Tesla upgraded, AppLovin 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.

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Top 5 Upgrades: 

• UBS upgraded Tesla (TSLA) to Neutral from Sell with an unchanged price target of $352. The firm says current share levels “more evenly balance” Tesla’s near-term demand challenges and investment period with its long-term physical AI opportunity. UBS also upgraded Ford (F) to Buy from Neutral with an unchanged price target of $15.
• Deutsche Bank upgraded General Motors (GM) to Buy from Hold with a price target of $90, up from $83, following the recent pullback in shares. The firm views recent weakness as an “attractive entry point to gain exposure to a potential multi-year re-rate story.”
• Seaport Research upgraded Crocs (CROX) to Buy from Neutral with a $135 price target. The company’s demand has picked up this spring, partly due to strong sandal demand, the firm tells investors in a research note. Seaport Research also upgraded Birkenstock (BIRK) and VF Corp. (VFC) to Buy from Neutral.
• Jefferies upgraded Bloom Energy (BE) to Hold from Underperform with a price target of $187, up from $97, after the company announced a 1.2GW order with Oracle (ORCL), with potential for an additional 1.6GW over time.
• Piper Sandler upgraded Biogen (BIIB) to Overweight from Neutral with a price target of $214, up from $177. The company’s acquisition of Apellis Pharmaceuticals (APLS) brings new drugs to fill the gap created by its declining legacy multiple sclerosis franchise, the firm tells investors in a research note.

Top 5 Downgrades:

• Piper Sandler downgraded Monday.com (MNDY) to Neutral from Overweight with a price target of $85, down from $100, citing a “challenged” collaboration market. The firm says 2026 “has been rough for enterprise software.” Piper Sandler also downgraded Asana (ASAN) to Neutral from Overweight with a price target of $7, down from $9.
• Craig-Hallum downgraded Fastly (FSLY) to Hold from Buy with a $24 price target. The firm sees several factors weighing on the forward year, including lapping easy compares, and elevated capex spend which will impact margins.
• Barclays downgraded Revvity (RVTY) to Equal Weight from Overweight with a price target of $95, down from $118. The firm sees margin risk heading into the company’s Q1 report as well as potential competitive threats to flow cytometry reagents from Waters.
• Barclays downgraded Qiagen (QGEN) to Equal Weight from Overweight with a price target of $44, down from $58. The firm now sees the company’s takeout potential as less likely.
• BofA downgraded Omega Healthcare (OHI) to Underperform from Neutral with a price target of $46, down from $52. The firm is reducing its FY26 AFFO estimate in line with the Street and lowering its AFFO multiple, citing heightened competitive dynamics, regulatory pressures, and asset quality considerations relative to peers.

Top 5 Initiations: 

• Argus initiated coverage of AppLovin (APP) with a Buy rating and $520 price target. The stock had been hit by the so-called “SaaSamageddon” effect related to market sentiment based on a thesis that artificial intelligence models, though the firm is citing AppLovin’s actual performance of strong double-digit revenue growth and profit margin expansion.
• BTIG initiated coverage of Mondelez (MDLZ) with a Buy rating and $70 price target. The shares at current levels are “overly discounted” given the company’s long-term emerging market growth benefits, margin expansion from cost deflation, and “hopeful” U.S. biscuit stabilization, the firm tells investors in a research note. BTIG also started coverage of J.M. Smucker (SJM) and Utz Brands (UTZ) with Buy ratings, and Kraft Heinz (KHC), McMormick (MKC), General Mills (GIS), Conagra Brands (CAG), Campbell’s (CPB) and Hershey (HSY) with Neutral ratings
• Evercore ISI initiated coverage of Fastly (FSLY) with an Outperform rating and $32 price target. The firm believes Fastly is well positioned to become the embedded infrastructure for AI-native apps.
• RBC Capital initiated coverage of Charles River (CRL) with an Outperform rating and $215 price target. The firm likes the share setup, saying Charles River is well positioned for an inflection in preclinical research and development spend.
• Evercore ISI initiated coverage of SanDisk (SNDK) with an Outperform rating and $1,200 price target, adding that the firm sees a “bull case” of $2,600 per share. SanDisk is “levered to one of the most attractive areas of the AI infrastructure stack,” namely data storage, where demand is accelerating and supply remains constrained “at minimum” through calendar 2028, if not beyond, the firm tells investors.