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:

• Arete upgraded Uber (UBER) to Buy from Neutral with a price target of $125, up from $82. The firm believes investor concerns over competition from autonomous vehicles is overdone.

• Arete upgraded Lyft (LYFT) to Neutral from Sell with a price target of $20, up from $10. While Lyft lacks the number of autonomous vehicle partnerships that Uber currently has, it may be able to onboard Amazon’s (AMZN) Zoox in 2026, the firm tells investors in a research note.

• Longbow upgraded Garmin (GRMN) to Buy from Neutral with a $250 price target. The firm says the recent 25% selloff in the shares is an overreaction to the prospect of the company’s 2026 revenue growth being hurt by a revenue gap in the automotive business in the first half of 2026.

• Morgan Stanley upgraded Vertex Pharmaceuticals (VRTX) to Overweight from Equal Weight with a price target of $516, up from $438. The firm is taking a more positive stance on the company’s kidney franchise pipeline, including Pove and Inaxaplin.

• William Blair upgraded Driven Brands (DRVN) to Outperform from Market Perform without a price target after meeting with management. The firm views the meetings as “incrementally positive about the strength of the company’s new leadership after several years of instability.”

Top 5 Downgrades:

• Jefferies downgraded Wayfair (W) to Hold from Buy with an unchanged price target of $94. The firm says that with its web traffic analysis indicating a slow start to the holiday shopping season for Wayfair and consumer survey data signaling a downshift in “go-forward buying propensity on the marketplace,” the stock’s risk/reward skews more balanced.

• JPMorgan downgraded Wendy’s (WEN) to Neutral from Overweight with a price target of $9, down from $12. The firm moves to the sidelines pending a more defined strategy from a permanent management team.

• Susquehanna downgraded Pure Storage (PSTG) to Neutral from Positive with an unchanged price target of $100. While stating that the firm is “less concerned” about margins, it notes that “scaling” hyperscaler revenue will take longer than anticipated.

• Morgan Stanley downgraded Regeneron (REGN) to Equal Weight from Overweight with an unchanged price target of $767. The firm sees a balanced risk/reward pending further visibility on the company’s pipeline diversification.

• Citizens JMP downgraded Jamf Holding (JAMF) to Market Perform from Outperform without a price target after the company entered into an agreement to be acquired by Francisco Partners for $13.05 per share.