Target downgraded, Wayfair 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:

• Argus upgraded Wayfair (W) to Buy from Hold with a $40 price target. Reluctant to purchase new homes at elevated prices, many homeowners are upgrading furnishings, notes the firm, which expects the trend to benefit Wayfair.
• Compass Point upgraded Coinbase (COIN) to Neutral from Sell with a $195 price target to reflect growing potential of a mini “Alt Season” this summer. While April and May trends imply Coinbase generating just about $1B of annualized EBITDA, the firm sees “green shoots” for a resurgence in retail trading, driven by higher Altcoin prices and it believes Coinbase fundamentals have decoupled from Bitcoin prices and are instead being driven by Altcoin prices.
• Morgan Stanley upgraded Astera Labs (ALAB) to Overweight from Equal Weight with an unchanged price target of $99. The firm now sees a good entry point as artificial intelligence enthusiasm comes back to the group and Astera “posts strong numbers.”
• Jefferies upgraded Marriott (MAR) to Buy from Hold with a price target of $303, up from $226. The company’s business model strength is positioned to grow through the currently uncertain business climate, and therefore peak multiples are appropriate, the firm tells investors in a research note. Jefferies also upgraded Hilton (HLT) to Buy from Hold with a price target of $296, up from $228.
• Deutsche Bank upgraded Johnson Controls (JCI) to Buy from Hold with a price target of $112, up from $101. The firm views the stock “as a rare opportunity to own a name” with 500 basis points of operating margin improvement potential “that is nowhere near embedded in current consensus forecasts.”

Top 5 Downgrades:

• Bernstein downgraded Target (TGT) to Underperform from Market Perform with a price target of $82, down from $97. Credit card data “paints a bleak picture” for the company’s Q1, dampened by poor weather, weak consumer sentiment, and a DEI-related strike in March, the firm tells investors in a research note.
• Goldman Sachs downgraded Warner Music (WMG) to Neutral from Buy with a price target of $28, down from $35. The company reported “weaker” fiscal Q2 results that featured weaker subscription and ad-supported streaming growth, lowered expectations for subscription streaming revenue growth, and reduced visibility into margin expansion and free cash flow conversion, the firm tells investors in a research note.
• Truist downgraded Iovance Biotherapeutics (IOVA) to Hold from Buy without a price target. Truist updated the company’s model to reflect the “slashed guidance and increased costs.”
• JPMorgan downgraded Amphastar (AMPH) to Neutral from Overweight with a price target of $30, down from $45. The firm says that while Amphastar’s generic business remains better positioned than some peers, both glucagon and epinephrine are eroding faster than the Street was expecting.
• Baird downgraded TaskUs (TASK) to Neutral from Outperform with an unchanged price target of $16.50. The stock has rallied slightly past the $16.50 price agreed upon for Blackstone to take the company private, the firm notes, adding that while Baird considers it possible that the transaction was announced to garner interest from other potential buyers, it expects the deal to get done.

Top 5 Initiations:

• TD Cowen initiated coverage of Lionsgate Studios (LION) with a Hold rating and $8 price target. Lionsgate is a pure-play content asset with “scarcity value,” but also “somewhat limited growth prospects,” the firm tells investors in a research note.
• Mizuho initiated coverage of Primo Brands (PRMB) with an Outperform rating and $43 price target. A leading U.S. branded beverage company, following the November 2024 merger with BlueTriton, Primo’s pure-play water portfolio is “poised to benefit” from the structural growth of “healthy hydration,” the firm tells investors in a research note.
• Morgan Stanley resumed coverage of On Semi (ON) with an Equal Weight rating and $39 price target. The firm notes that its fiscal 2026 revenue and earnings estimates are both 5% below the Street, but with the stock trading at 13-times, it sees the “negativity somewhat priced in.”
• Noble Capital initiated coverage of Sky Harbour (SKYH) with an Outperform rating and $23 price target. The specialized aviation infrastructure developer leases airport land at favorable long-term rates that are often under $1 per square foot annually, notes the firm, which believes Sky Harbour is positioned to deliver “robust” rental revenue growth and long-term free cash flow generation given its low land costs, tax-exempt financing, and strong tenant demand.
• D. Boral Capital initiated coverage of NeuroSense (NRSN) with a Buy rating and $14 price target. The firm says its bullish stance is supported by a “differentiated mechanistic approach, encouraging early clinical signals, and a disciplined strategy toward regulatory and commercial milestones.”