Teradyne upgraded, Circle Internet initiated: 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:

• Stifel upgraded Teradyne (TER) to Buy from Hold with a price target of $225, up from $162. Looking toward 2026 and beyond, the firm expects growth to accelerate given a favorable, structural shift in Teradyne’s test revenue composition, even before considering potential share gain in the AI GPU and ASIC market.
• Truist upgraded Six Flags (FUN) to Buy from Hold with a price target of $23, down from $27. The firm says the company’s new CEO “sounds promising” and brings a greater sense of urgency to unload underperforming parks.
• Argus upgraded Restaurant Brands (QSR) to Buy from Hold with an $85 price target. The company’s strong brands should translate to higher domestic comparable sales and enable unit expansion in international markets, the firm tells investors in a research note.
• Morgan Stanley upgraded DexCom (DXCM) to Overweight from Equal Weight with a price target of $75, up from $63, citing signs that the company is already turning the corner from a number of operational challenges while valuation remains at trough levels.
• Baird upgraded Albemarle (ALB) to Neutral from Underperform with a price target of $113, up from $81. The firm attributes the recent rally in the shares to optimism regarding lithium end-market demand tied to energy storage.

Top 5 Downgrades:

• Morgan Stanley downgraded Inspire Medical (INSP) to Equal Weight from Overweight with a price target of $130, up from $105. While many of the initial hurdles with Inspire V’s launch are behind the company, the firm says it still lacks visibility into the core business and the “true” long-term total addressable market.
• Goldman Sachs downgraded Symbotic (SYM) to Sell from Neutral with an unchanged $47 price target. Goldman believes the valuation on Symbotic is stretched, with the stock now trading at a 185-times enterprise value to expected forward adjusted EBITDA multiple.
• Oppenheimer downgraded Sound Point Meridian Capital (SPMC) to Perform from Outperform and removed the firm’s price target of $20. The firm says the negative impact of the borrower call option on earnings has been much higher than it had estimated, as evidenced by the company’s 2.0% return on equity since IPO.
• Morgan Stanley downgraded 10x Genomics (TXG) to Equal Weight from Overweight with a price target of $20, up from $17, following transfer in analyst coverage. The recent stock rally places the multiple in a “reasonable spot” relative to growth and peers, the firm tells investors.
• BofA downgraded PagerDuty (PD) to Underperform from No Rating with a $12 price target. With PagerDuty facing demand headwinds, a pricing model change and an upcoming CFO transition, the firm thinks it could take multiple quarters to see stabilization in growth metrics.

Top 5 Initiations:

• Rosenblatt initiated coverage of Workday (WDAY) with a Neutral rating and $235 price target. Workday’s growth path likely to continue to decelerate, but offset by the increasing earnings power, the firm tells investors in a research note.
• Barclays initiated coverage of Cloudflare (NET) with an Overweight rating and $235 price target. The company supports 20% of the internet across four accounts and is levered to cloud adoption, cybersecurity, artificial intelligence inference, and no-click search, the firm tells investors in a research note.
• Wolfe Research initiated coverage of Circle Internet (CRCL) with an Underperform rating and $60 price target. Circle is the “undisputed leader” in globally regulated stablecoin, but the company now faces interest rate and competition headwinds, the firm tells investors in a research note.
• Oppenheimer initiated coverage of KBR (KBR) with an Outperform rating and $60 price target. KBR offers an “interesting, value-based investment opportunity” with the stock down 30% year-to-date ahead of the government services business spinout in mid-to-late-2026, the firm tells investors in a research note.
• KeyBanc initiated coverage of Texas Pacific Land (TPL) with an Overweight rating and $1,050 price target. The firm believes the company is emerging from its “multi-decade run as a sleepy public entity.”