Tapestry, Datadog 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 Upgrades:

• TD Cowen upgraded Tapestry (TPR) to Buy from Hold with a price target of $100, up from $90. The firm cites the continued brand momentum at Coach, the company’s $1B footwear opportunity, and its survey that indicates “strong brand heat and preferences” for the upgrade.
• Wolfe Research upgraded Datadog (DDOG) to Outperform from Peer Perform with a $150 price target. The firm left the company’s DASH conference more confident in its near-term growth opportunity around artificial intelligence and remains confident in Datadog’s “market leading products driving long-term success.”
• Jefferies upgraded TransAlta (TAC) to Buy from Hold with a price target of C$20, up from C$12. The company’s leverage to rising Alberta power prices is “too large to ignore,” the firm tells investors in a research note.
• More bullish on the name, Maxim upgraded Datavault (DVLT) to Buy from Hold with a $3 price target.

Top Downgrades:

• BofA downgraded Conagra Brands (CAG) to Underperform from Neutral with a price target of $20, down from $27. The firm’s detailed cost of goods estimates for the next 12 months shows protein inflation for chicken, beef and pork is set to be a “meaningful headwind” to earnings growth, says the firm, which notes that the company’s new target now reflects lower FY26-FY27 EPS estimates that are about 15% below consensus as well as a lower calendar year 2026 price-to-earnings valuation multiple.
• Wolfe Research downgraded CF Industries (CF) to Peer Perform from Outperform without a price target. Given the stock’s recent rally, the firm fails to model enough upside to justify an Outperform rating.
• Needham downgraded Conmed (CNMD) to Hold from Buy without a price target. The company’s long-term growth rate has decreased, mainly due to slower AirSeal and Buffalo Filter growth, the firm tells investors in a research note.
• WestPark Capital downgraded Ouster (OUST) to Hold from Buy. The firm cites valuation, saying the company’s outlook for the remainder of fiscal 2025 is now well reflected in the shares. Cantor Fitzgerald also downgraded Ouster to Neutral from Overweight with a price target of $19, up from $14.

  Cantor Fitzgerald downgraded Joby Aviation (JOBY) to Neutral from Overweight with a $9 price target. The firm is becoming more conservative on Joby Aviation in the near-term following the recent rally in the share price, though Cantor remains bullish on the eVTOL industry over the medium- to long-term.

Top Initiations:

• Stifel resumed coverage of Monster Beverage (MNST) with a Buy rating and $72 price target. The firm resumed coverage of the energy drink group with a positive outlook, saying the group will benefit from the reacceleration in the U.S. energy drink category and international growth opportunity. Stifel also resumed coverage of Celsius Holdings (CELH) with a Buy.
• Stifel resumed coverage of Freshpet (FRPT) with a Buy rating and $90 price target. The firm believes near-term challenges of weak category trends and slowing sales growth will “remain controversial,” but it balances the near-term challenges against what it sees as a long runway of growth.
• Stephens initiated coverage of Affirm (AFRM) with an Equal Weight rating and $69 price target. The firm balances the “robust growth opportunity” with a premium valuation, competitive environment and uncertainty around credit performance in a cycle to arrive at an Equal Weight rating.
• Stephens initiated coverage of Upstart (UPST) with an Equal Weight rating and $55 price target. The firm is wary of growth in excess of the market given its financials focus.
• Stephens initiated coverage of SoFi Technologies (SOFI) with an Overweight rating and $20 price target. The firm recommends specialty finance stocks with “funding advantages and superior customer-acquisition models,” saying these companies are the most insulated from economic downturns and heightened competition.