Wall Street’s top analyst calls

The hottest and market-moving research calls from 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:

• wedbush upgraded CARVANA (CVNA) from Neutral to Outperform with a price target of $400 above $380. The firm believes that the recent decline in shares has been too much and investors should take advantage of this period of relative weakness.

• BofA upgraded Booking Holdings (BKNG) from Neutral to Buy with an unchanged price target of $6,000. The firm believes concerns about the risk of arbitrage in bookings from Google (GOOGL) and OpenAI’s agentic tools are “excessive” and sees the AI-related selloff in shares of the company as creating a buying opportunity.

• HSBC upgraded Flutter Entertainment (FLUT) from Hold to Buy with a price target of $228, down from $265. After the recent selling in shares, the company is seeing a buying opportunity.

• Wolfe Research upgraded Morgan Stanley (MS) to Outperform Peer with a $198 price target. The firm tells investors that revenue growth is likely to accelerate due to share gains in investment banking and organic growth in wealth management.

• Wells Fargo upgraded merck (MRK) as Equal Weight to Overweight from $90 with a price target of $125. Following recent business development, pipeline progress and new launches, the Company expects Merck to close its Keytruda LOE shortfall and grow revenues in the early 2030s.

Top 5 Downgrades:

• ubs downgraded jfrog (FROG) changed from buy to neutral with a price target of $65, up from $48, after resuming coverage of the name. While AI-related tailwinds are meaningful, with a larger revenue impact likely to remain for 12-18 months, the firm says the strong positioning is largely reflected in valuations.

• Jefferies downgraded exact science (EXAS) would be a buy with a price target of $105, up from $90, citing the pending acquisition by Abbott (ABT). The firm believes the takeover premium represents a win for Exact Sciences and does not expect any other bidder to top the prior deal multiples.

• Evercore ISI downgraded quantumscape (QS) is in line for Outperform with a price target raised from $8 to $12. The company cites valuation decline for this decline as shares have increased 200% year-to-date.

• ubs downgraded Jazz Pharmaceuticals (JAZZ) from Buy to Neutral with a price target of $188, up from $163. Following a strong Phase 3 GEA update and a 25% stock move, Jazz now appears to be fairly valued with a balanced risk/reward profile, the firm told investors in a research note.

• TD Cowen was demoted Purecycle Technologies (PCT) down from $16, to Hold from Buy with a price target of $9. The order has been delayed and the company is recognizing that the company’s growth plans are being delayed, so it is on the sidelines for now as this gives the company a chance to prove the value proposition and demonstrate profitability.