Shopify and Unity 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:

• Erste Group upgraded AMD (AMD) to Buy from Hold. The shares should move higher given the company’s good growth prospects, the firm tells investors in a research note.
• Erste Group upgraded Johnson & Johnson (JNJ) to Buy from Hold. The firm, which notes that J&J has a higher operating margin and return on equity than its competitors, expects the stock price to rise further in the medium term given the company’s improved growth prospects.
• Erste Group upgraded Arista Networks (ANET) to Buy from Hold. The firm sees the company’s revenue growth remaining above average in the medium growth as it expands margins and creates an ecosystem for the control of artificial intelligence networks.
• Gordon Haskett upgraded Williams-Sonoma (WSM) to Buy from Hold with a $205 price target. While acknowledging “the road might be choppy,” the firm says its more positive posture is based on expectations for some modest improvement in sales during the second quarter, which it thinks will “represent the beginning of a potentially multi-year period of industry expansion.”
• Guggenheim upgraded Dynatrace (DT) to Buy from Neutral with a $66 price target, which offers 25% upside potential. The firm has increased confidence that catalysts for Dynatrace’s business are gaining momentum.

Top 5 Downgrades:

• Arete downgraded Shopify (SHOP) to Neutral from Buy with a $125 price target. The firm believes Shopify now trades at a “heady valuation” that assumes “flawless results.”
• Raymond James downgraded Roblox (RBLX) to Outperform from Strong Buy with a price target of $130, up from $81. While the firm has a positive bias on the stock’s trajectory going forward and still sees merit in the bull case, there is a very high bar for Q2, the firm says.
• BTIG downgraded Unity (U) to Sell from Neutral with a $25 price target ahead of the earnings report. The 40% month-to-date rally in the shares overstates Unity’s fundamental benefit from its advertising model upgrade, the firm tells investors in a research note.
• Erste Group downgraded ServiceNow (NOW) to Hold from Buy. The company’s growth momentum is slightly lower in 2025 relative to 2024 and its shares trade at a significantly higher multiple to peers despite similar operating margin and return on equity, the firm tells investors in a research note.
• BofA downgraded Sarepta (SRPT) to Underperform from Neutral with a price target of $10, down from $20, after the company agreed to pause shipments of their DMD gene therapy Elevidys at the request of the FDA.

Top 5 Initiations:

• Erste Group initiated coverage of Coinbase (COIN) with a Buy rating. The company is benefiting from the increasing adoption of cryptocurrencies, and its sales will growth faster than the sector in 2025, the firm tells investors in a research note.
• Citi initiated coverage of Celsius Holdings (CELH) with a Buy rating and $55 price target. The firm is bullish on the energy drink category and thinks Celsius will benefit from category growth in the U.S.
• Jefferies initiated coverage of Galaxy Digital (GLXY) with a Buy rating and $35 price target. The firm believes the company is “uniquely positioned” for upside from a more favorable regulatory backdrop for crypto and the growing demand for artificial intelligence data centers.
• Roth Capital initiated coverage of nVent Electric (NVT) with a Buy rating and $89 price target. The firm says nVent is a “top-tier player “in electrical connection and protection with advantages in electrical enclosures, connectors, and liquid cooling.
• Benchmark initiated coverage of Aeluma (ALMU) with a Buy rating and $25 price target. The firm believes the company’s proprietary large diameter silicon wafer process enables superior performance characteristics at a significantly lower manufacturing cost and views Aeluma as positioned to “fundamentally disrupt the high-performance sensing and communications compound semiconductor market.”