DraftKings downgraded, Instacart 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:

• BMO Capital upgraded Instacart (CART) to Outperform from Market Perform with an unchanged price target of $58. The company reported “solid” Q3 results and trades at an attractive valuation, the firm tells investors in a research note.
• Mizuho upgraded Qorvo (QRVO) to Neutral from Underperform with a price target of $93, up from $75. The company’s merger with Skyworks (SWKS) provides “valuation synergies,” which helps offset broader handset headwinds, the firm tells investors in a research note. The firm also upgraded Skyworks to Neutral from Underperform.
• JPMorgan upgraded ViaSat (VSAT) to Overweight from Neutral with a price target of $50, up from $23. The firm now sees a higher probability of a separation of the company’s Defense and Advanced Technologies segment following its shareholder letter.
• Clear Street upgraded Bullish (BLSH) to Buy from Hold with a price target of $57, down from $60. The company has taken market share in spot trading globally amid its expansion in options, the U.S. market and liquidity services, the firm tells investors in a research note.
• Rothschild & Co Redburn upgraded Cintas (CTAS) to Neutral from Sell with a price target of $184, up from $177. The firm still sees a “small risk” to consensus expectations in fiscal 2026 and 2027, but says the de-rating of the shares limits further downside.

Top 5 Downgrades:

• CBRE downgraded DraftKings (DKNG) to Hold from Buy with a $36 price target. The firm cites potential competition from prediction markets for the downgrade.
• JPMorgan downgraded CoreWeave (CRWV) to Neutral from Overweight with a price target of $110, down from $135, post the Q3 report. The firm says mounting supply chain pressures offset the company’s “very robust” bookings performance.
• Morgan Stanley downgraded SPS Commerce (SPSC) to Equal Weight from Overweight with a price target of $100, down from $140. The firm believes the company’s near-term growth will be “constrained” as the macro environment is hurting its retail end market.
• JPMorgan downgraded Mosaic (MOS) to Neutral from Overweight with a price target of $26, down from $37. The firm says phosphate prices have moved lower from recent peaks while demand for phosphate products in the U.S. “is fragile.” Phosphate prices remain high by historical standards and farmer balance sheets are weak
• UBS downgraded Forge Global (FRGE) to Neutral from Buy with a price target of $45, up from $34, after the company entered into an agreement to be acquired by the Charles Schwab (SCHW) for $45 per common share.

Top 5 Initiations:

• UBS initiated coverage of Keysight Technologies (KEYS) with a Buy rating and $220 price target. The firm views Keysight as the global leader in test and design.
• Needham initiated coverage of Waystar (WAY) with a Buy rating and $46 price target. The firm believes the company is well positioned to gain share in the “highly complex and inefficient” revenue cycle management industry.
• Truist initiated coverage of Alkermes (ALKS) with a Buy rating and $50 price target. The firm values the base business and cash at about $29 per share, which it sees “setting a high floor” heading into Phase 2 Vibrance-2 data in narcolepsy type 2.
• Piper Sandler initiated coverage of Li Auto (LI) with a Neutral rating and $19 price target. The firm thinks the company growing outside China is critical, but is “iffy” on its global strategy.
• Citi initiated coverage of SunocoCorp (SUNC) with a Buy rating and $65 price target. Despite a declining gasoline demand market since 2018, Sunoco (SUN) has managed to more than triple its EBITDA over that time period, and the firm expects trading in SunocoCorp to be tethered to Sunoco and its underlying fundamentals.