DraftKings, Flutter 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:

• JPMorgan upgraded Qorvo (QRVO) to Neutral from Underweight with a price target of $105, up from $92, post the earnings report. The company is seeing favorable trends in its iPhone segment and in its aerospace and defense businesses, the firm tells investors in a research note.
• Morgan Stanley upgraded Terex (TEX) to Equal Weight from Underweight with a price target of $47, up from $41. The firm sees “good strategic value” in the company’s merger with REV Group (REVG), but the timing, structure and overall value of the deal to both parties “points to elevated risk.”
• Texas Capital upgraded Sterling Infrastructure (STRL) to Buy from Hold with a price target of $450, up from $348. The company reported a Q3 beat with an improved backlog, the firm tells investors in a research note
• Wells Fargo upgraded Inspire Medical (INSP) to Overweight from Equal Weight with a price target of $90, down from $101. The company reported a “clean” Q3 report and reset its 2026 outlook, the firm tells investors in a research note.
• Baird upgraded WM (WM) to Outperform from Neutral with a price target of $242, up from $238. The stock’s risk/reward is “compelling” following the year-to-date underperformance, the firm tells investors in a research note.

Top 5 Downgrades:

• BofA downgraded DraftKings (DKNG) to Neutral from Buy with a price target of $35, down from $48. The firm argues that sports outcomes in Q3 and Q4 raise concerns around volatility and long-term earnings; DraftKings has underperformed in iGaming; 2026 could once again bring state-level tax headwinds; and the prediction markets present a challenging near-term narrative.
• BofA downgraded Flutter Entertainment (FLUT) to Neutral from Buy with a price target of $250, down from $325. The firm cites rising concerns over structural hold; potential trade-offs with handle growth; the U.K. tax review and “perennial” U.S. gaming tax risks; and a prediction market overhang.
• Oppenheimer downgraded Charter (CHTR) to Perform from Outperform and removing the firm’s $500 price target. The firm thinks Charter has been right about video, with its new model delivering demonstrably better sub trends, but this is overshadowed by the secular decline in its broadband base.
• Oppenheimer downgraded Comcast (CMCSA) to Perform from Outperform and removed the firm’s $38 price target. Oppenheimer thinks Comcast has a challenging five-year period ahead with multiple headwinds.
• Citi downgraded CyberArk (CYBR) to Neutral from Buy with a price target of $524, up from $465, citing the pending takeover by Palo Alto Networks (PANW). Citi sees the deal closing on the current terms and does not expect a competitive bidder to emerge.

Top 5 Initiations:

• B. Riley initiated coverage of Phoenix Education (PXED) with a Buy rating and $60 price target. The firm sees Phoenix expanding beyond just a degree provider to a skills-focused, career mobility provider.
• Roth Capital resumed coverage of ARS Pharmaceuticals (SPRY) with a Buy rating and $30 price target. The firm is anticipating significant revenue growth from the rapid adoption of the company’s signature product, neffy, which is an innovative intranasal epinephrine device for Type 1 allergic reactions, including anaphylaxis.
• TD Cowen initiated coverage of MBX Biosciences (MBX) with a Buy rating and no price target. The firm believes the company’s Prostate Secretory Protein platform is supported by “world-class chemistry with strong management.”
• B. Riley initiated coverage of Antalpha (ANTA) with a Buy rating and $14 price target. The firm says the company’s markets are “nascent, fast-growing, and generating solid unit economics.”
• Roth Capital resumed coverage of CapsoVision (CV) with a Buy rating and $7 price target. The firm says the two label expansions in December 2024, to include pediatrics as young as two and remote ingestions, will help to accelerate adoption of the company’s “best-in-class” device.