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:
JPMorgan upgraded Netflix (NFLX) to Overweight from Neutral with a price target of $120, down from $124, after reinstating coverage following a period of restriction. The firm believes Netflix is a “healthy organic growth story,” driven by strong content, global subscriber growth, continued pricing power, and an “under-monetized” advertising tier.
Piper Sandler upgraded CrowdStrike (CRWD) to Overweight from Neutral with an unchanged price target of $520. The firm notes the stock is down 21% year-to-date on AI concerns that have “subsumed the narrative in security,” and says it views the selloff as “well overdone.”
Piper Sandler upgraded Restaurant Brands (QSR) to Overweight from Neutral with a price target of $84, up from $71, following the company’s Investor Day. At the event, the team put together a compelling presentation and discussion, the net of which has the firm feeling like the stock is ready to enter a period of outperformance. Stifel also upgraded Restaurant Brands to Buy from Hold.
TD Cowen upgraded Twilio (TWLO) to Buy from Hold with a price target of $160, up from $125. The firm sees AI agents becoming a bigger part of everyday life and says Twilio is a “key enabler” of AI-driven business-to-consumer engagements.
Argus upgraded Pfizer (PFE) to Buy from Hold with a $35 price target. The firm is positive on the company’s recent additions to its GLP-1 pipeline along with its “robust” programs in oncology and hematology, saying it has greater confidence in Pfizer’s ability to grow the top and bottom lines in post-2028 period.
Top 5 Downgrades:
Argus downgraded Pinterest (PIN) to Hold from Buy. The firm is citing the company facing obstacles to growth as retailers spend less on advertising due to tariffs while larger competitors like Alphabet (GOOGL) are able to spend more on AI tools.
TD Cowen downgraded GitLab (GTLB) to Hold from Buy with a price target of $29, down from $56. The firm has concerns about GitLab’s competitive risks from Anthropic Claude Code and OpenAI Codex.
Craig-Hallum downgraded Thermon Group (THR) to Hold from Buy with a $51 price target following announced combination with Ceco Environmental (CECO) for $2.2B or 17-times EBITDA.
Wedbush downgraded Playtika (PLTK) to Neutral from Outperform with a price target of $3, down from $7, as SuperPlay earnouts constrain free cash flow. With $734M in total remaining earnout payments locked in on the balance sheet, Wedbush believes Playtika is unable to organically deleverage ahead of its 2027 and 2028 refinancing windows without severely limiting its ability to return capital to shareholders.
Wells Fargo downgraded AZZ Inc. (AZZ) to Equal Weight from Overweight with a price target of $132, up from $127. The firm says its downgrade reflects strong recent share price performance despite lackluster 2027 guidance, more muted margin growth implied, and increasing paint competition from North America steel mills.
