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:

• Arete upgraded Snap (SNAP) to Buy from Neutral with a $7.30 price target. The company’s sales growth is shifting from a reliance on a “sub-scale” advertising business to higher margin, recurring subscription income, the firm tells investors in a research note.

• Oppenheimer upgraded Unity (U) to Outperform from Perform with a $38 price target. The firm says that the recent selloff, driven by fears that “world models” like Google’s (GOOGL) Project Genie will displace game engines, is fundamentally misplaced and ignores the distinct architectural role Unity plays in development.

• Gordon Haskett upgraded Booking Holdings (BKNG) to Buy from Hold with a $5,440 price target. The firm believes investors have overreacted to AI-driven competitive encroachment concerns and discounted key aspects of Booking’s operational advantages and defensive positioning.

• Daiwa upgraded Palantir (PLTR) to Buy from Neutral with a price target of $180, down from $200. “The earnings release left a positive impression,” contends Daiwa.

• Raymond James upgraded Take-Two (TTWO) to Strong Buy from Outperform with an unchanged price target of $285. The firm views the recent selloff as overdone, and says the weakness brings a more attractive risk/reward for Take-Two.

Top 5 Downgrades:

• HSBC downgraded Estee Lauder (EL) to Hold from Buy with a price target of $106, up from $105. The firm says Estee’s “modest” organic sales upgrade in quarter “underwhelmed” investors relative to expectations heading into the print.

• Citi downgraded Under Armour (UAA) to Sell from Neutral with an unchanged price target of $6.20. The firm says the company’s turnaround in North America is facing “several pressures” in fiscal 2026.

• Raymond James downgraded Wingstop (WING) to Outperform from Strong Buy with an unchanged price target of $325. The shares were also downgraded this morning at TD Cowen. Raymond James has a cautious view of Wingstop’s near-term sales trends.

• Truist downgraded Texas Roadhouse (TXRH) to Hold from Buy with a price target of $188, down from $206. The firm believes beef price inflation will persist at least through 2027, which will limit Texas Roadhouse’s multiple expansion and pressure margin and earnings estimates.

• Loop Capital downgraded Monday.com (MNDY) to Hold from Buy with a price target of $80, down from $195. The company reported a “fine, but not great” quarter amid moderating upmarket momentum and slower than anticipated adoption of newer products, the firm tells investors in a research note. Baird also downgraded Monday.com to Neutral from Outperform with a price target of $90, down from $175.