Nvidia upgraded, Ibotta 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:

• HSBC upgraded Nvidia (NVDA) to Buy from Hold with a price target of $320, up from $200. The firm sees potential for “significant” earnings upside in Nvidia’s fiscal 2027 on renewed chip on wafer on substrate allocation momentum. Nvidia’s “aggressive” fiscal 2027 CoWoS wafer forecasts at TSMC will drive upward revisions
• Citi upgraded Logitech (LOGI) to Buy from Neutral with a price target of $130, up from $100. The firm’s channel checks indicate positive demand for videoconferencing equipment as workers return to office along with strong gaming peripherals demand.
• Goldman Sachs upgraded Thomson Reuters (TRI) to Buy from Neutral with a price target of $186, down from $192. The firm believes the company’s artificial intelligence positioning has “significantly strengthened” in recent quarters and will drive organic revenue growth.
• BMO Capital upgraded Sunrun (RUN) to Market Perform from Underperform with a price target of $19, up from $10. The firm cites the potential for capital return next year for the upgrade.
• RBC Capital upgraded Ovintiv (OVV) to Outperform from Sector Perform with an unchanged price target of $55. The firm believes the depth of the company’s position in the Montney provides energy investors an attractive and inexpensive way to gain exposure to an emerging oil and condensate resource play.

Top 5 Downgrades:

• Goldman Sachs downgraded Ibotta (IBTA) to Sell from Neutral with a price target of $26, down from $30. The firm notes that its outlook for the company’s addressable market opportunity, revenue growth forecast, and margins and operating leverage have diminished.
• Rothschild & Co Redburn downgraded GE Vernova (GEV) to Sell from Neutral with a $475 price target. The firm says the shares are “materially overvalued” based on its reverse discounted cash flow analysis.
• Guggenheim downgraded MasTec (MTZ) to Neutral from Buy and removed the firm’s prior $215 price target on the shares. Strong recent performance, paired with expectations for the Q3 earnings report, suggests to the firm that shares are fairly valued at the current valuation.
• JPMorgan downgraded Roper Technologies (ROP) to Underweight from Neutral with a price target of $541, down from $577 as part of a Q3 earnings preview for the electrical equipment and multi-industry sector. The firm sees “subpar” growth and below-average return on invested capital for the company.
• JPMorgan downgraded Fortive (FTV) to Neutral from Overweight with a price target of $53, down from $58. Risk of disruption in Fortive’s core software businesses justifies a lower than historical multiple, the firm tells investors in a research note.

Top 5 Initiations:

• BTIG initiated coverage of Walmart (WMT) with a Buy rating and $120 price target. Walmart’s integrated digital and physical strategy is “delivering value” to customers and shareholders and CEO Doug McMillon has the company positioned for continued market share and profit gains despite macro pressures, the firm tells investors.
• BTIG initiated coverage of Target (TGT) with a Neutral rating and no price target. Target’s brand is “relevant and differentiated,” but it faces intense competition from Walmart, Costco (COST) and Amazon (AMZN), the firm tells investors in a research note.
• BTIG initiated coverage of Costco with a Buy rating and $1,115 price target. Costco has significant customer loyalty, which will aid in continuing to drive traffic and sales growth, says the firm, which believes the recent pullback in shares presents a buying opportunity.
• Guggenheim initiated coverage of DoorDash (DASH) with a Buy rating and $330 price target. The firm expects Marketplace gross order volume growth to outpace growth in the overall delivery market in the coming years, fueled by volume, while investments in grocery and retail “will turn from a meaningful profit drag to a tailwind over the intermediate- to long-term.” Guggenheim also started coverage of Uber (UBER) and Lyft (LYFT) with Buy ratings, and Instacart (CART) with a Neutral rating.
• BTIG initiated coverage of Nike (NKE) with a Buy rating and $100 price target and selecting the stock as “Top Pick for 2026.” While “there is clearly still much work ahead,” the firm believes the company is making solid and it is establishing FY26 and FY27 EPS estimates of $1.70 and $2.75, respectively.