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:

• Northland upgraded DraftKings (DNKG) to Market Perform from Underperform after the company reported Q3 results that came in below consensus expectations, primarily driven by customer-friendly sports outcomes in September and this trend carried into October.

• Monness Crespi upgraded Coinbase (COIN) to Buy from Neutral with a $375 price target while keeping estimates unchanged for calendar year 2025 and “slightly pushing up” calendar 2026 estimates. The firm likes the setup in terms of news flow around stablecoin utility in the real world with a “hunch” there is more to come from the December 17 event and the tokenization of equities with an expectation of SEC comments in the near future.

• Leerink upgraded Eli Lilly (LLY) to Outperform from Market Perform with a price target of $1,104, up from $886. The firm expects multiple waves of obesity treatment adoption drivers, led by significantly expanded Medicare and Medicaid access by January 2027 and Lilly’s launches of orforglipron, retatrutide, and eloralintide to strengthen the company’s leadership position.

• Guggenheim upgraded Paylocity (PCTY) to Buy from Neutral with an $180 price target, which represents 27% potential upside. Despite employment headwinds and the emergence of artificial intelligence in the workforce, shares of Paylocity offer more reward than risk, the firm tells investors in a research note.

• Monness Crespi upgraded Strategy (MSTR) to Neutral from Sell without a price target. The firm sees continued downside risk but says the “skew to downside pressure has meaningfully lessened” following the stock’s recent selloff.

Top 5 Downgrades:

• Morgan Stanley downgraded Six Flags (FUN) to Equal Weight from Overweight with a price target of $20, down from $30. The firm has concerns about the company’s EBITDA recovering off the 2025 lows in 2026 due to cyclical and secular factors.

• Morgan Stanley downgraded CarMax (KMX) to Equal Weight from Overweight with a price target of $35, down from $56. The pre-announcement of the deterioration in volume growth and degradation in execution and uncertainty around new leadership likely leave shares range-bound until investors can build confidence in the new CEO and transformation strategy, the firm tells investors.

• Morgan Stanley downgraded JD.com (JD) to Underweight from Equal Weight with a $28 price target. The firm views JD as the worst positioned Chinese e-commerce stock over the next 12 months.

• KeyBanc downgraded CubeSmart (CUBE) to Sector Weight from Overweight without a price target. While the company raised guidance for the third straight quarter and New York City “provided significant support,” its fundamentals remain challenged and the 2026 growth outlook appears less favorable, the firm tells investors in a research note.

• B. Riley downgraded Applied Optoelectronics (AAOI) to Sell from Neutral with an unchanged price target of $15, which represents 43% downside. A significant portion of the company’s potential Amazon.com (AMZN) opportunity has already been priced into the stock, the firm says.