Carvana initiated, AT&T 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:

• KeyBanc upgraded AT&T (T) to Overweight from Sector Weight with a $30 price target. The recent share pullback has been driven by “overblown” wireless competition concerns, the firm tells investors in a research note.
• KeyBanc upgraded Progyny (PGNY) to Overweight from Sector Weight with a $30 price target. The firm sees limited share downside from current levels and “several positive catalysts emerging” over the next 12 months.
• Piper Sandler upgraded Floor & Decor (FND) to Overweight from Neutral with a price target of $80, up from $75. The firm cites the potential for comparable sales improvement by Q1 of 2026 and possible further acceleration in 2026 for the upgrade.
• Guggenheim upgraded Grail (GRAL) to Buy from Neutral with a $100 price target. While the firm acknowledges that Galleri is “not a perfect test” and “may not be the holy grail of cancer detection,” Guggenheim says it is still the leading commercially available MCED test and sees it having a significant prospective data moat compared to competitors.
• JPMorgan upgraded Outfront Media (OUT) to Overweight from Neutral with a price target of $25, up from $19. The out-of-home channel “stands out as the most resilient” traditional advertising market and momentum improved in Q3, the firm tells investors in a research note.

Top 5 Downgrades:

• Raymond James downgraded Bath & Body Works (BBWI) to Market Perform from Outperform without a price target. The company’s growth will be below its long-term potential as improvements from better digital capabilities, product, and distribution will take time, the firm tells investors in a research note.
• Wolfe Research downgraded Intellia Therapeutics (NTLA) to Peer Perform from Outperform without a price target. The safety issue for nexiguran ziclumeran hinders the bull thesis, the firm tells investors in a research note.
• Raymond James double downgraded Brighthouse Financial (BHF) to Market Perform from Strong Buy without a price target. The firm cites the announcement of its deal to be acquired by Aquarian for $70 per share for the downgrade.
• Raymond James double downgraded Centerspace (CSR) to Market Perform from Strong Buy without a price target. The firm believes Centerspace’s portfolio is an attractive target for any number of potential buyers, but says that with the shares closing the valuation gap versus its multifamily peers “amid a backdrop of uncertain outcomes,” it feels stepping back to a neutral rating is appropriate on the recent rally.
• Northland downgraded QuickLogic (QUIK) to Market Perform from Outperform with an unchanged price target of $5.95 after the company reported revenue in line with guidance and noted there is a $3M contract that may or may not hit in Q4 or Q1, which is resulting in a wide range of guidance.

Top 5 Initiations:

• Barclays initiated coverage of Carvana (CVNA) with an Overweight rating and $390 price target. The firm believes Carvana is well positioned to gain market share in the “highly fragmented” used vehicle market.
• Barclays initiated coverage of AutoNation (AN) with an Overweight rating and $250 price target. Sector fundamentals are mixed, but the dealers offer “resiliency and strong shareholder returns,” the firm tells investors in a research note. Barclays also started coverage of CarMax (KMX) with an Underweight rating.
• Canaccord initiated coverage of Nuvalent (NUVL) with a Buy rating and $126 price target. The firm views Nuvalent as a “best-in-class” precision oncology company that can overcome safety and efficacy limitations for current tyrosine kinase inhibitors.
• JPMorgan initiated coverage of Atour Lifestyle (ATAT) with an Overweight rating and $57 price target, offering 38% potential upside. The firm believes the company stands out from its China and global hotel peers due to its “fastest revenue and profit growth” of 20% in the next 3-5 years.
• Bernstein initiated coverage of Cintas (CTAS) with a Market Perform rating and $200 price target. The firm views the company as a “quality compounder” but says the stock is expensive at current levels.