The Fly
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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:
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BofA upgraded Boeing (BA) to Buy from Neutral with a "Street high" price target of $260, up from $185, with Boeing aircraft having emerged as the favored trade tool for the Trump Administration in recent trade deals. The firm views those recent deals struck in the U.K., Qatar, UAE and China as setting a precedent for future global trade negotiations, to Boeing's benefit.
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BTIG upgraded Doximity (DOCS) to Buy from Neutral with an $80 price target. Although there is macro uncertainty with respect to the biopharma industry, including the risk of tariffs, ongoing drug pricing reform, the Inflation Reduction Act, and Medicare rate pressures, demand for high-quality, precise, software-as-a-service commercialization efforts will continue to rise, the firm tells investors in a research note. The firm believes Doximity's recent fiscal 2026 guidance is likely conservative and
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RBC Capital upgraded Church & Dwight (CHD) to Outperform from Sector Perform with a price target of $114, up from $100. After spending time with management, RBC has renewed confidence that the current guidance adequately reflects the challenges of the current environment.
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Goldman Sachs upgraded Saia (SAIA) to Buy from Neutral with a price target of $410, up from $387. While fundamental risks remain, largely around tariffs and possible impacts to consumer demand and global freight flows, it best to increase exposure on the "early side" to transportation names likely to benefit from the next earnings upgrade cycle, the firm tells investors in a research note. Goldman Sachs also upgraded Old Dominion (ODFL) to Buy from Neutral with a price target of $200, up from $190.
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BMO Capital upgraded Nucor (NUE) to Outperform from Market Perform with a price target of $145, up from $140. Nucor is executing on a multi-year organic growth plan that should over time support higher through-cycle profitability and free cash flow, the firm tells investors in a research note.
Top 5 Downgrades:
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Bernstein downgraded Charter (CHTR) to Market Perform from Outperform with a price target of $410, up from $385. The firm says recent concerns around a potential EBITDA decline in 2025 appear to have subsided, helping push the stock to fair value.
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Barclays downgraded Centene (CNC) to Equal Weight from Overweight with a price target of $65, down from $84. Following Q1 earnings and "several negative data points" around Part D mix, Affordable Care Act trend, and preliminary 2026 ACA rates, the firm is more concerned on the Medicare Part D and individual ACA businesses, which it believes carry negative earnings risk for the balance of 2025 and face significant premium increases and disruption in 2026.
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BTIG downgraded Shake Shack (SHAK) to Neutral from Buy following a breach of the firm's now-removed $125 price target. While the firm continues to believe that the company has plenty of margin expansion opportunities, it is less confident that guest frequency will accelerate in the current environment.
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Goldman Sachs downgraded Union Pacific (UNP) to Neutral from Buy with an unchanged price target of $263. The firm shifted its investment recommendations to favor the trucking sector and now has a more neutral view on the rail sector and rail-adjacent sector. Goldman also downgraded Norfolk Southern (NSC), Canadian Pacific Kansas City (CP), J.B. Hunt (JBHT) and CSX (CSX) to Neutral from Buy.
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Raymond James downgraded Rackspace Technology (RXT) to Market Perform from Outperform without a price target. Rackspace performed in line to ahead of Q1 estimates with strong bookings and issued positive Q2 guidance as the "ship continues turning," but the path to improved growth and free cash flow is longer than anticipated, the firm tells investors in a research note.
