Apple initiated, DraftKings 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:

• Jefferies upgraded Carvana (CVNA) to Buy from Hold with a price target of $475, up from $385 The firm says the results of its consumer survey, web scape, and capacity analysis suggest Carvana will continue to deliver elevated growth and upside to consensus estimates.
• Jefferies upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $70, up from $62. The Q3 revenue outlook raise to 2%-4% from 0%-4% gives the firm “enough confidence” in the topline for Q4 and 2026 that margin expansion is coming despite the short-term lack of earnings drop through in Q3.
• HSBC upgraded Autodesk (ADSK) to Buy from Hold with a price target of $343, down from $388. The firm sees signs that Autodesk is well positioned to monetize artificial intelligence and is likely to see margin expansion.
• Jefferies upgraded Sunrun (RUN) to Buy from Hold with a price target of $21, up from $11. Cash generation is “expected to finally materialize” in the second half and the firm sees a strong growth set up into 2026 as U.S. Third-Party Owners prepare to claim wallet share in the wake of 25D expiration and a narrowing in the competitive landscape.
• Baird upgraded United Rentals (URI) to Outperform from Neutral with a price target of $1,050, up from $888. The firm says multiple fundamental datapoints suggest stabilization in the broader rental industry following two years of deceleration.

Top 5 Downgrades:

• Northland double downgraded DraftKings (DKNG) to Underperform from Outperform with a price target of $33, down from $53, to reflect the increasing headwind that the firm sees from prediction markets like Kalshi and Polymarket.
• RBC Capital downgraded GE Vernova (GEV) to Sector Perform from Outperform with a price target of $605, down from $631. While GE Vernova is benefiting from strong demand for energy generation/distribution and from positive price dynamics and productivity improvements, this is now more fully reflected in current valuation and consensus expectations through the end of the decade, the firm tells investors in a research note.
• Evercore ISI downgraded Allstate (ALL) to In Line from Outperform with a price target of $233, up from $230, following what the firm calls a “solid run” in the year-to-date. With the Street and the firm now assuming Allstate is over earning in auto in 2026-27, Evercore also sees less scope for positive estimate revisions compared to at the beginning of the year.
• Goldman Sachs downgraded Doximity (DOCS) to Sell from Neutral with a price target of $64, up from $57, which implies 13% downside potential. The company’s growth profile does not support the stock’s current valuation, the firm tells investors in a research note.
• Goldman Sachs downgraded LivaNova (LIVN) to Neutral from Buy with a price target of $55, down from $56. The firm believes that as the Essenz product cycle passes the halfway point, LivaNova’s decelerating sales growth and slowing rate of margin expansion are likely to limit the potential for multiple expansion.

Top 5 Initiations:

• Seaport Research initiated coverage of Apple (AAPL) with a Buy rating and $310 price target. Apple should have a good year on this year’s product lineup, with Apple Air trending well and boding for a stronger future for further price increases as an affordable phone potentially launches in 2026, the firm tells investors in a research note.
• BTIG initiated coverage of Coinbase (COIN) with a Buy rating and $410 price target. The company is investing in the right areas to create a platform and flywheel between its classic trading business and digital asset applications, the firm tells investors in a research note.
• Seaport Research initiated coverage of Verisk Analytics (VRSK) with a Buy rating and $280 price target. The firm views Verisk as a “top defensive pick” in Information Services given its leading position in underwriting and claims data in the insurance end market.
• UBS initiated coverage of Idexx Laboratories (IDXX) with a Neutral rating and $720 price target. The firm’s survey work suggests mixed adoption for the inVue analyzer but even with conservative inputs, UBS is modeling inVue alone driving 1%-2% annual contribution on top of platforms still growing, suggesting multiple levers.
• UBS initiated coverage of Solventum (SOLV) with a Neutral rating and $77 price target. The firm views the shares as appropriately valued given Solventum’s current portfolio setup.