Starbucks upgraded, Shopify 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:

• Baird upgraded Starbucks (SBUX) to Outperform from Neutral with a price target of $115, up from $100. The firm has high conviction that the turnaround strategies under new leadership will transform Starbucks into a better company.
• Loop Capital upgraded Five Below (FIVE) to Buy from Hold with a price target of $165, up from $130. The firm believes the market is underestimating the company’s near-term earnings power following its recent merchandising and pricing changes under the new CEO.
• Piper Sandler upgraded Chipotle (CMG) to Overweight from Neutral with a price target of $50, down from $53. The firm cites an improved risk/reward for the upgrade as it now sees over 20% in a “base case” that assumes Chipotle posting comp growth of 3% over the next two years.
• Piper Sandler upgraded Palo Alto Networks (PANW) to Overweight from Neutral with a price target of $225, up from $200. The says Palo Alto’s early “platformization” success should reaccelerate bookings growth and prove durable as Xsiam traction grows.
• Morgan Stanley upgraded Monday.com (MNDY) to Overweight from Equal Weight with a price target of $260, down from $330. The firm views the stock’s current valuation as “too cheap” given Monday.com’s mid-to-high 20%’s free cash flow margins.

Top 5 Downgrades:

• Phillip Securities downgraded Shopify (SHOP) to Neutral from Accumulate with a price target of $150, up from $130. The firm cites the recent rally in shares for the downgrade.
• Citi downgraded Cogent (CCOI) to Neutral from Buy with a price target of $33, down from $67. The firm sees slower progress and risk to the company’s dividend post the Q2 report.
• Truist downgraded Lantheus (LNTH) to Hold from Buy with a price target of $63, down from $111. While the firm “appreciates” the stock’s selloff reflects “a lot of Pylarify uncertainty already,” it thinks the multiple is going to be linked to Pylarify trends and sees year-over-year and quarter-over-quarter deceleration as now on tap for “at least” another two quarters.
• DA Davidson downgraded Installed Building Products (IBP) to Neutral from Buy with a price target of $252, up from $225. IBP delivered “the most impressive 2Q25 results across our building products/distribution coverage universe,” but the 20% move higher in the stock since the report leaves what the firm sees as “a full absolute and relative valuation.”
• Argus downgraded Union Pacific (UNP) to Hold from Buy with no price target. The firm cites the company’s recent announcement of a merger with Norfolk Southern (NSC) that it believes will negatively impact profitability if approved.

Top 5 Initiations:

• Piper Sandler analyst David Amsellem assumed coverage of AbbVie (ABBV) with an Overweight rating and $231 price target. The company is in an “enviable position” as it does not face a major loss of exclusivity through the end of the decade, the firm tells investors in a research note.
• BMO Capital initiated coverage of Assurant (AIZ) with an Outperform rating and $238 price target. The firm views Assurant as a “value stock” with secular tailwinds and potential for earnings estimate revisions.
• Stephens initiated coverage of SailPoint (SAIL) with an Overweight rating and $26 price target while also designating shares as the firm’s “Best Idea.” Stephens cites a continued positive outlook for the identity security market, its view that SailPoint is well-positioned as “an identity security market leader and strategic platform provider and the company’s margin expansion potential.
• Goldman Sachs initiated coverage of pure-play, U.S.-based uranium mining company Uranium Energy (UEC) with a Buy rating and $13 price target. Uranium Energy has the capability to ramp to several million pounds of production capacity over the medium term, has the largest licensed processing capacity in the U.S., has no debt, and remains levered to potentially higher pricing within the nuclear fuel supply chain, the firm tells investors.
• Stifel initiated coverage of IsoEnergy (ISOU) with a Buy rating and C$22 price target. The firm sees IsoEnergy as a “differentiated” uranium company. The company provides investors a “rare combination” of near-term U.S. production and high-grade Canadian exploration upside, the firm tells investors in a research note.