Snowflake initiated, Chipotle 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:

• BMO Capital upgraded Chipotle (CMG) to Outperform from Market Perform with a price target of $65, up from $56. The firm believes Chipotle is well positioned for accelerating comparable sales growth and improving margins beginning in the second half of 2025,
• Jefferies upgraded Abbott (ABT) to Buy from Hold with a price target of $145, up from $143. The firm says that while Abbott’s Q2 report and outlook were “underwhelming,” the corresponding share selloff is “too punitive.”
• Raymond James upgraded Synovus (SNV) to Outperform from Market Perform with a $62 price target. The bank’s Q2 results exceeded estimates, and it increased the majority of its 2025 outlook, the firm tells investors in a research note. Keefe Bruyette also upgraded Synovus to Outperform from Market Perform.
• Guggenheim upgraded Cognizant (CTSH) to Buy from Neutral with a $90 price target. The firm says its checks in the channel signaled strength driven by new wins for Cognizant and strength outside of North America.
• Morgan Stanley upgraded Topgolf Callaway (MODG) to Equal Weight from Underweight with a price target of $9.50, up from $6, following transfer in analyst coverage. The firm views Topgolf Callaway as a premier golf equipment and active lifestyle franchise clouded by high leverage and underperformance at TopGolf and believes the market is ascribing “negative or no value to TopGolf at present.”

Top 5 Downgrades:

• Leerink downgraded Elevance Health (ELV) to Market Perform from Outperform with a price target of $310, down from $510, seeing limited upside in the stock. The firm downgraded Elevance citing its belief that the company will have “no apparent earnings growth” in 2026, “no meaningful investment case for improving sentiment and sector valuations,” and “lingering, potential, and accelerating risks across almost all lines of business and products.”
• Jefferies downgraded Matson (MATX) to Hold from Buy with a price target of $115, down from $135. The firm expects Matson to report Q2 results better than expectations, but says the company’s outlook for Q3 “looks to be softer.”
• Evercore ISI downgraded Rexford Industrial (REXR) to In Line from Outperform with a price target of $38, down from $39, post the Q2 report. The firm continues to believe in the long-term value proposition of the Sothern California industrial market, but says a recovery in rents is pushed out longer than expected.
• DA Davidson downgraded BlueLinx (BXC) to Neutral from Buy with an $80 price target. “Misguided” takeover speculation, paired with continued weak market fundamentals leave a less attractive risk/reward, the firm tells investors in a research note.
• H.C. Wainwright downgraded Clearside Biomedical (CLSD) to Neutral from Buy without a price target after the company said it was exploring strategic alternatives. No agreement for any strategic transaction has been reached and no timetable has been set for the strategic review process, the firm tells investors in a research note.

Top 5 Initiations:

• Stephens initiated coverage of Snowflake (SNOW) with an Overweight rating and $261 price target. The firm views artificial intelligence as a “large growth acceleration opportunity” for Snowflake.
• Rosenblatt initiated coverage of SentinelOne (S) with a Buy rating and $24 price target. The firm believes the company is undervalued considering “its strategic position as a leader in AI-driven cybersecurity,” noting that it trades at an approximate 40% discount to its peers.
• Rosenblatt initiated coverage of Verint (VRNT) with a Buy rating and $40 price target. The firm believes the company is significantly undervalued given the company’s broad AI portfolio and the inherent competitive advantage that the company holds having more than a decade of data from interactions to train advanced AI models.
• Stephens initiated coverage of MongoDB (MDB) with an Equal Weight rating and $247 price target. The firm has competition concerns but views MongoDB’s Atlas as a “rare, high-quality asset.”
• Evercore ISI initiated coverage of Ralliant (RAL) with an In Line rating and $52 price target. While the firm sees “potential for sizable upside for the stock,” it needs to see a path to revenue growth in aggregate and says its rating reflects secular end-market growth trends and “shareholder friendly capital allocation,” offset by declines in the Test & Measurement segment.