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 Upgrades:

• KeyBanc upgraded Datadog (DDOG) to Overweight from Sector Weight with a $230 price target post the Q3 report. The company’s revenue excluding OpenAI accelerated and there is sustained visibility into OpenAI spend for the next several quarters, the firm tells investors in a research note.

• Benchmark upgraded Trade Desk (TTD) to Buy from Hold with a $65 price target. Revenue ex-political acceleration to about 22% year-over-year growth supports the notion that the firm’s prior perceived relative industry growth hurdles are generally in the rearview, the firm tells investors.

• Oppenheimer upgraded JFrog (FROG) to Outperform from Perform with a $75 price target following another strong quarter of upside and accelerating Cloud growth.

• Macquarie upgraded Unity (U) to Outperform from Neutral with a price target of $50, up from $33. The company reported a Q3 beat as Vector continues to improve, the firm tells investors in a research note.

• Piper Sandler upgraded Expedia (EXPE) to Neutral from Underweight with a price target of $250, up from $190. The company reported “very strong” Q3 results and Q4 guidance, the firm tells investors in a research note.

Top Downgrades:

• Williams Trading downgraded Canada Goose (GOOS) to Sell from Hold with a price target of C$12, down from C$20. The firm, which says its upgrade to Hold in late August was based on its expectation that the company would be sold or go private, now contends that based on management commentary and re-up of its share repurchase authorization that it is “clear” that the company will not be going private nor be sold.

• Needham downgraded CarMax (KMX) to Hold from Buy. The firm’s previous bullish thesis was underwritten by a return to growth in units, leveraging their position as the industry leader in used auto, but a choppy macro recovery and intensifying competition from digital only players has pushed unit growth back into negative territory, the firm tells investors. RBC Capital also downgraded CarMax to Sector Perform from Outperform with a price target of $34, down from $59

• Needham downgraded Penn Entertainment (PENN) to Hold from Buy and removed the firm’s previous $22 price target after the company announced the early termination of their partnership with Disney’s (DIS) ESPN and new Interactive strategy focused on iGaming and omnichannel in the U.S. and maintaining their strategy with theScore in Canada.

• Goldman Sachs downgraded Sweetgreen (SG) to Sell from Neutral with a price target of $5, down from $10, citing mounting pressures on both the top and bottom line in a challenging operating environment.

• UBS downgraded Cogent (CCOI) to Neutral from Buy with a price target of $27, down from $50. The company reported softer results and cut its dividend, the firm tells investors in a research note.