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:
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Morgan Stanley upgraded Micron (MU) to Overweight from Equal Weight with a price target of $220, up from $160. The company will see multiple quarters of double-digit price increases, which can drive “substantially higher earnings power,” the firm tells investors in a research note.
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Rothschild & Co Redburn upgraded Affirm (AFRM) to Buy from Neutral with a price target of $101, up from $74, which offers 30% upside. Affirm offers a “more established” product set and partnership-led international growth relative to Klarna (KLAR), the firm tells investors in a research note.
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Jefferies upgraded Ford (F) to Hold from Underperform with a price target of $12, up from $9. The firm says that with 43% of U.S. volume in full size pick-ups and SUVs, the loosening of current constraints on mix of higher CO2 mix models should enable Ford to offset tariffs and improve earnings next year.
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BofA upgraded Brinker (EAT) to Buy from Neutral with a price target of $192, up from $190. The disparity between low and high wage earnings is growing starker and is likely to persist, notes the firm, which points out that the pressure on younger workers is also growing more acute. These recent divergences suggest that full-service restaurants are better positioned as full-service consumers have higher incomes and are older.
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Deutsche Bank upgraded Mobileye (MBLY) to Buy from Hold with a $19 price target as part of a Q3 earnings preview. The firm sees a favorable setup for the shares.
Top 5 Downgrades:
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Susquehanna downgraded Rambus (RMBS) to Neutral from Positive with a price target of $100, up from $75. With a best-case EPS outlook of $4 combined with 25-times peak EPS multiple implying a price target near the current share price, the firm sees the best-case as priced in and the current share price reflecting “a balanced risk/reward profile.”
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BofA downgraded Shake Shack (SHAK) to Underperform from Neutral with a price target of $86, down from $148. While stating that Shake Shack has done an “impressive job of systematizing its approach to innovation,” the firm sees margin pressure from competition and inflation at a time when the labor market is softening, and consumers’ restaurant spending has come under pressure. BofA also downgraded Papa John’s (PZZA) and Portillo’s (PTLO) to Neutral from Buy.
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Citi downgraded Boston Beer (SAM) to Neutral from Buy with a price target of $235, down from $255. Citi sees Boston Beer’s challenging backdrop continuing in the second half of 2025 due to the negative impact of volume deleverage and tariffs and aluminum price impacts.
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Scotiabank downgraded AT&T (T) to Sector Perform from Outperform with a $30.25 price target. AT&T is expected to post 2% revenue and EBITDA growth in Q3, driven by mobility and consumer strength, while business segment weakness persists, the firm tells investors in a research note.
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Scotiabank downgraded Check Point (CHPT) to Sector Perform from Outperform with a price target of $205, down from $220. While the firm’s analysis of the U.S. software sector based on approximately 40 recent checks reinforces its positive stance and makes it “incrementally more optimistic about IT budget growth,” the firm feels “less optimistic” about Check Point heading into 2026 despite calling it an “amazing” company.
