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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RBC Capital upgraded Airbnb (ABNB) to Outperform from Sector Perform with a price target of $170, up from $145. The firm sees an “increasingly attractive brand monetization story,” saying first party data is likely worth a premium in the evolving consumer artificial intelligence landscape.
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Wells Fargo upgraded Texas Roadhouse (TXRH) to Overweight from Equal Weight with a price target of $195, up from $170. The firm believes comparable sales momentum endures, beef headwinds are cyclical and priced in, and casual dining should be a relative 2026 winner.
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Jefferies upgraded Procter & Gamble (PG) to Buy from Hold with a price target of $179, up from $156. The company enters 2026 on a firmer footing, as the consumer backdrop is stabilizing, and comps become easier, especially as retail destocking is lapped, the firm tells investors in a research note.
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DA Davidson upgraded Guidewire (GWRE) to Buy from Neutral with an unchanged $246 price target. The stock has pulled back about 20% after the company’s Q1 results in early December, but Guidewire should be considered as a core holding for investors looking for high-quality, vertical-market leaders in application software, and the pullback represents an opportunity, the firm tells investors in a research note.
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Morgan Stanley upgraded Rollins (ROL) to Overweight from Equal Weight with a price target of $72, up from $58. The firm says the company is a “best-in-class” operator with durable demand drivers, a resilient end market, and structural tailwinds.
Top 5 Downgrades:
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Jefferies downgraded Constellation Brands (STZ) to Hold from Buy with a price target of $154, down from $170. In July, the firm believed the selloff in shares went too far with easier comps leading to better visibility ,but Hispanic consumer fears are more prolonged than the firm had previously thought, which will weigh on top-line results regardless of the strength of the brands, the firm tells investors in a research note.
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JPMorgan downgraded CyberArk (CYBR) to Neutral from Overweight with a price target of $474, up from $443, after reinstating coverage of the name. The company’s takeover by Palo Alto Networks (PANW) is expected to close in first half of 2026, the firm tells investors in a research note.
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JPMorgan downgraded Fortinet (FTNT) to Underweight from Neutral with a price target of $75, down from $85. The company is facing headwinds as platform consolidation trends continue into 2026, the firm tells investors in a research note.
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Jefferies downgraded Keurig Dr Pepper (KDP) to Hold from Buy with a $32 price target. The firm further cites a heavy debt load, coffee price volatility, and new financing structure in its downgrade.
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Barclays downgraded MGM Resorts (MGM) to Equal Weight from Overweight with a price target of $38, down from $42. The firm is positive on digital gaming, cruise and regional gaming, neutral on lodging, and negative on Las Vegas heading into next year. Barclays also downgraded Bally’s (BALY) to Equal Weight from Overweight.