Target downgraded, Zoom 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:

• Needham upgraded Zoom Communications (ZM) to Buy from Hold with a $100 price target as coverage was transferred. The firm believes the company is at an “interesting inflection point” where revenue headwinds from Online are easing, dilution from stock-based compensation has peaked and the share count can decrease with buybacks moving forward.
• JPMorgan upgraded Urban Outfitters (URBN) to Overweight from Neutral with a price target of $78, up from $63, following the Q1 report. Urban beat across line-items, including 5% same-store-sales growth and gross margin expansion, the firm tells investors in a research note.
• KeyBanc upgraded United Rentals (URI) to Overweight from Sector Weight with an $865 price target following the Specialty Rental analyst day. The company showcased its ability to drive “outsized” market share gains through leveraging the scale of its “industry-leading” fleet size and its “differentiated” one-stop-shop portfolio, including high-value niche Specialty offerings, the firm tells investors in a research note.
• Stifel upgraded Planet Fitness (PLNT) to Buy from Hold with a price target of $120, up from $82. The company’s recent results suggest gross joins have stabilized, and there are several potential catalysts to keep comparable sales in the mid-to-high single-digit range over the next couple of years, the firm tells investors in a research note.
• Citi upgraded Integer (ITGR) to Buy from Neutral with a price target of $140, up from $133. The company reported a “satisfying” Q1 sales performance and is well positioned to build on its growth drivers, the firm tells investors in a research note.

Top 5 Downgrades:

• BofA downgraded Target (TGT) to Neutral from Buy with a price target of $105, down from $145, following the Q1 report. The firm sees increased uncertainty as Target’s sales weakness continues despite acknowledging the stock’s valuation is near 10-year lows. Telsey Advisory also downgraded Target to Market Perform from Outperform with a price target of $110, down from $130.
• DA Davidson downgraded Guidewire (GWRE) to Neutral from Buy with an unchanged price target of $226. The firm is moving to the sidelines, telling investors in a research note that the valuation has become more stretched with the outperformance of the shares over the last two years.
• Melius Research downgraded Marvell (MRVL) to Hold from Buy with an unchanged price target of $66. The firm is moving to the sidelines, telling investors in a research note that “this call just hasn’t worked out.”
• Citi downgraded Becton Dickinson (BDX) to Neutral from Buy with a price target of $185, down from $217. The company reported a “messy quarter, to say the least,” the firm tells investors in a research note.
• BMO Capital downgraded Sunrun (RUN) to Underperform from Market Perform with a price target of $4, down from $9. The firm says revisions to President Trump’s “One Big Beautiful Bill Act,” if adopted, suggest Sunrun’s ability to claim the solar investment tax credit on residential solar leases under Section 48E in fiscal 2026 and beyond is in jeopardy.

Top 5 Initiations:

• Citizens JMP initiated coverage of CoreWeave (CRWV) with a Market Perform rating and no price target. The firm says that while CoreWeave’s multiples “are not unreasonable,” its rating is more about the funding gap and model.
• Needham initiated coverage of Philip Morris (PM) with a Buy rating and $195 price target. The company has “made great strides” in transforming towards a smoke-free business and has solidified itself as the market leader in both heated tobacco and nicotine pouches, says the firm.
• Citizens JMP initiated coverage of Core Scientific (CORZ) with an Outperform rating and $15 price target. The firm says Core Scientific selling out of capacity could hypothetically result in a stock price of $48.00 per share for the high-performance computing business alone – realized over the long term. Citizens JMP also started coverage of TeraWulf (WULF), Applied Digital (APLD) and Hut 8 (HUT) with Outperform ratings.
• William Blair initiated coverage of Astera Labs (ALAB) with an Outperform rating. Astera Labs is a “rapidly growing share gainer” in the connectivity chip market, the firm tells investors in a research note.
• Bernstein initiated coverage of Expand Energy (EXE) with an Outperform rating and $150 price target. The firm is bullish on gas and sees mid-cycle Henry Hub price rising to $5/mcf.