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:
William Blair upgraded Five Below (FIVE) to Outperform from Market Perform without a price target. The firm is “increasingly confident” that Five Below has “plenty of levers to comp the comp” and is well positioned for a series of beat-and-raise quarters throughout the year.
Morgan Stanley upgraded Carnival (CCL) to Overweight from Equal Weight with a price target of $31, down from $33. The firm sees an attractive risk/reward at current share levels.
Truist upgraded Tandem Diabetes (TNDM) to Buy from Hold with a price target of $35, up from $27. The firm cites its growing conviction in estimate upside potential and accelerating revenue and profit growth as it sees the Street “significantly under-modeling” growth in higher margin recurring revenues into the out-years while Tandem Diabetes transitions to a Pay/Go model in the pharmacy channel.
Rothschild & Co Redburn upgraded MoonLake Immunotherapeutics (MLTX) to Buy from Neutral with a price target of $40, up from $12. The regulatory filing path for sonelokimab in hidradenitis suppurativa is not over yet, but is becoming clearer “now that the biggest regulatory hurdle is out of the way,” the firm tells investors in a research note.
Evercore ISI upgraded Union Pacific (UNP) to Outperform from In Line with a price target of $262, up from $260. Although the merger-related “trading purgatory” likely still exists, Union Pacific is operating “at an elite level,” which is translating into strong volume growth and robust margins for a stock trading at a discount to all but one peer, the firm tells investors.
Top 5 Downgrades:
Summit Insights downgraded Micron (MU) to Hold from Buy. The firm expects the stock outperformance in the second half of FY26 to moderate, the firm tells investors in a research note.
Raymond James double downgraded Xponential Fitness (XPOF) to Market Perform from Strong Buy without a price target. The firm cites the recent deterioration in trends for the company’s “all-important” Club Pilates brand and lack of visibility into any near-term inflection in 2026 for the downgrade.
Jefferies downgraded Kinsale Capital (KNSL) to Underperform from Hold with a price target of $312, down from $392. The firm believes the stock’s valuation is “too high.”
DA Davidson downgraded Life360 (LIF) to Neutral from Buy with a price target of $40, down from $70. The firm sees elevated execution risk for the company in 2026.
Oppenheimer downgraded Freshworks (FRSH) to Perform from Outperform and removed the firm’s $15 price target on the shares. The firm cites a challenging operating environment during the AI technology transition.
