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:

• Morgan Stanley upgraded Apollo Global (APO) to Overweight from Equal Weight with a price target of $180, up from $151. The firm sees the company’s growth accelerating in 2026 and 2027 driving a “multiple uplift” after years of deceleration.

• William Blair upgraded Parsons (PSN) to Outperform from Market Perform. The company is “highly aligned” to the “four growth pillars” of the GoldenDome project, the Trump administration’s air traffic control modernization project, U.S. infrastructure modernization, and the Middle East infrastructure “boom,” the analyst tells investors in a research note. The firm views Parsons as “uniquely positioned” as one of the few contractors capable of serving as project manager and systems integrator for “these plus mega projects.”

• Barclays upgraded Marsh McLennan (MMC) to Overweight from Equal Weight with a price target of $206, down from $221. The firm reduced organic growth estimates “across the board” for the insurance brokers, saying property and casualty pricing is below expectations.

• Raymond James double upgraded Jack Henry (JKHY) to Strong Buy from Market Perform with a $198 price target, which represents 19% upside. The firm believes the company offers a combination of potential upside to near-term estimates and a “meaningful” share gain opportunity driven by a competitor’s core consolidation over the mid-term.

• Morgan Stanley upgraded Nasdaq (NDAQ) to Overweight from Equal Weight with a price target of $110, up from $97. The company’s revenue growth is positioned to accelerate across its solutions business as the cap markets recovery ramps and the macro environment “remains supportive” into 2026, the firm tells investors in a research note.

Top 5 Downgrades:

• Erste Group downgraded Coinbase (COIN) to Hold from Buy. While Coinbase is benefiting from the increasing spread of cryptocurrencies, the increasing supply of low-cost bitcoin ETFs is jeopardizing “lucrative” private customer revenues that are an important source of income and replacing this business with ETF providers will “significantly” reduce profitability, the firm tells investors.

• TD Cowen downgraded BellRing Brands (BRBR) to Hold from Buy with a price target of $31, down from $37. The firm sees downside risk to the company’s fiscal 2026 guidance due to its “increasingly competitive backdrop” and lack of visibility into its two largest customers.

• Mizuho downgraded Eversource (ES) to Neutral from Outperform with a price target of $68, down from $81. The firm cites concerns over regulation in Connecticut for the downgrade.

• Jefferies downgraded Globant (GLOB) to Hold from Buy with a price target of $61, down from $80. The company’s organic growth has lagged peers due to its greater exposure to underperforming regions and verticals, the firm tells investors in a research note.

• Morgan Stanley downgraded MarketAxess (MKTX) to Equal Weight from Overweight with a price target of $209, down from $247. The firm believes a “benign” credit outlook and strong backdrop for new issuances into 2026 will likely weigh on MarketAxess’ market share.