
• UBS downgraded Medpace (MEDP) to Sell from Neutral with a price target of $305, up from $300. The firm views the company’s near- and mid-term targets as “overly ambitious” against a “weak “industry backdrop.
• Piper Sandler downgraded Cadence Design (CDNS) to Neutral from Overweight with a price target of $355, up from $328. note. The firm says that while Cadence’s fundamentals continue to show “robust growth,” the stock’s valuation has moved beyond an attractive level.

Top 5 Initiations:

• Bernstein initiated coverage of Sarepta (SRPT) with a Market Perform rating and $13 price target. The firm models Elevidys “as a zero going forward” and tells investors to do the same.
• Wolfe Research initiated coverage of Lionsgate Studios (LION) with a Peer Perform rating and no price target. The firm believes the company’s “valuable” library, opportunities to reduce production costs through artificial intelligence and attractiveness as an acquisition target are offset by concerns over its balance sheet complexity, “eroding” mid-budget film fundamentals, and history of weak cash flow.
• Oppenheimer initiated coverage of Atai Life Sciences (ATAI) with an Outperform rating and $14 price target. The firm says the market opportunity is underappreciated considering 10M patients could benefit from alternative approaches.
• Rosenblatt initiated coverage of IonQ (IONQ) with a Buy rating and $70 price target. The firm views IonQ as an attractive way to gain exposure to the quantum computing market, a market it believes provides the next era of computing.
• Roth Capital initiated coverage of Sanuwave Health (SNWV) with a Buy rating and $49 price target. The firm sees a “compelling” growth profile in a “large and untapped” market for the company.