AMD downgraded, Roku upgraded: 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:

• Wells Fargo upgraded Roku (ROKU) to Overweight from Equal Weight with a price target of $129, up from $74, post the Q4 report. The firm cites the company’s “visible” growth acceleration and “structural political tailwind” for the upgrade. Pivotal Research also upgraded Roku to Buy from Hold with a price target of $125, up from $65.
• Baird upgraded Airbnb (ABNB) to Outperform from Neutral with a price target of $175, up from $140, post the company’s Q4 report. Airbnb reported a “strong finish to 2024,” with Q1 likely the low-water mark for growth and margins in 2025, and significant platform expansion planned for later this year, the firm tells investors in a research note. Gordon Haskett and Goldman Sachs also upgraded Airbnb to Neutral-equivalent ratings.
• Argus upgraded MGM Resorts (MGM) to Buy from Hold with a $50 price target. The firm cites the company’s Q4 earnings beat, noting the year-to-date improvement in its Regional properties and the operations on Las Vegas Strop position MGM to benefit from strong demand in 2025.
• Evercore ISI upgraded Crispr Therapeutics (CRSP) to Outperform from In Line with a price target of $99, up from $60. Upcoming key catalysts could “usher in a new era,” says the firm.
• Morgan Stanley upgraded Upstart (UPST) to Equal Weight from Underweight with a price target of $70, up from $12, citing “three key items” that have changed. One, a private capital influx is leading to more efficient funding dynamics; two, employment has proven to be stickier than the firm expected; and three, while its view on Upstart’s core market hasn’t changed, a prime mix shift will be incremental to prior volume expectations.

Top 5 Downgrades:

• Daiwa downgraded AMD (AMD) to Outperform from Buy with a price target of $130, down from $170. The firm views the “big issue” for the company as the “material disappointment” in graphics processing units as MI325 seems to be ramping slower than expected.
• TD Cowen downgraded Restaurant Brands (QSR) to Hold from Buy with an unchanged price target of $70. The firm views the shares as fairly valued following the recent bounce.
• Argus downgraded Omnicom (OMC) to Hold from Buy. Over the last four years, Omnicom has streamlined its portfolio and strengthened capabilities important to its customers through acquisitions, but the company’s recent plan for an industry-shaking acquisition of rival Interpublic Group (IPG) is a bit of a reach, the firm tells investors in a research note.
• Wedbush downgraded Floor & Décor (FND) to Neutral from Outperform with a price target of $100, down from $110. Telsey Advisory this morning upgraded the shares. Floor & Decor shares have “treaded water” in the past year, and Wedbush now expects the same for 2025 with a “subdued” recovery outlook, no product cycle in sight, and risk from mass deportations and tariffs.
• Redburn Atlantic downgraded FMC (FMC) to Neutral from Buy with a $49 price target. The firm says that “given the sheer number of moving parts with high uncertainty around them,” FMC’s risk/reward profile “has changed substantially.”

Top 5 Initiations:

• Benchmark initiated coverage of Analog Devices (ADI) with a Buy rating and $245 price target. The firm views Analog as “one of the most attractive opportunities across the high-performance analog semiconductor landscape,” given the view that the company is uniquely positioned to drive sustained growth, margin expansion, and “compelling shareholder returns,” the firm tells investors.
• Wells Fargo initiated coverage of Align Technology (ALGN) with an Overweight rating and $255 price target. As the market leader in clear aligners with two-thirds market share and strong brand recognition, Align has a “durable and competitive moat,” the firm tells investors in a research note.
• Wells Fargo initiated coverage of Dentsply Sirona (XRAY) with an Equal Weight rating and $20 price target. The firm does not see a “clean setup” into 2025 for Dentsply.
• Wells Fargo initiated coverage of Henry Schein (HSIC) with an Equal Weight rating and $80 price target. The stock’s risk/reward is balanced at current levels, and Wells prefers to remain on the sidelines given “potential noise” in 2025 around activist involvement.
• Loop Capital initiated coverage of Griffon (GFF) with a Buy rating and $95 price target. The firm believes the step up in the company’s Home and Building Products segment margins is sustainable and there is a “valuation disconnect” at current shared levels as the ongoing turnaround of its Consumer and Professional Products segment should drive multiple expansion moving forward.