AMD upgraded, Micron downgraded: 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: 

• Wolfe Research upgraded AMD (AMD) to Outperform from Peer Perform with a $300 price target as part of a Q3 preview for the semiconductor group. Following the company’s OpenAI win, Wolfe sees $10-plus in earnings per share power for AMD.
• JPMorgan upgraded DoorDash (DASH) to Overweight from Neutral with a price target of $325, up from $175, after reinstating coverage of the name following a period of restriction. DoorDash continues to deliver “industry-leading” growth at scale with improving unit economics, the firm tells investors in a research note.
• Wolfe Research upgraded Monolithic Power (MPWR) to Outperform from Peer Perform with a $1,200 price target as part of a Q3 preview for the semiconductor group. Wolfe sees a “conservative path” to $24-plus in 2027 earnings per share for Monolithic.
• RBC Capital upgraded T-Mobile (TMUS) to Outperform from Sector Perform with an unchanged price target of $270. The firm cites the stock’s valuation compression year-to-date and the company’s solid operating trends for the upgrade.
• HSBC upgraded HP Inc. (HPQ) to Buy from Hold with a price target of $30, up from $28.10. The firm sees market indications that personal computer and printer volumes for HP may be better than previously expected.

Top 5 Downgrades:

• New Street downgraded Micron (MU) to Neutral from Buy with a $190 price target. Demand for high bandwidth memory is ramping, but New Street believes that while Micron shares trade at “peak multiples,” earnings beats will be offset by continued multiple compression.
• Northland downgraded Salesforce (CRM) to Market Perform from Outperform with a price target of $264, down from $396. One year since the firm’s prior upgrade, constant currency cRPO growth, which it calls “the key metric CRM management points investors towards,” has remained range bound between 10% and 11%, failing to accelerate to the mid-teens level the firm had projected at the point of its previous upgrade, the analyst noted.
• Barclays downgraded CyberArk (CYBR) to Equal Weight from Overweight with a price target of $520, up from $440, to reflect the pending takeover by Palo Alto Networks (PANW). The deal is expected to close in the second half of 2026 and Barclays estimates the current transaction value per share is $514 for CyberArk.
• BofA downgraded Nutrien (NTR) to Neutral from Buy with an unchanged $67 price target. The firm sees a “more balanced risk reward” for the stock given that the fertilizer price rally is likely running out of steam amid “persistent concerns” regarding the ag cycle.
• Oppenheimer downgraded Carrier Global (CARR) to Perform from Outperform without a price target as part of a Q3 preview for the industrial efficiency group. The firm cites near-term earnings risk and relatively few catalysts for the shares over the next few quarter for the downgrade.

Top 5 Initiations: 

• Stephens resumed coverage of FedEx (FDX) with an Overweight rating and $260 price target. While “hesitant of the parcel backdrop as a whole,” recent share gains are “encouraging,” and the firm expects continued improvement in express off of this lower base.
• RBC Capital initiated coverage of AppLovin (APP) with an Outperform rating and $700 price target. With advertising and marketing technology “increasingly intertwined,” the firm sees AppLovin as a beneficiary of the growing push to personalized marketing and increased emphasis on attribution.
• William Blair initiated coverage of Circle Internet (CRCL) with an Outperform rating and no price target. The firm expects USD coin to “catalyze a seismic shift” in cross-border business-to-business finance, and as the issuer of USD coin, Circle will be the primary beneficiary of stablecoin commercialization outside the crypto ecosystem.
• Goldman Sachs initiated coverage of CVS Health (CVS), UnitedHealth (UNH) and Cigna (CI) with Buy ratings. Goldman recommends increased exposure to Medicare Advantage as it sees a margin recovery phase beginning in 2026.
• Goldman Sachs initiated coverage of Centene (CNC) and Humana (HUM) with Sell ratings, and Molina Healthcare (MOH) with a Neutral. The managed care industry faces its most significant underwriting downturn in over 15 years, the firm says.