Apple and FedEx 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:

• Rosenblatt upgraded Apple (AAPL) to Buy from Neutral with a price target of $260, up from $196. Based on the firm’s recent U.S. survey, Rosenblatt says strong privacy is “by far the top feature consumers want in AI,” so it contends that the unique privacy focus of Apple Intelligence “could resonate” and argues for market share lift potential for Apple in AI.
• JPMorgan upgraded FedEx (FDX) to Overweight from Neutral with a price target of $359, up from $296, following the fiscal Q4 report. The analyst cites the company’s strategic option exploration in freight for the upgrade.
• DA Davidson upgraded Home Depot (HD) to Buy from Neutral with a price target of $395, up from $352. The firm cites a number of reasons for upgrading the stock as the market sits near an all-time high, including Home Depot shares being 19% off of their all-time high set in December 2021 and also 15% off of their 52-week high.
• Wolfe Research upgraded Robinhood Markets (HOOD) to Outperform from Peer Perform with a $29 price target after meeting with the company’s CFO Jason Warnick. The firm came away “more convicted” in the strength and durability of Robinhood’s earnings growth algorithm and its 2026 GAAP earnings estimate is 70% above consensus.
• Deutsche Bank upgraded Repligen (RGEN) to Buy from Hold with a price target of $155, down from $180, following a company visit. Repligen is operating at trough EBIT margins and will likely more than double its earnings power by 2027, the analyst tells investors in a research note.

Top 5 Downgrades:

• Citi downgraded Sarepta Therapeutics (SRPT) to Neutral from Buy with a price target of $176, up from $172. After the 30% rally post-FDA approval and label expansion of Elevidys, Sarepta is now appropriately valued, the analyst tells investors in a research note.
• Piper Sandler downgraded Aptiv (APTV) to Underweight from Neutral with a price target of $63, down from $78, after Rivian (RIVN) announced the establishment of a joint venture with Volkswagen (VWAGY). At first glance, the news may seem unrelated to Aptiv, but the rationale for the joint venture is a red flag for the Aptiv thesis, the analyst says.
• Rosenblatt downgraded Viavi Solutions (VIAV) to Neutral from Buy with an $8.25 price target. The firm cites its “growing worry” that the telecom spending weakness of the last two years is more structural than cyclical for the downgrade.
• Morgan Stanley downgraded Accenture (ACN) to Equal Weight from Overweight with a price target of $300, down from $382. The analyst sees potential valuation compression for the shares from the company’s decelerating cloud growth, longer-than-expected time for generative artificial intelligence revenue contribution, and more acquisition spend.
• TD Cowen downgraded MediaAlpha (MAX) to Hold from Buy with a price target of $13, down from $19. The analyst cites the recent news regarding the company’s ongoing investigation with the Federal Trade Commission for the downgrade.

Top 5 Initiations:

• Stifel initiated coverage of Tesla (TSLA) with a Buy rating and $265 price target. The firm thinks the revamped Model 3 and upcoming Model Y refresh should bolster sales, followed by the commencement of its next-generation vehicle Model 2 production, leading it to believe Tesla is very well positioned to deliver robust multi-year growth in 2025-27 and beyond.
• Citi initiated coverage of Deere (DE) with a Neutral rating and $395 price target. The firm’s outlook for machinery “leans neutral-to-positive,” reflective of its even split between Buy and Neutral ratings.
• BTIG initiated coverage of Northrop Grumman (NOC) with a Buy rating and $565 price target. The analyst expects the company to be one of the fastest growing among the defense prime contractors through the remainder of the decade given its exposure to high-growth end markets like space and incumbency on multiple critical programs of record that are deemed critical to national security.
• Barclays initiated coverage of JFrog (FROG) with an Overweight rating and $50 price target. The analyst says the company benefits from organizations beginning to deploy generative artificial intelligence, which in turn supports a broadening DevOps total addressable market.
• Barclays initiated coverage of Monday.com (MNDY) with an Overweight rating and $275 price target. The analyst says the company benefits from organizations beginning to deploy generative artificial intelligence, which in turn supports a broadening DevOps total addressable market.