Zscaler upgraded, CoreWeave 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: 

• B. Riley upgraded Zscaler (ZS) to Buy from Neutral with a price target of $225, down from $275. The firm believes demand for secure network access is “healthy.”
• Morgan Stanley upgraded Lam Research (LRCX) to Overweight from Equal Weight with a price target of $331, up from $293. The magnitude of Morgan Stanley’s DRAM wafer fab equipment revisions have narrowed, and the firm is now more positive on NAND wafter fab equipment revisions from here.
• Piper Sandler upgraded Deckers Outdoor (DECK) to Neutral from Underweight with a price target of $100, up from $95. After lagging the market, Deckers shares are “not expensive,” the firm tells investors in a research note, adding that it sees a more balanced risk/reward at current share levels.
• Wells Fargo upgraded Viking Holdings (VIK) to Overweight from Equal Weight with a price target of $109, up from $79. The company’s core business fundamentals continue to accelerate despite the Middle East conflict, the firm tells investors in a research note.
• H.C. Wainwright upgraded Circle Internet (CRCL) to Buy from Neutral with a price target of $150, up from $85. The firm cites the successful presale of the ARC token, the native utility token to Circle’s Layer 1 blockchain network, for the upgrade.

Top 5 Downgrades:

• DA Davidson downgraded CoreWeave (CRWV) to Neutral from Buy with a price target of $100, down from $175, after a transfer in analyst coverage. The firm is “optimistic” on the outlook for compute and believes CoreWeave has made itself a key participant, but it is “skeptical” of CoreWeave’s ability to generate sufficient returns given its margin profile and high dependence on debt financing. The analyst who took over coverage also downgraded Nebius (NBIS) to Neutral from Buy with an unchanged price target of $250.
• Leerink downgraded Regeneron (REGN) to Market Perform from Outperform with a price target of $641, down from $792, following the LAG-3 inhibitor, fianlimab, failure in first line melanoma, and given Eylea erosion risk. Citi also downgraded Regeneron to Neutral from Buy with a price target of $700, down from $900.
• Morgan Stanley downgraded Applied Materials (AMAT) to Equal Weight from Overweight with a $502 price target. Morgan Stanley thinks Applied Materials will be a share gainer in 2026 but given that its growth forecast is in-line with the broader wafter fab equipment market in 2027, the firm thinks the stock’s valuation discount to peers is unlikely to narrow in the near term.
• DA Davidson downgraded LiveRamp (RAMP) to Neutral from Buy with a price target of $38.50, up from $35, after Publicis said it will acquire LiveRamp for $2.167B in an all-cash transaction, based on an acquisition price of $38.50 per share.
• Alliance Global downgraded Reed’s (REED) to Neutral from Buy without a price target following the Q1 report. The company’s sales and EBITDA were below estimates as lower margins and elevated spending weighed on profitability, the firm tells investors in a research note.

Top 5 Initiations: 

• Bernstein initiated coverage of Arm (ARM) with an Outperform rating and $300 price target. The firm says Arm is the “structural beneficiary of the renaissance” of CPUs for agentic AI.
• Truist initiated coverage of TJX (TJX) with a Buy rating and $175 price target. TJX is well positioned to sustain consistent top- and bottom-line growth thanks to its scale advantages in the off-price channel, which create a compelling value proposition for brands, landlords, and consumers and reinforce a competitive flywheel built on superior inventory access, convenient locations, and strong customer traffic, the firm tells investors in a research note. Truist also started coverage of Ross Stores with a Buy rating and $270 price target, and Burlington Stores (BURL) with a Hold rating and $305 price target.
• BofA reinstated coverage of ServiceNow (NOW) with a Buy rating and $130 price target. While AI is disrupting the software landscape, the firm thinks ServiceNow stands to benefit from, rather than be replaced by, new AI solutions.
• BofA reinstated coverage of Salesforce (CRM) with an Underperform rating and $160 price target. Salesforce remains “a deeply entrenched platform,” but the firm expects a structural reset driven by AI transition, the firm tells investors.
• RBC Capital resumed coverage of Icon (ICLR) with a Sector Perform rating and $123 price target. The favorable conclusion of its accounting review affirms stability in the business, though RBC prefers to see additional disclosure on KPIs, including bookings policies, backlog restatements, and cancellation trends, the firm added.