Skyworks upgraded, UnitedHealth 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:

• Piper Sandler upgraded Skyworks (SWKS) to Overweight from Neutral with a price target of $140, up from $70, following the announced merger with Qorvo (QRVO). The firm believes that this deal will redefine the RF landscape and position Skyworks to capitalize on scale, scope, mix, and pricing. KeyBanc and Barclays also upgraded the stock to Overweight and Equal Weight, respectively.
• Wells Fargo upgraded Sunoco LP (SUN) to Overweight from Equal Weight with a price target of $65, up from $61, on compelling pro-forma valuation and to reflect the pending close of the Parkland merger.
• UBS upgraded Victoria’s Secret (VSCO) to Buy from Neutral with a price target of $46, up from $26, which implies 32% upside to the current stock price. The firm has increased conviction on the company’s ability to reposition its Victoria’s Secret and PINK brands.
• Wolfe Research upgraded Edwards Lifesciences (EW) Peer Perform from Underperform without a price target following the Transcatheter Cardiovascular Therapeutics symposium. The firm now believes the company’s risks are unlikely to drive negative estimate revisions in the near term.
• BofA upgraded Spire (SR) to Neutral from Underperform with a price target of $89, up from $76. The firm, which believes Spire is entering a rebasing phase for earnings driven by a more constructive regulatory environment in Missouri and the anticipated closing of the Tennessee gas LDC acquisition, views the shares as modestly inexpensive relative to peers and expects the stock to perform in line with peers as execution risk moderates.

Top 5 Downgrades:

• Morgan Stanley downgraded Qorvo (QRVO) to Equal Weight from Overweight with a price target of $110, up from $94, following the merger agreement with Skyworks (SKWS). The firm believes the transaction makes sense and notes that key customers seem supportive of the deal.
• Canaccord downgraded Kenvue (KVUE) to Hold from Buy with a price target of $15, down from $26. With the HHS looking to link acetaminophen use in pregnancy to autism, Texas suing the company for deceptive marketing and lawsuits in the U.K. bringing talc liability to the table, the firm believes continued negative headlines and legal issues hamper the company’s turnaround and also likely hamper any potential sale of all or part of the company.
• Deutsche Bank downgraded UnitedHealth (UNH) to Hold from Buy with a price target of $333, up from $275, following the Q3 report. The firm believes UnitedHealth’s “beat-and-raise story” has “no wiggle room” at current valuation levels.
• BMO Capital downgraded Stride (LRN) to Market Perform from Outperform with a price target of $108, down from $164. The firm cites the company’s “disappointing” fiscal 2026 outlook for the downgrade.
• JPMorgan downgraded Autohome (ATHM) to Neutral from Overweight with a price target of $28, down from $31. The firm sees the company’s “lackluster” media services and lead generation revenue outlook, as well as its investments into its new O2O business, to drive another round of estimate cuts.

Top 5 Initiations:

• Canaccord initiated coverage of Viking Therapeutics (VKTX) with a Buy rating and $106 price target. The firm views Viking as a leader in the obesity drug development space.
• KeyBanc initiated coverage of Qnity Electronics (Q) with an Overweight rating and $117 price target. The firm views Qnity as a premier semiconductor and electronics materials company with an “attractive growth story.”
• Mizuho initiated coverage of Southwest Gas (SWX) with an Outperform rating and $91 price target. The firm views the investment case as “increasingly de-risked” with the completed separation of Centuri, improving regulatory backdrops in Arizona and Nevada, and strengthening balance sheet.
• BofA initiated coverage of Supernus (SUPN) with a Buy rating and $65 price target, citing what it sees as the “underappreciated” branded central nervous system growth drivers with its treatments for ADHD and motor complications in advanced Parkinson’s disease.
• Oppenheimer initiated coverage of James Hardie (JHX) with an Outperform rating and $28 price target. The firm sees the company’s acquisition of Azek reinvigorating its company’s fiber cement business in North America.