Boeing upgraded, Charter 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:

• Freedom Capital upgraded Boeing (BA) to Buy from Hold with a price target of $223, up from $217. Boeing’s Q3 marks a cautious recovery, with stronger operational performance and gradual regulatory confidence, the firm tells investors in a research note.
• Piper Sandler upgraded Roku (ROKU) to Overweight from Neutral with a price target of $135, up from $88. The company reported solid Q3 results but Platform investments across Advertising and SSD are beginning to shine, the firm tells investors in a research note.
• Evercore ISI upgraded Ecolab (ECL) to Outperform from In Line with a price target of $300, up from $265. Ecolab is “one of the few businesses in Chemicals with momentum” into 2026, says the firm, which sees 2026 as the year Ecolab’s structural earnings potential becomes more broadly apparent as the Ovivo acquisition closes and Digital monetization scales.
• Raymond James upgraded Universal Health (UHS) to Outperform from Market Perform with a $270 price target. The company’s Q3 results were above guidance and consensus forecasts, showing improved execution, the firm tells investors in a research note.
• UBS upgraded Cisco (CSCO) to Buy from Neutral with a price target of $88, up from $74. The firm sees a “multi-year growth cycle” for the company, driven by artificial intelligence infrastructure demand, a “large-scale” Campus refresh cycle, and momentum in security.

Top 5 Downgrades:

• Bernstein downgraded Charter (CHTR) to Market Perform from Outperform with a price target of $280, down from $350. The company’s EBITDA growth has “become increasingly difficult to achieve” against a tougher market backdrop, the firm tells investors in a research note. KeyBanc also downgraded Charter to Sector Weight from Overweight without a price target
• JPMorgan downgraded Luminar (LAZR) to Underweight from Neutral without a price target. The company had a series of negative developments late last week that raise significant concerns about its ability to continue as a going concern, the firm tells investors in a research note.
• TD Cowen downgraded Iqvia (IQV) to Hold from Buy with a price target of $215, up from $206. The company’s outlook now has “greater visibility and stability,” but the stock’s current valuation now largely reflects its 2026 growth outlook, the firm tells investors in a research note.
• Jefferies downgraded Canadian Solar (CSIQ) to Hold from Buy with a price target of $19.64, up from $13.70. The firm cites the recent share rally and enforcement risk of the module price floor from the Chinese government for the downgrade.
• BofA downgraded Marsh McLennan (MMC) to Underperform from Neutral with a price target of $181, down from $243 based on a lower outlook for organic growth with near-term headwinds from softening property rates.

Top 5 Initiations:

• Jefferies initiated coverage of Chime (CHYM) with a Hold rating and $17 price target. The firm views Chime as a leading U.S. neo-bank with 9M active members, but says the stock’s path for a near-term re-rating “is tough” with slowing growth in the back of 2025, a broadened customer acquisition strategy, and lack of concrete valuation support until GAAP margins inflect.
• Goldman Sachs initiated coverage of Alliance Laundry (ALH) with a Buy rating and $32 price target. The firm says the company’s track record of “innovation, quality and durability” supports a path for above-average growth in the commercial laundry market over the next several years. BMO Capital, JPMorgan, UBS, Citi, BofA, and Baird also started coverage of the name with Buy-equivalent ratings, while Morgan Stanley initiated coverage with an Equal Weight.
• BMO Capital initiated coverage of Phoenix Education (PXED) with an Outperform rating and $45 price target. The company’s University of Phoenix is a “pioneer” in the working adult market, the firm tells investors in a research note. Morgan Stanley and Jefferies also started the name with Buy-equivalent ratings, while Goldman Sachs and Truist initiated coverage on the sidelines.
• Rothschild & Co Redburn initiated coverage of SLB (SLB) with a Buy rating and $48 price target. The firm sees several catalysts that will drive a re-rating of the shares, including a return to earnings upgrades and rising free cash flow and distributions. Rothschild also started coverage of Halliburton (HAL) with a Buy.
• RBC Capital initiated coverage of Revolution Medicines (RVMD) with an Outperform rating and $77 price target. The firm believes Revolution is best positioned to execute on targeting RAS across oncology, given its “impressive” efficacy data, development lead, and pipeline.