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 Toll Brothers (TOL) to Overweight from Neutral with a price target of $161, up from $138. The firm views Toll’s valuation as attractive given the company’s “solidly above average” gross and operating margins.

• JPMorgan upgraded Toast (TOST) to Overweight from Neutral with an unchanged price target of $43. The firm sees upside potential to estimates if interchange gets regulated.

• Citizens JMP upgraded Accelerant (ARX) to Outperform from Market Perform with a $20 price target. The weakness in the shares since the company’s July initial public offering has been driven by “overdone fear” relating to business with a related party, the firm tells investors in a research note.

• Colliers upgraded UMH Properties (UMH) to Buy from Neutral with a price target of $17, up from $16. The firm says the manufactured housing sector continues to benefit from elevated multiples given its “defensive characteristics” and “resilience against broader economic challenges.”

• Raymond James upgraded Descartes Systems (DSGX) to Outperform from Market Perform with a price target of $118. The shares now trade near the bottom of their 10-year EBITDA multiple range, positioning the stock well for a potential freight-market recovery, Raymond James says.

Top 5 Downgrades:

• JPMorgan downgraded PayPal (PYPL) to Neutral from Overweight with a price target of $70, down from $85. The firm views 2026 as a “show-me execution year and an investment year” for the company.

• Goldman Sachs downgraded SQM (SQM) to Neutral from Buy with a price target of $63, up from $45. The shares, after rallying 80% year-to-date, have run ahead of the company’s fundamentals, the firm tells investors in a research note.

• JPMorgan downgraded Lennar (LEN) to Underweight from Neutral with a price target of $115, down from $118. The firm maintains a cautious stance on the homebuilders sector for 2026.

• Goldman Sachs downgraded Halozyme (HALO) to Sell from Neutral with a $56 price target. Current valuation implies a terminal value that assumes roughly $34B in new partner product revenue by 2041, a level that seems achievable only under optimistic scenarios despite the recent Elektrofi acquisition, the firm says.

• JPMorgan downgraded Fiserv (FISV) to Neutral from Overweight with an unchanged price target of $85. The firm views 2026 as a “show-me execution year and an investment year” for the company.