Snap upgraded, Pinterest downgrade: 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.

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Top 5 Upgrades: 

• Rothschild & Co Redburn upgraded Snap (SNAP) to Buy from Neutral with a price target of $10, up from $5. The firm views the company turning GAAP profitable for the first time this year, the “potential break-out” of specs driving a stronger core business, and ongoing subscriptions momentum for the upgrade. 
• Mizuho upgraded CrowdStrike (CRWD) to Outperform from Neutral with a price target of $520, up from $490. The firm has grown more constructive on CrowdStrike’s fundamentals in recent months as channel checks become more favorable and indicate “very healthy” demand across CrowdStrike’s platform.
• KeyBanc upgraded MSC Industrial (MSM) to Overweight from Sector Weight with a $117 price target after meeting with management. The firm believes the company “has a solid line of sigh” toward generating stronger operating leverage, driven by improving cycle volumes and further cost-out benefits. 
• Arete upgraded Fortinet (FTNT) to Buy from Neutral with a $104 price target. The firm sees software-defined wide area network and security operations as growth drivers for the company.
• Barclays upgraded Nutrien (NTR) to Overweight from Equal Weight with a price target of $85, up from $80. The firm continues to expect strength in the nitrogen segment due to the Iran conflict.

Top 5 Downgrades:

• Rothschild & Co Redburn downgraded Pinterest (PINS) to Neutral from Buy with a price target of $23, up from $17. The firm sees limited opportunities for Pinterest to offset ongoing advertising weakness, adding the company may have the least defensible engagement in social media.
• Bernstein downgraded Campbell’s (CPB) to Market Perform from Outperform with a price target of $21, down from $27. The firm cites Campbell’s’s underperformance in soup, ongoing challenges in the Cape Cod and Kettle potato chip brands, and “middling performance” in Pepperidge Farm for the downgrade. 
• BNP Paribas downgraded GE Vernova (GEV) to Neutral from Outperform with a $1,190 price target. With 90% of gas turbine capacity already contracted through 2030, the company’s growth momentum may be more challenging to sustain, the firm tells investors in a research note.
• Goldman Sachs downgraded Gartner (IT) to Neutral from Buy with a price target of $171, down from $220. The firm believes the company’s core research business faces “structurally higher” AI risk than its data, benchmark or regulation focused peers.
• HSBC downgraded Digital Realty (DLR) to Hold from Buy with a price target of $210, up from $193. The firm views the stock’s risk/reward as fair following the recent rally.

Top 5 Initiations: 

• Melius Research initiated coverage of Micron (MU) with a Buy rating and $700 price target. The firm views memory companies as core to its AI coverage. Melius Research also coverage of SanDisk (SNDK) with a Buy rating and $1,350 price target. 
• TD Cowen initiated coverage of DoorDash (DASH) with a Buy rating and $225 price target. The firm says the company’s leadership position in the U.S., expanding international presence, growing grocery and retail mix, and emerging advertising and commerce offerings will support sustained growth and rising profitability. 
• Tigress Financial initiated coverage of Oklo (OKLO) with a Buy rating and $130 price target, which represents a potential return of 80%. Oklo is developing the sub-100 MWe Aurora Powerhouse, notes the firm, which calls the stock a “differentiated way to play the emerging U.S. advanced-nuclear and SMR build-out” via its Aurora sodium-cooled fast reactor, High-Assay Low-Enriched Uranium-based fuel cycle, and growing ecosystem across data centers, AI, and isotopes.
• Morgan Stanley resumed coverage of BioMarin (BMRN) with an Overweight rating with a price target of $120, up from $98. The Amicus acquisition does not eliminate Voxzogo risk, but it “materially changes the set up” for BioMarin, the firm tells investors. 
• Chardan initiated coverage of Galaxy Digital (GLXY), Keel Infrastructure (KEEL) and Riot Platforms (RIOT) with Buy ratings and price targets of $35, $4.50, and $27.50, respectively. The three companies are redirecting their power portfolios from bitcoin mining to high performance compute workloads in an effort to capitalize on a “significant valuation re-rate opportunity afforded by stable cash flows attached to long- duration lease agreements,” the firm tells investors in a research note.