Coinbase, eBay 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:

• Citizens JMP upgraded eBay (EBAY) to Outperform from Market Perform with a $115 price target. The firm believes the company’s product initiatives are creating a “significantly better consumer experience” in its focus categories that can drive mid-single-digit merchandise volume growth in 2026.
• JPMorgan upgraded Coinbase (COIN) to Overweight from Neutral with a price target of $404, up from $342. The shares trade at an attractive valuation versus Coinbase’s cryptocurrency peers into the company’s monetization opportunities and abating risks,” the firm tells investors in a research note.
• Morgan Stanley upgraded Tractor Supply (TSCO) to Equal Weight from Underweight with a price target of $60, up from $50. The company is moving past its investment cycle and compares are returning to more normalized levels, the firm tells investors in a research note.
• Keefe Bruyette upgraded AppFolio (APPF) to Outperform from Market Perform with a $311 price target. The firm said the upgrade is rooted in the shares having underperformed by 31% since early August, with valuation near the low end of historical multiples; the firm expecting the recent and pending launches of several AI and resident services products to accelerate revenue growth above 20%; the firm believing this growth acceleration is underappreciated; and the company’s mid-November investor day that could serve as a catalyst.
• UBS upgraded Alliant Energy (LNT) to Buy from Neutral with a price target of $79, up from $74. The firm sees the company’s load growth, capital expenditure increase and regulatory alignment driving upside in the shares.

Top 5 Downgrades:

• Barclays downgraded Molina Healthcare (MOH) to Underweight from Equal Weight with a price target of $144, down from $185. The firm thinks the company’s preliminary 2026 earnings per share outlook of $14 is “too optimistic,” assuming its Medicaid medical loss ratio will be flat year-over-year.
• Wells Fargo downgraded Integer (ITGR) to Equal Weight from Overweight with a price target of $80, down from $132. The company’s lowered Q4 guidance and 2026 outlook are materially below Street estimates, the firm notes. BofA and Benchmark also downgraded the stock to Neutral-equivalent ratings.
• Jefferies downgraded Inspire Medical (INSP) to Hold from Buy with a price target of $85, down from $160. The firm’s U.S. sleep survey and doctor checks show ongoing headwinds from weight loss drug uptake, competitor share gains, and “muted” expectations on Inspire 5-related volume growth.
• H.C. Wainwright downgraded Arcturus Therapeutics (ARCT) to Neutral from Buy with a price target of $12, down from $60. The firm does not believe the company’s cystic fibrosis program is worth progressing towards later stage clinical trials based on key opinion leader conversations regarding the interim Phase 2 ARCT-032 data.
• Sidoti downgraded Plexus (PLXS) to Neutral from Buy with a $150 price target. The firm views Q4 results as “solid,” but is scaling back FY26 and FY27 estimates to be cautious given the uncertain macro environment and management’s commentary.

Top 5 Initiations:

• KeyBanc resumed coverage of Amazon.com (AMZN) with an Overweight rating and $300 price target. Advertising is fueling gains in the company’s retail business, which provides a path forward for grocery becoming more material over the medium term, the firm tells investors in a research note.
• Barclays reinstated coverage of DoorDash (DASH) with an Equal Weight rating and $272 price target following the closing of the Deliveroo acquisition. The firm says a “good amount of the bull case” is priced into the, but Barclays continues “to see a bright future” for DoorDash.
• Roth Capital initiated coverage of Legence (LGN) with a Buy rating and $41 price target. The firm says the company benefits from energy efficient infrastructure tailwinds, particularly in the high-tech data center and life sciences industries, which are 50% of its backlog.
• Cantor Fitzgerald initiated coverage of Novavax (NVAX) with an Overweight rating and $18 price target. Novavax, known for developing Nuvaxovid has shifted from a commercial model to a licensing model and seeks partnerships around novel vaccine candidates and the Matrix-M technology to generate significant upfront payments, milestones, royalties, and revenue, the firm tells investors.
• Roth Capital initiated coverage of Tennant (TNC) with a Buy rating and $102 price target. The firm sees “numerous catalysts” for the company to add to its mid-teens market share in the 9B market for mechanized cleaning. Tennant is positioned to capitalize on its “differentiated” product portfolio, including autonomous equipment, and “unmatched service offering providing a lasting competitive advantage,” the firm tells investors in a research note.