Microsoft upgraded, Harley-Davidson 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:

• Guggenheim upgraded Microsoft artificial intelligence “casualties.”
• JPMorgan upgraded Five Below (FIVE) to Overweight from Neutral with a price target of $186, up from $154, ahead of the Q3 report. The firm sees the company’s multi-year earnings growth hitting at least low double-digits, supported by high-single-digit unit growth expansion and low-single-digit comps.
• Truist upgraded Booking Holdings (BKNG) to Buy from Hold with a price target of $5,750, up from $5,630. The firm cites Asia’s long-term travel outlook, “steady” global GDP growth, and the stock’s more attractive valuation for the upgrade.
• RBC Capital upgraded Honeywell (HON) to Outperform from Sector Perform with a price target of $253, up from $235. The company’s “solid” Q3 brings start of Honeywell’s “breakup catalyst-rich phase,” the firm tells investors in a research note.
• Wells Fargo upgraded Glaukos (GKOS) to Overweight from Equal Weight with a price target of $120, up from $92. Investors are focusing on iDose but the company’s Epioxa represents a “significant underappreciated” growth driver, the firm tells investors in a research note.

Top 5 Downgrades:

• Keefe Bruyette downgraded Berkshire Hathaway (BRK.A) to Underperform from Market Perform with a price target of $7,000, down from $735,000. The firm believes the peaking of Geico’s underwriting margin, declining property catastrophe reinsurance rates, lower short-term interest rates, the tariff-related pressure on the rails, and the risk of fading alternative energy tax credits will drive the stock to underperform over the next 12 months.
• Morgan Stanley downgraded Harley-Davidson (HOG) to Underweight from Equal Weight with a price target of $25, down from $27, which offers 10% downside potential. The firm lowered its estimates and notes that it believes consensus numbers will come down further.
• RBC Capital downgraded Roper Technologies (ROP) to Sector Perform from Outperform with a price target of $539, down from $644. The firm sees limited relative upside in the shares given investor preference for “risk-on” trades.
• Jefferies downgraded Keysight Technologies (KEYS) to Hold from Buy with a price target of $180, down from $181, after transfer in coverage of the name. The firm is positive on the company’s potential for mid-mid-single digit organic growth but believes the stock’s valuation already reflects this.
• Williams Trading downgraded Wolverine World Wide (WWW) to Hold from Buy with a price target of $27, down from $30. The firm expects Saucony’s year-over-year sales growth to decelerate to low single-digits by early 2026.

Top 5 Initiations:

• Goldman Sachs reinstated coverage of DoorDash (DASH) with a Buy rating and $315 price target. The firm incorporated Deliveroo into its estimates and assumes DoorDash will invest to drive accelerating growth for the unit.
• Truist initiated coverage of Amer Sports (AS) with a Buy rating and $42 price target. The firm sees the company’s growth being driven its “niche” focus areas, limited U.S. brand awareness, and leverage to higher income consumers.
• Baird initiated coverage of Netskope (NTSK) with an Outperform rating and $27 price target. The company’s cloud-native architecture and expanded NewEdge infrastructure footprint make it a share gainer against legacy network vendors as consolidation intensifies around data, the firm tells investors in a research note.
• Baird initiated coverage of Commvault (CVLT) with an Outperform rating and $215 price target. The firm believes Commvault’s hybrid-first platform, “differentiated” broad spectrum of recovery workflows, and enterprise install base “create staying power.”
• Baird initiated coverage of SailPoint (SAIL) with an Outperform rating and $26 price target. The firm believes the company is benefiting from the rising importance of artificial intelligence-ready identity controls with the evolution to real-time privileges.