Tesla, Netflix downgraded: 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:

• DA Davidson upgraded Autodesk (ADSK) to Buy from Neutral with a price target of $375, up from $305. The firm now believes the business is on “a path to achieve top decile performance” given a combination of demonstrated success in growth businesses like ACC and Fusion as well as organizational change supportive of stronger execution.
• Rothschild & Co Redburn upgraded T-Mobile (TMUS) to Neutral from Sell with a $228 price target on valuation. After its recent selloff, T-Mobile is only 5% above the price target, the firm tells investors in a research note.
• Jefferies upgraded Constellation Brands (STZ) to Buy from Hold with a price target of $205, up from $194. Hispanics are drinking less beer, but this won’t last forever, and Constellation’s compares are easing at an accelerating pace, the firm says.
• BNP Paribas Exane upgraded Sunrun (RUN) to Outperform from Neutral with a price target of $21, up from $10. The firm expects Sunrun to build on its commercial wins as its market leadership grows.
• Wolfe Research upgraded Alliant Energy (LNT) to Outperform from Peer Perform with a $68 price target. Alliant shares have lagged peers year-to-date due to uncertainty around renewables tax credit provisions, but with the passage of the “One Big Beautiful Bill” and Alliant’s safe harbor activities, the company’s renewables plan, including $1.5B of tax credits through 2028, is intact, the firm says.

Top 5 Downgrades:

• Seaport Research downgraded Netflix (NFLX) to Neutral from Buy without a price target. The firm cites valuation and the time needed to execute against expectations for the downgrade.
• William Blair downgraded Tesla (TSLA) to Market Perform from Outperform without a price target. While the Big Beautiful Bill’s removal of the $7,500 electric vehicle tax credit was expected, the elimination of the corporate average fuel economy fines “requires a reset in expectations,” the firm tells investors in a research note.
• Piper Sandler downgraded CrowdStrike (CRWD) to Neutral from Overweight with an unchanged price target of $505. The shares are nearing the price target and Piper does not see a near-term scenario that would meaningfully increase estimates.
• Rothschild & Co Redburn downgraded Applied Materials (AMAT) to Neutral from Buy with a price target of $200, down from $225. The firm believes China’s push for semiconductor self-sufficiency challenges much of Applied Materials’ portfolio at a time when competitors have taken share in the company’s core physical vapor deposition business.
• Barclays downgraded Travelers (TRV) to Equal Weight from Overweight with a price target of $274, down from $280. Heading into Q2 earnings, the firm is more cautious on property and casualty carriers, saying underwriting margins face pressure from softening rates and unfavorable mix shift. Barclays also downgraded Chubb (CB) to Equal Weight from Overweight with a price target of $298, down from $321.

Top 5 Initiations:

• Evercore ISI initiated coverage of Chime (CHYM) with an Outperform rating and $38 price target. The firm believe Chime has established early leadership in the mass-market digital banking space and is positioned to deliver 20%-plus topline growth with expanding margins, contends the firm, adding that the firm’s survey of 3,000 U.S. consumers “corroborates this momentum.” Canaccord, Barclays, JPMorgan, Morgan Stanley, Piper Sandler and William Blair also started coverage of the name with Buy-equivalent ratings, while UBS and Goldman Sachs initiated the stock with Neutral-equivalent ratings.
• UBS initiated coverage of GE Vernova (GEV) with a Buy rating and $614 price target. GE Vernova holds a 35% share of the global gas turbine market, and the firm projects 70% compounded earnings growth over the next five years, the highest among its coverage universe, driven by higher electricity demand to power AI and data centers.
• BofA reinstated coverage of T-Mobile (TMUS) with a Neutral rating and $255 price target. T-Mobile has led the industry in post-paid phone net add share, revenue and EBITDA growth, and free cash flow expansion, but the firm believes the company is most likely to follow cable companies with more competitive pricing and promotional offers and argues that a premium valuation, relatively high institutional ownership, and record high growth forecasts “leave limited room for upside.”
• BofA reinstated coverage of Verizon (VZ) with a Neutral rating and $45 price target. The firm expects less promotional intensity from Verizon than peers, which is “financially prudent,” but presents risk to reporting of consensus net add forecasts.
• BofA reinstated coverage of AT&T (T) with a Buy rating and $32 price target. AT&T has “a balanced strategy” to drive accelerating growth through owned wireless and fiber assets, according to the firm, which also calls AT&T “most positively exposed” to reintroduction of bonus depreciation among the telecom industry’s big three.