Wix downgraded, TripAdvisor upgraded: 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: 

• Citi upgraded Bilibili (BILI) to Buy from Neutral with an unchanged price target of $27. Given “fragile market sentiment” and concerns over the profit trajectory for AI investments, the share price has “corrected a lot from its latest peak,” says the firm, which sees Bili strengthening its ecosystem and ads efficiency during the AI era.
• Truist upgraded SPX Technologies (SPXC) to Buy from Hold with an unchanged price target of $244. The firm says SPX offers investors “the best of both worlds,” providing a safer haven if the war with Iran drags on and delivering above average organic sales and earnings growth in an upcycle supported by data center tailwinds, with the firm calling it one of the highest quality industrial compounders.
• BofA upgraded TripAdvisor (TRIP) to Buy from Neutral with a price target of $15, up from $14. Driven by accelerating activist engagement with Starboard Value’s growing involvement and rising strategic optionality, the firm sees “a clearer catalyst path for value realization,” the analyst tells investors. The firm’s valuation analysis suggests that Viator and TheFork together could be worth more than $2.5B, or roughly twice Tripadvisor’s current $1.3B enterprise value, the analyst added.
• Raymond James upgraded Teleflex (TFX) to Outperform from Market Perform with a $128 price target. Teleflex “is now more investable” with 2026 estimates reset and a $1B stock buyback coming in the second half of 2026, the firm tells investors in a research note.
• JPMorgan upgraded Argan (AGX) to Overweight from Neutral with a price target of $550, up from $370. The company reported “strong” Q4 results and has several potential catalysts in fiscal 2027, the firm tells investors in a research note.

Top 5 Downgrades:

• JPMorgan downgraded Wix.com (WIX) to Underweight from Neutral with a price target of $91, down from $114. The firm says the investment case is diminishing due to signs of core business revenue growth deceleration.
• BMO Capital downgraded Terns Pharmaceuticals (TERN) to Market Perform from Outperform with a $53 price target after the company agreed to be acquired by Merck (MRK) for $53 per share. Mizuho also downgraded Terns Pharmaceuticals to Neutral from Outperform with a price target of $53, down from $54.
• Raymond James downgraded Masimo (MASI) to Market Perform from Outperform without a price target. The firm expects the announced acquisition by Danaher (DHR) to close in Q2 or Q3 with no other higher offers.
• Evercore ISI downgraded Upstream Bio (UPB) to In Line from Outperform with a price target of $15, down from $40. While the firm remains “optimistic” on verekitug and believes the product has “a bright long-term future,” it moves to the sideline as it acknowledges the lack of potential value-inflecting catalysts in the next 12 months, an ongoing financing overhang, and uncertainty around the competitiveness of the ongoing COPD trial due to potential underdosing until the new dose arm is brought on.
• Compass Point downgraded Two Harbors (TWO) to Neutral from Buy after CrossCountry Mortgage announced a deal to acquire all of the outstanding shares of Two Harbors common stock for $10.80 per share in cash.

Top 5 Initiations: 

• B. Riley initiated coverage of FuboTV (FUBO) with a Buy rating and $18 price target. Riley views the shares as “oversold” following the 80% decline since the January 2025 high.
• William Blair initiated coverage of nLight (LASR) with an Outperform rating. The firm estimates $80B is spent annually on U.S. and allied air defense systems, and it expects laser systems to take share from this total addressable market.
• Morgan Stanley resumed coverage of Ovintiv (OVV) with an Equal Weight rating and $68 price target. Oil, LNG and refining margins have hit their highest levels since 2022 and even with de-escalation in Iran, it is becoming less likely that these markets can revert to their prior regime anytime soon, the firm tells investors.
• BMO Capital initiated coverage of Honeywell (HON) with an Outperform rating and $273 price target. The firm is positive on the stock ahead of the planned Aerospace spin in 3-6 months while noting that the strong Aerospace & Defense fundamentals – combined with the Remainco portfolio transformation – are not discounted.
• Wolfe Research initiated coverage of Genmab (GMAB) with an Outperform rating and $32 price target. The company is facing a “critical” loss of exclusivity in 2029, but should fully replenish sales by 2031 with its pipeline, the firm tells investors in a research note.