Alphabet upgraded, Boeing downgraded: 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:

• Seaport Research upgraded Alphabet (GOOGL) to Buy from Neutral with a $200 price target following quarterly results. The firm cites the company’s continued advertising momentum and expectations for continued near-term strength driven in part by artificial intelligence for the upgrade.
• Daiwa upgraded GE Vernova (GEV) to Buy from Outperform with a price target of $336, up from $245. Despite the Q3 results missing consensus estimates, GE Vernova’s story is about earnings beyond 2026 rather than short-term results, the firm tells investors in a research note.
• Baird upgraded Boot Barn (BOOT) to Outperform from Neutral with an unchanged price target of $167. The firm sees a “more compelling risk/reward” following Tuesday’s 20% selloff, which it partially attributes to the surprise of a CEO transition and other lesser pushbacks which it does not view as issues.
• Raymond James upgraded Camping World (CWH) to Outperform from Market Perform with a $27 price target after its Q3 earnings beat. The company looks extremely well-positioned to deliver healthy sales and adjusted EBITDA growth in 2025 without any help from macro or industry factors, the firm tells investors in a research note.
• Craig-Hallum upgraded Pros Holdings (PRO) to Buy from Hold with a $31 price target. The firm notes the results for the quarter were ahead on top and bottom line, with the midpoint of the annual guide also raised for both.

Top 5 Downgrades:

• Bernstein downgraded Boeing (BA) to Market Perform from Outperform with a price target of $169, down from $195. The stock should eventually recover to its long-held industry position, but the firm is now “more skeptical” on when it will happen, and following the company’s Q3 results, it is lacking in confidence that Boeing shares can outperform the market in the next 12 months.
• Exane BNP Paribas downgraded Qorvo (QRVO) to Neutral from Outperform with an $80 price target. The firm says that unfortunately, Qorvo has the highest exposure among peers to China’s Android market and growing structural headwinds of mid-tier Android units “takes a large bite out of the bull case on content opportunities.” Raymond James and Benchmark also downgraded Qorvo to Neutral-equivalent ratings, with the latter citing less than expected leverage to Apple’s (AAPL) new iPhone 16 family as well as “a pervasive and persistent industry shift” away from more profitable mid- and premium-tier handsets toward more value-priced entry-tier models.
• Wedbush downgraded Williams-Sonoma (WSM) to Neutral from Outperform with a price target of $135, down from $150. The firm cites limited margin drivers and a “weak” sales outlook for the downgrade.
• BofA downgraded Check Point (CHKP) to Neutral from Buy with a price target of $195, down from $205. While the “focal point of the quarter” was the weak billings growth of 5.8% year-over-year, the firm is less worried about billings that it believes will largely recover next quarter and more focused on the low growth trajectory despite new products and general go-to-market challenges.
• William Blair downgraded BioMarin (BMRN) to Market Perform from Outperform following the Q3 report. The firm cites a lack of near-term catalysts and uncertainty around Voxzogo’s revenue growth potential for the downgrade.

Top 5 Initiations:

• UBS initiated coverage of Veritone (VERI) with a Neutral rating and $3.50 price target. Veritone shares trade at 2.5-times estimated 2025 revenue and there is limited visibility into the revenue generation of the Hiring Solutions part of the business and a slow rise to profitability, the firm tells investors in a research note.
• EF Hutton initiated coverage of Invivyd (IVVD) with a Buy rating and $9 price target. The firm says the company’s platform combines rapid antibody discovery with an understanding of viral mutations, allowing for the creation of adaptable treatments against evolving viral threats.
• EF Hutton initiated coverage of Carisma Therapeutics (CARM) with a Buy rating and $24 price target. Carisma may be the company that creates the first solid tumor CAR therapy using macrophages, the firm says.
• H.C. Wainwright initiated coverage of FibroBiologics (FBLG) with a Buy rating and $12 price target. The firm says the company’s “extensive” U.S. and international patent portfolio includes broad potential fibroblast cellular applications that include wound healing, disc degeneration, multiple sclerosis, orthopedics, psoriasis, reversing organ involution, and cancer.
• H.C. Wainwright initiated coverage of Nano Nuclear Energy (NNE) with a Buy rating and $50 price target. The firm says the company’s “comprehensive” set of solutions encompasses the industry’s value chain from processing nuclear fuel to generating heat and electricity using its microreactors.