Spotify initiated, Qualcomm 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: 

• Needham upgraded Arm (ARM) to Buy from Hold with a $200 price target. The company’s “high-stake bets,” including raising royalty rates, going into subsystems, and making its own silicon, are working, the firm tells investors.
• Truist upgraded Airbnb (ABNB) to Hold from Sell with a price target of $129, up from $107. The firm upgraded the shares after increasing the company’s 2026 adjusted EBITDA and earnings estimates.
• Wells Fargo upgraded United Natural Foods (UNFI) to Overweight from Equal Weight with a price target of $56, up from $40. After meeting with management, the firm believes the company’s turnaround is progressing well.
• BMO Capital upgraded Icon (ICLR) to Outperform from Market Perform with a price target of $130, up from $100. The firm’s recent analysis indicates continued improvements in Icon’s large pharma backdrop.
• UBS upgraded Nucor (NUE) to Buy from Neutral with a price target of $190, up from $184. The recent “excessive correction” presents a buying opportunity as the firm thinks U.S. steel producers are “largely insulated” from the Iran conflict.

Top 5 Downgrades:

• Bernstein downgraded Qualcomm (QCOM) to Market Perform from Outperform with a price target of $140, down from $175. The firm sees memory headwinds from higher prices having a “deleterious effect” on overall smartphone shipments.
• William Blair downgraded Adobe (ADBE) to Market Perform from Outperform without a price target after a transfer in analyst coverage. While the shares are “inexpensive” at 9-times free cash flow, Adobe is facing “intense” competition, particularly in its core Creative Cloud, the firm tells investors in a research note.
• Raymond James downgraded Fiserv (FISV) to Market Perform from Outperform without a price target. The stock is appropriately valued given the company’s “significant deceleration” in organic growth, the firm tells investors in a research note. Raymond James also downgraded Global Payments (GPN) to Market Perform from Outperform without a price target..
• Raymond James downgraded Shift4 Payments (FOUR) to Outperform from Strong Buy with a $67 price target. The firm cites the company’s decelerating organic growth for the downgrade.
• JPMorgan downgraded Timken (TKR) to Underweight from Neutral with an unchanged price target of $100. The firm cites comparatively lower near-term upside for shares versus peers, rather than a negative long-term outlook, for the downgrade.

Top 5 Initiations: 

• Daiwa initiated coverage of Spotify (SPOT) with an Outperform rating and $535 price target. The firm believes Spotify can maintain its high-growth revenue trajectory based on its dominance in the high-growth audio streaming market, rollout of products like podcasts and audiobooks, steady pace in net adds of Premium and ad-supported users, a rebound in advertising revenue, price increases, entry into new verticals, and new pricing tiers and add-ons.
• Jefferies initiated coverage of Robinhood (HOOD) with a Buy rating and $88 price target. The firm likes Robinhood’s “unique ability” to attract the next-generation investors.
• Mizuho initiated coverage of Tyson Foods (TSN) with an Outperform rating and $72 price target. The company is positioned to benefit from the “structural growth of protein demand,” the firm tells investors in a research note.
• Guggenheim initiated coverage of Cava Group (CAVA) with a Buy rating and $100 price target. While the stock’s valuation “is high,” Cava’s fundamental business drivers “are robust,” the firm tells investors in a research note.
• JPMorgan initiated coverage of Casey’s General Stores (CASY) with a Neutral rating and $719 price target. The firm says Casey’s shares trade at elevated multiples while the company’s push into chicken wings will likely bring margin headwinds in its Prepared Foods business.