Align downgraded, NetEase upgraded: 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:

• JPMorgan upgraded NetEase (NTES) to Overweight from Neutral with a price target of $190, up from $138. The firm cites a more positive view of NetEase’s 2026 key game pipelines for the upgrade.
• Morgan Stanley upgraded Ciena (CIEN) to Equal Weight from Underweight with a price target of $140, up from $100. The firm says its margin concerns proved overdone while Ciena’s demand data points continue to improve.
• HSBC upgraded Synchrony (SYF) to Buy from Hold with a price target of $81, up from $73. The firm cites Synchrony’s “good” credit performance, better growth, and discounted valuation for the upgrade.
• Macquarie upgraded Baidu (BIDU) to Outperform from Neutral with a price target of $176, up from $91. The company has transitioned to more diversified revenue streams with cloud, artificial intelligence chips and robotaxis emerging as more tangible drivers, the firm tells investors in a research note.
• Baird upgraded Littelfuse (LFUS) to Outperform from Neutral with a price target of $310, up from $290. The company is positioned to benefit from secular growth drivers and its efforts in artificial intelligence are “already bearing initial fruit,” the firm tells investors in a research note.

Top 5 Downgrades:

• Jefferies downgraded Align Technology (ALGN) to Hold from Buy with a price target of $140, down from $215. The firm’s U.S. dental survey indicates “mixed-to-negative” on clear aligner penetration and continued share loss for Align.
• RBC Capital downgraded Mosaic (MOS) to Sector Perform from Outperform with a price target of $30, down from $40. The firm is ” disappointed” in another surprise phosphate production cut and expects shares of Mosaic to be down significantly on the news, the firm says.
• JPMorgan downgraded Doximity (DOCS) to Underweight from Neutral with an unchanged price target of $62. The stock’s valuation premium to peers “appears excessive,” the firm says, adding that Doximity’s growth visibility is limited by uncertain pharma digital advertising trends.
• JPMorgan downgraded Pliant Therapeutics (PLRX) to Underweight from Neutral without a price target. The firm says the investment story “has remained in limbo” since the bexotegrast program for idiopathic pulmonary fibrosis was discontinued earlier this year,, and it believes the company “remains in a holding pattern” pending news on next steps.
• Morgan Stanley downgraded Keysight Technologies (KEYS) to Equal Weight from Overweight with an unchanged price target of $180. The firm cites the shares being at the price target and a lack of catalysts for a re-rating for the downgrade.

Top 5 Initiations:

• Benchmark initiated coverage of Abbott (ABT) with a Buy rating and $145 price target. Abbott’s diversified business model, which does not rely on a single therapy, technology, or geography, gives it “a resilient foundation” for sustainable mid-single digit sales growth and double-digit adjusted EPS growth, the firm tells investors.
• Jefferies initiated coverage of Pony AI (PONY) with a Buy rating and $32.80 price target. China’s Robotaxi market is transitioning from pilot to scale and Pony “stands out for its regulatory leadership, cost-down roadmap, and full-stack capabilities,” the firm tells investors.
• B. Riley initiated coverage of Zymeworks (ZYME) with a Buy rating and $30 price target. The firm expects Ziihhera to expand into gastric and breast cancer.
• Mizuho initiated coverage of Viking Holdings (VIK) with an Underperform rating and $54 price target. Viking has a “very high-quality business” and “unique” business model, but this largely priced into the shares, the firm tells investors in a research note.
• JPMorgan initiated coverage of Cidara Therapeutics (CDTX) with an Overweight rating and $200 price target. The firm says the Phase 2b NAVIGATE study of Cidara’s lead asset, CD388, for influenza show the “game-changing potential of the product.”