Uber initiated, Etsy 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:

• Jefferies upgraded First Solar (FSLR) to Buy from Hold with a price target of $192, up from $157. The firm says it is “time to get constructive again” on the shares, and it has increased earnings estimates for First Solar on higher average selling prices in 2028 and beyond.
• Baird upgraded Urban Outfitters (URBN) to Outperform from Neutral with a price target of $90, up from $75, following the investor day. The event “reinforced a durable growth strategy” in Urban’s core portfolio, with Nuuly representing an “increasingly important yet underappreciated” growth and profit lever in the emerging rental space, the firm tells investors in a research note.
• Jefferies upgraded J.M. Smucker (SJM) to Buy from Hold with a price target of $115, down from $118. The firm understands investor concern, but thinks J.M. Smucker’s fiscal 2026 “may have been de-risked.”

Top Downgrades:

• Arete downgraded Etsy (ETSY) to Sell from Neutral with a $43 price target following the 50% rally since April. Third party data suggests the company’s gross merchandise sales improved in May, potentially turning positive after two years of decline, but Etsy is becoming more reliant on marketing for sales, the firm tells investors in a research note.
• Baird downgraded UnitedHealth (UNH) to Neutral from Outperform with a price target of $312, down from $356. The path forward in mitigating the current Medicare Advantage risk-adjustment model, v28, appears much more difficult than the firm previously expected.
• Goldman Sachs downgraded GitLab (GTLB) to Neutral from Buy with a price target of $50, down from $63, following the company’s “underwhelming” fiscal Q1 results and guidance.
• BNP Paribas Exane downgraded Arista Networks (ANET) to Neutral from Outperform with a price target of $106, down from $109. The firm sees increasing competitive pressure for the company and encroaching share opportunities in backend ethernet networking from Nvidia (NVDA) and white-box vendors such as Celestica (CLS).
• Morgan Stanley downgraded Bill (BILL) to Equal Weight from Overweight with a price target of $55, down from $60. Many of the firm’s prior bullish thesis assumptions, including small business spending improvement and take rate expansion, are not playing out, the firm says.

Top Initiations:

• Stifel initiated coverage of Uber (UBER) with a Buy rating and $110 price target. The firm “increasingly” views Uber as “a super app with multiple reasons to utilize the product,” including getting from point A to point B, ordering dinner and having groceries delivered, with “some ads seen along the way,” the firm tells investors.
• Stifel initiated coverage of DoorDash (DASH) with a Hold rating and $198 price target. The company has proven it can execute well against “intense” competition, but the firm believes the shares are fairly valued at the moment.
• William Blair initiated coverage of Coinbase (BASE) with an Outperform rating. The firm views the crypto industry as “nascent, rapidly evolving, and poised for durable above-average growth,” measured by token market capitalization and transaction volume. Crypto’s “time on the fringe is ending,” replaced by an era of consistent regulation and
• Morgan Stanley initiated coverage of TD Synnex (SNX) with an Overweight rating and $145 price target. The firm says long-term IT spending strength and an increasingly complex IT ecosystem are secular tailwinds for the world’s largest IT distributor, TD Synnex.
• Craig-Hallum initiated coverage of Photronics (PLAB) with a Buy rating and $32 price target. The firm says Photronics is one of the most significantly mispriced small-cap stocks it can remember coming across.