Snap downgraded, Leidos 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:

• Jefferies upgraded Leidos (LDOS) to Buy from Hold with a price target of $205, up from $185. The firm cites the potential for Leidos to benefit from Department of Defense priorities such as FAA, Maritime, and Golden Dome as well as the company’s position as an “AI beneficiary” and upside from valuing Defense Systems on a Defense Tech multiple.
• Wells Fargo upgraded Incyte (INCY) to Overweight from Equal Weight with a price target of $89, up from $67. The firm believes the company’s Phase 1 update for myelofibrosis in Q4 will be positive.
• Baird upgraded Monday.com (MNDY) to Outperform from Neutral with a price target of $310, up from $280. The firm cites valuation for the upgrade following the recent pullback.
• Stephens upgraded BellRing Brands (BRBR) to Overweight from Equal Weight with a price target of $50, down from $68, after the company posted Q3 sales and EBITDA ahead of expectations.
• Wells Fargo upgraded Vertex Pharmaceuticals (VRTX) to Overweight from Equal Weight with an unchanged price target of $460. The firm views the pullback in the shares as providing a good entry point.

Top 5 Downgrades:

• Citizens JMP downgraded Snap (SNAP) to Market Perform from Outperform without a price target following the Q2 report. Snap’s advertising revenue grew just 4% year-over-year in the quarter, suggesting a loss of market share to other scaled ad platforms, the firm tells investors in a research note.
• UBS downgraded Gartner (IT) to Neutral from Buy with a price target of $270, down from $480. The firm cites the company’s contract value growth for the downgrade.
• Jefferies downgraded CACI (CACI) to Hold from Buy with a price target of $535, down from $570. The firm forecasts 5% revenue growth for FY26, decelerating sharply from 9% organic growth in FY25, with further deceleration risk on EITaaS.
• Piper Sandler double downgraded Kemper (KMPR) to Underweight from Overweight with a price target of $50, down from $75. The company’s Q2 results were below expectations as policy-in-force growth for the private passenger auto business decelerated along with a material unfavorable reserve development in its commercial insurance business, the firm tells investors in a research note.
• Canaccord downgraded Vivid Seats (SEAT) to Hold from Buy with a price target of $23, down from $80. The firm cites estimates meaningfully and downgraded the shares citing Vivid’s competitive pressure and limited near-term catalysts.

Top 5 Initiations:

• Goldman Sachs reinstated coverage of Shift4 Payments (FOUR) with a Buy rating and $104 price target, which offers 20% upside, following the close of the Global Blue acquisition. The firm views Shift4 as a top growth story and is constructive on the company’s approach to acquisitions.
• Wells Fargo resumed coverage of Alcon (ALC) with an Equal Weight rating and $93 price target. The firm notes that the cataract market was likely weak in Q2 and potential growth acceleration from new product cycle may take longer to materialize.
• Raymond James initiated coverage of Palvella Therapeutics (PVLA) with an Outperform rating and $54 price target. Given the validated activity of rapamycin, proof-of-concept data in Phase 2, and the high unmet need and patient demand as seen in the over-enrolled SELVA Phase 3 study, QTORIN rapamycin has the potential for blockbuster launch in microcystic lymphatic malformations, with a second potential blockbuster in cutaneous venous malformations, the firm argues.
• H.C. Wainwright initiated coverage of Indivior (INDV) with a Buy rating and $27 price target. The firm sees a favorable risk/reward at current share levels, saying the durability of Sublocade revenue in the growing long-acting injectable market for opioid use disorder is underappreciated.
• Leerink initiated coverage of Xilio Therapeutics (XLO) with an Outperform rating and $72 price target. The firm believes Xilio is among the industry leaders of developing protease-masked biologics.