Starbucks upgraded, Doximity 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.

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Top 5 Upgrades:

• TD Cowen upgraded Starbucks (SBUX) to Buy from Hold with a price target of $120, up from $106. The firm says the company has “numerous tangible drivers” to drive positive sales revisions in a “strong category backdrop.”
• JPMorgan upgraded Cheesecake Factory (CAKE) to Neutral from Underweight with a price target of $68, up from $58, post the Q1 report. The company is showing steady execution in the face of macro headwinds, the firm tells investors in a research note.
• Morgan Stanley upgraded Assurant (AIZ) to Overweight from Equal Weight with a price target of $285, up from $240. In a soft market environment for the P&C industry, Assurant stands out with its durable growth profile, the firm tells investors.
• Freedom Broker upgraded Toyota (TM) to Buy from Hold with a price target of $230, up from $221. The firm believes the company is “showing signs of adapting to the new operating environment.”
• Wedbush upgraded Staar Surgical (STAA) to Outperform from Neutral with a price target of $40, up from $26. The Q1 report brings confidence that Staar is either at or nearing an inflection point for a full China rebound, the firm tells investors in a research note.

Top 5 Downgrades:

• BTIG downgraded Doximity (DOCS) to Neutral from Buy without a price target following the earnings report. The company’s fiscal 2027 guidance came in well below expectations, the firm tells investors in a research note. Wells Fargo, Baird, KeyBanc and Jefferies also downgraded the stock to Neutral-equivalent ratings.
• Wells Fargo downgraded Wix.com (WIX) to Equal Weight from Overweight with a price target of $54, down from $137. While the company’s Q1 bookings were in line with estimates, the mix toward Base44 and business solutions suggests the core Wix subscription bookings decelerated meaningfully, the firm tells investors in a research note. Citi and RBC Capital also downgraded Wix.com to Neutral-equivalent ratings.
• Goldman Sachs downgraded Whirlpool (WHR) to Neutral from Buy with a price target of $53, down from $72. The firm expects industry and macro pressures to weigh on the company’s results.
• UBS downgraded Solv Energy (MWH) to Neutral from Buy with a price target of $50, up from $42. The firm still likes the company’s end market exposure and leverage to accelerating grid investment, but says Solv’s valuation now reflects its near-term positive earnings outlook and the supportive industry backdrop.
• Scotiabank downgraded MAA (MAA) to Underperform from Sector Perform with a price target of $120, down from $138. The firm cites its expectations for “subpar” rent growth in the Sunbelt markets for the downgrade.

Top 5 Initiations:

• BNP Paribas initiated coverage of DraftKings (DKNG) with an Underperform rating and $20 price target. The firm says the “dramatic” rise of predictions is “clouding” the company’s outlook.
• New Street launched sector coverage for select Space Economy and Infrastructure names with Buy ratings for Rocket Lab (RKLB), Viasat (VSAT), and EchoStar (SATS). The firm is positive on Rocket Lab valuation, believes Viasat’s ownership of the largest band of global MSS spectrum isn’t being reflected in current share price, and says EchoStart is viewed as the proxy play on Space X.
• Stephens initiated coverage of Academy Sports (ASO) with an Overweight rating and $78 price target. The long-term thesis is based on store growth, favorable demographic trends and a low valuation, says the firm, which calls Academy a classic “Wall St. doesn’t get it because they don’t live there, they don’t shop there, they don’t hang out with that customer” story.
• Jefferies initiated coverage of Hut 8 (HUT) with a Buy rating and $156 price target as the firm started coverage of four AI data center developers all with legacy Bitcoin mining roots. AI data center demand remains strong, with power availability the “binding constraint,” says the firm, which adds that tenant credit quality, location durability, and development execution will be the differentiating factors among this group. Jefferies also started coverage of TeraWulf (WULF) and Cipher Mining (CIFR) with Buy ratings, and Riot Platforms (RIOT) with a Hold.
• Wedbush initiated coverage of Kalaris Therapeutics (KLRS) with an Outperform rating and $17 price target. The firm believes that the lead candidate TH103, a novel anti-VEGF therapy rationally designed to improve the durability of treatment effect to address the largest unmet medical need in neovascular retinal disorders, could be a strong competitor as a first-line therapy in the substantial anti-VEGF market that has exceeded $15B with branded products alone.