StubHub, Jazz Pharmaceuticals 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:

• Guggenheim upgraded StubHub (STUB) to Buy from Neutral with a price target of $12.50, up from $8.50, which offers 30% potential upside. The company reset Street expectations for this year and next, and the bar is now “extremely low” on direct issuance and advertising, the firm tells investors in a research note, adding that it believes any progress shown by StubHub “would represent upside optionality.”
• UBS upgraded Jazz Pharmaceuticals (JAZZ) to Buy from Neutral with a price target of $307, up from $188. The firm cites improved confidence in Jazz’s base business and Ziihera’s commercial potential for the upgrade.
• Bernstein upgraded American Tower (AMT) to Outperform from Market Perform with an unchanged price target of $207. The firm believes the market is overstating American Tower’s risk while undervaluing its potential upside.
• Canaccord upgraded Progyny (PGNY) to Buy from Hold with a price target of $30, up from $19. The company’s “more conservative guidance philosophy” over the last several quarters has reestablished a track record of beating quarterly estimates, the firm tells investors in a research note.
• HSBC upgraded Credicorp (BAP) to Buy from Hold with a price target of $350, up from $320. The company reported “very strong” Q1 results, supported by low cost of risk, rising loan growth, and “resilient” margin, the firm tells investors in a research note.

Top 5 Downgrades:

• Craig-Hallum downgraded LiveRamp (RAMP) to Hold from Buy with a $38.50 price target after Publicis said it will acquire LiveRamp for $2.167B in an all-cash transaction, based on an acquisition price of $38.50 per share.
• BMO Capital downgraded The Hanover (THG) to Market Perform from Outperform with a price target of $203, up from $194. The firm says valuation multiples “are nearing fair value for many insurers,” including Hanover, and believes the company’s home insurance segment will bring more earnings volatility than other lines of insurance.
• Freedom Broker downgraded Canadian Solar (CSIQ) to Hold from Buy with an unchanged price target of $16. A Q1 margin beat was helped by tariff refunds, notes the firm, which says EPS and cash flow “remain weak.”
• Benchmark downgraded Biofrontera (BFRI) to Speculative Buy from Buy with a $3 price target after the company reported in line Q1 results and reiterated its plans to break even on an operating cash flow basis for 2026.
• UBS downgraded James River Group (JRVR) to Neutral from Buy with a price target of $4.75, down from $8. The firm cites the company’s higher equity cost of capital amid increased risks for adverse reserve development for the downgrade.

Top 5 Initiations:

• BofA reinstated coverage of ZoomInfo (GTM) with an Underperform rating and $4 price target. While the company generates substantial free cash flows, the 2026 revenue growth outlook “remains challenged” as end-market demand has softened and the company makes major changes to revamp its strategy, the firm tells investors. BofA also reinstated coverage of Lightspeed (LSPD) with an Underperform rating and $10 price target.
• BofA reinstated coverage of Zeta Global (ZETA) with a Buy rating and $24 price target. Investors have “miscast – and mispriced” Zeta as a cyclical digital advertising company, but the firm thinks the fundamentals point to a high-growth cash generating platform with durable advantages, driven by Zeta’s ability to consistently capture share of digital marketing and advertising budgets.
• UBS initiated coverage of Pilgrim’s Pride (PPC) with a Neutral rating and $30 price target. The shares are down 28% year-to-date, but Pilgrim’s “poor earnings momentum” into 2026 will prevent a recovery of the stock in the near term, the firm tells investors in a research note.
• Citi initiated coverage of Ionis Pharmaceuticals (IONS) with a Buy rating and $115 price target and named it a top pick among small-to-mid cap biotech stocks. Tryngloza for severe hypertriglyceridemia leads the higher value proprietary pipeline, with a greater than $3.5B peak sales opportunity “underappreciated,” the firm tells investors. Citi also started coverage of Cytokinetics (CYTK) with a Buy rating and $99 price target and named it a top pick among small-to-mid cap biotech stocks, and
• Citi initiated coverage of BioMarin (BMRN) with a Buy rating and $75 price target. The firm views the stock’s “dislocated” valuation as a product of “overly cautious” views on Voxzogo’s competitive exposure. Citi also started coverage of Ascendis Pharma (ASND) and Alnylam (ALNY) with Buy ratings, and BridgeBio (BBIO) with a Neutral rating.