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:

• Freedom Capital upgraded Roblox (RBLX) to Buy from Hold with an unchanged price target of $85, noting that shares are down roughly 37% from early December. In addition to valuation, the firm cites a better-than-expected FY26 outlook and what it sees as the potential for “meaningful expansion thereafter.”

• Oppenheimer upgraded Roku (ROKU) to Outperform from Perform with a $105 price target. The firm cites valuation for the upgrade following the stock’s 25% pullback from the 52-week high.

• Stifel upgraded Snap (SNAP) to Hold from Sell with an unchanged price target of $5.50. The firm cites valuation for the upgrade with the shares down 37% year-to-date.

• Citi upgraded Estee Lauder (EL) to Buy from Neutral with an unchanged price target of $120. The firm views the 19% post-earnings selloff as a buying opportunity.

• Stephens upgraded Boot Barn (BOOT) to Overweight from Equal Weight with a price target of $237, up from $196. The company has a well-defined, proven earnings growth algorithm with a management team that is “confident, in control and pulling the right levers,” says the firm.

Top 5 Downgrades:

• DA Davidson downgraded Amazon.com (AMZN) to Neutral from Buy with a price target of $175, down from $300. In the context of results from Microsoft (MSFT) and Google (GOOGL), the firm sees AWS continuing to lose its lead and now “scrambling to catch up through escalating investment.”

• Seaport Research downgraded Sirius XM (SIRI) to Neutral from Buy and removed the firm’s price target on shares. While new revenue and EBITDA guidance are “stable” vs. 2025, which is better than the negative growth guides of the past few years and drove a relief rally, the firm reduced its estimate on the guidance for moderately worse self-pay net losses in 2026 compared to 2025, a slower ARPU growth estimate, and the redeployment of much of the cost savings of the past year into more initiatives.

• Evercore ISI downgraded Impinj (PI) to In Line from Outperform with a price target of $112, down from $273. While the firm still likes the company’s long-term prospects as “the ecosystem play on RAIN RFID,” it is moving to the sidelines, for now, because the company’s March quarter outlook for revenues to be 20% below the Street view changes two things in its assessment of the stock.

• JPMorgan downgraded Linde (LIN) to Neutral from Overweight with an unchanged price target of $455. The firm cites valuation for the downgrade with the shares above the price target.

• Stifel double downgraded Hub Group (HUBG) to Sell from Buy with a price target of $27, down from $52. The company announced partial Q4 results, delaying the full report of audited earnings due to a material misstatement in historical earnings, the firm tells investors in a research note.