Texas Instruments, Mondelez 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 Upgrades:

• JPMorgan upgraded Cadence Design (CDNS) to Overweight from Neutral with a price target of $325, up from $300. The stock’s year-to-date pullback creates an attractive entry point for a “high-quality defensive growth business,” the firm tells investors in a research note.
• Piper Sandler upgraded Edwards Lifesciences (EW) to Overweight from Neutral with a price target of $80, up from $73. The firm sees a “better pathway” back to double-digit growth in fiscal 2026 for the company, given a “healthier” transcatheter aortic valve replacement business and the transcatheter mitral and tricuspid therapies ramp.
• HSBC upgraded TE Connectivity (TEL) to Buy from Hold with a price target of $175, up from $166. The firm cites valuation and TE’s improving growth for the upgrade.
• Oppenheimer upgraded Lennox (LII) to Outperform from Perform with a $600 price target. The post-earnings selloff on Wednesday provides an entry point, the firm tells investors in a research note.
• Deutsche Bank upgraded M&T Bank (MTB) to Buy from Hold with a $210 price target. The firm remains confident that banks stocks have bottomed out following the Q1 earnings reports.

Top Downgrades:

• Summit Insights downgraded Texas Instruments (TXN) to Hold from Buy after its Q2 results and guidance. The firm believes that the company will continue to see cyclical demand recovery but also warns that the recovery momentum could moderate in the second half of the year.
• DA Davidson downgraded Mondelez (MDLZ) to Neutral from Buy with a price target of $68, up from $66. The company’s near-term results “could underwhelm” due to “soft” snacking demand in the U.S. as well as a “mixed outlook at best” across emerging markets, the firm tells investors in a research note.
• B. Riley downgraded On Semi (ON) to Neutral from Buy with a price target of $41, down from $73. The firm likes management’s higher value strategic focus and cost reductions, but believes the timing to the next sustained revenue inflection is “unclear and perhaps distant.”
• JPMorgan downgraded Avery Dennison (AVY) to Neutral from Overweight with a price target of $172, down from $205. The company’s Q1 cash flow “was not strong” and it abandoned its annual earnings guide due to economic risks, the firm tells investors in a research note.
• JPMorgan downgraded TAL Education (TAL) to Neutral from Overweight with a price target of $11, down from $16, following the “disappointing” fiscal Q4 report. The firm cites its “inability to reasonably analyze” the company’s underlying trends for the downgrade.

Top Initiations:

• Barclays initiated coverage of Cytokinetics (CYTK) with an Overweight rating and $55 price target. The firm sees a high probability of approval for Cytokinetics’ lead asset aficamten by the FDA action date of September 26 in obstructive hypertrophic cardiomyopathy.
• Raymond James initiated coverage of A10 Networks (ATEN) with a Market Perform rating without a price target. The firm says artificial intelligence adoption presents a catalyst and potential upside, but that it sees a slower ramp versus A10’s aspirations.
• Northland initiated coverage of Lincoln Educational (LINC) with an Outperform rating and $24 price target. The firm believes Lincoln is well-positioned in the education vertical and sees it benefiting from favorable macro trends like rising demand for skilled trades and healthcare professionals and “a growing aversion to costly four-year degrees.”
• Lake Street initiated coverage of ACCESS Newswire (ACCS) with a Buy rating and $15 price target. The company is the fourth highest volume distributor of press releases globally and the company is doubling down on its communications business, “transforming into a full IR/PR Media software suite,” the firm tells investors.