Apple upgraded, Rivian 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:

• Loop Capital upgraded Apple (AAPL) to Buy from Hold with a price target of $315, up from $226. Loop’s supply chain checks indicate iPhone shipments will expand through 2027 amid refresh and design cycles, the firm tells investors in a research note.
• BNP Paribas Exane upgraded Lululemon (LULU) to Neutral from Underperform with a $146 price target. With the shares down about 65% since the firm downgraded shares last February, the firm says the current valuation is “pricing in a lot of bad news” but the negative catalysts from here are “less clear.”
• TD Cowen upgraded Ally Financial (ALLY) to Buy from Hold with a price target of $50, up from $43. TD believes Ally has shown it has sufficient credit and margin strength to hit its mid-teens ROTCE target in the next two years and perhaps sooner.
• BMO Capital upgraded Prologis (PLD) to Market Perform from Underperform with a $119 price target. Amid its strategic shift on data centers, BMO Capital is encouraged that the company will likely have a recurring-income business leveraged to AI demand.
• Goldman Sachs upgraded Darden (DRI) to Buy from Neutral with a $225 price target, implying 20% upside potential. The firm believes Darden is seeing market share gains given its lower skew towards lower income consumers.

Top 5 Downgrades:

• Mizuho downgraded Rivian (RIVN) to Underperform from Neutral with a price target of $10, down from $14. The firm cites slowing electric vehicle demand as Inflation Reduction Act credits expire for the downgrade.
• Barclays downgraded Lumentum (LITE) to Equal Weight from Overweight with an unchanged price target of $165. The firm cites valuation for the downgrade following the stock’s recent rally.
• Morgan Stanley downgraded Progressive (PGR) to Underweight from Equal Weight with a price target of $214, down from $265. The firm finds Progressive’s bull case less visible when stripping out Florida.
• Barclays downgraded Marvell (MRVL) to Equal Weight from Overweight with an unchanged price target of $80. The firm believes the application-specific integrated circuits story into 2026 “is less robust than initially expected.”
• Barclays downgraded Astera Labs (ALAB) to Equal Weight from Overweight with an unchanged price target of $155. The firm says that beyond Trainium 3, it has not seen signs of Astera’s United Airlines adoption or momentum. Barclays also sees the world moving towards Ethernet.

Top 5 Initiations:

• Canaccord initiated coverage of Tempus AI (TEM) with a Buy rating and $110 price target. The firm says the potential of AI deployment at scale in clinical practice could support “strong” long-term revenue growth for Tempus.
• Canaccord initiated coverage of GeneDx (WGS) with a Buy rating and $155 price target. The company has undergone a “significant” financial turnaround, driven by its shift to high-value exome and genome testing, the firm tells investors in a research note.
• JPMorgan initiated coverage of Allient (ALNT) with a Neutral rating and $60 price target, reflecting 20% upside potential. With the stock up 120% year-to-date, JPMorgan views the current risk/reward profile as balanced.
• Goldman Sachs initiated coverage of Cava Group (CAVA) with a Neutral rating and $74 price target, implying 17% upside. The firm sees a “robust” long-term growth potential for Cava, but says it is balanced with near-term same-store-sales growth uncertainties due to difficult compares and a tougher macro backdrop.
• Wolfe Research initiated coverage of SailPoint (SAIL) with an Outperform rating and $27 price target. SailPoint “might come off as the middle child of the Identity market,” but while Identity peers try to be everything for everyone, SailPoint has “focused on number one and transitioned from a heavy, on-prem, enterprise-focused business into a nimble, SaaS-based model,” the firm tells investors.