Texas Instruments upgraded, Circle 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.

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Top 5 Upgrades:

• Stifel upgraded Texas Instruments (TXN) to Buy from Hold with a price target of $250, up from $215. Following a six-year investment cycle that constrained profitability and returns, Texas Instruments is well positioned to capture market share in the next analog upcycle and return to strong free cash flow generation, the firm tells investors in a research note.
• Guggenheim upgraded Datadog (DDOG) to Buy from Neutral with a $175 price target, representing 50% potential upside. Channel checks indicate Datadog is a primary beneficiary of AI-driven growth in data volumes and IT complexity, the firm tells investors in a research note.
• Raymond James upgraded Instacart (CART) to Outperform from Market Perform with a $50 price target. The formal launch of Cart Assistant is an “underappreciated tailwind” coming to Instacart web and enterprise partners like Kroger (KR), the firm tells investors in a research note.
• JPMorgan upgraded Capital One (COF) to Overweight from Neutral with a price target of $213, down from $256. The firm has named Capital One its top pick for the consumer finance sector amid the “volatile and unpredictable” macroeconomic environment.
• Barclays upgraded Marvell (MRVL) to Overweight from Equal Weight with a price target of $150, up from $105. Barclays believes the company’s optical business could grow 90% for this year and next, even with some market share shift to Broadcom (AVGO).

Top 5 Downgrades:

• Compass Point downgraded Circle Internet (CRCL) to Sell from Neutral with a price target of $77, down from $79. While the USDC is more resilient this cycle, supply is shifting into lower margin areas, the firm tells investors in a research note.
• BTIG downgraded Zscaler (ZS) to Neutral from Buy with no price target and removing the stock from BTIG’s first half Top Picks list. This downgrade “was not an easy decision,” said the firm, which added that independent field checks conducted with five contacts on Zscaler over the last week and the data points have changed significantly relative to work just a few months ago.
• Rosenblatt downgraded Bullish (BLSH) to Neutral from Buy with an unchanged price target of $39, citing valuation. After outperforming peers in 2026, the stock now trades at 28-times consensus adjusted EBITDA estimates, a material premium to all of Bullish’s peers, including “heavyweights” Coinbase (COIN) and Robinhood (HOOD), the firm tells investors in a research note.
• Guggenheim downgraded GitLab (GTLB) to Neutral from Buy without a price target. The firm cites the company’s “more pronounced” AI risk and lack of near-term catalysts for the downgrade.
• BNP Paribas downgraded Conagra Brands (CAG) to Neutral from Outperform with a price target of $16, down from $19. U.S. packaged food valuations “look cheap relative to history,” but the firm believes they are “cheap for a reason” and it lowered targets for several companies in the group to account for volume growth that “looks to be muted at best” and pricing power that “could be somewhat illusory.

Top 5 Initiations:

• Wolfe Research initiated coverage of Dell Technologies (DELL) with a Peer Perform rating and no price target. The firm cites memory pricing and supply risks for the neutral rating.
• Macquarie initiated coverage of AppLovin (APP) with an Outperform rating and $710 price target. The firm sees advertising as an “attractive, multi-year growth opportunity” for AppLovin.
• Cantor Fitzgerald initiated coverage of Equinix (EQIX) with an Overweight rating and $1,173 price target. The firm believes the world is heading toward the proliferation of AI across nearly every business, sector, and economy and in that context, it sees AI infrastructure as “an attractive place to invest,” given that investors are somewhat agnostic to which AI app or AI model emerges victorious.
• Wolfe Research initiated coverage of Pharvaris (PHVS) with an Outperform rating and $42 price target. The firm is bullish on the company’s prophylactic data expected in Q3 and expects it to be the biggest stock mover of 2026.
• RBC Capital initiated coverage of BridgeBio (BBIO) with an Outperform rating and $100 price target. A survey of 40 cardiologists suggests the Attruby remains in the “early innings of the uptake,” the firm tells investors in a research note.