Coinbase initiated, Edwards Lifesciences upgraded: Wall Street’s top analyst cal

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:

• Bernstein upgraded Edwards Lifesciences (EW) to Market Perform from Underperform as investor expectations adjust to slower TAVR growth. Now as investor expectations have come down for TAVR and as the company’s 2025 outlook is starting to come into focus, Bernstein sees risk/reward as more balanced.
• Morgan Stanley upgraded Nutanix (NTNX) to Overweight from Equal Weight with a price target of $72, up from $71. The share setup looks attractive as Nutanix positions itself to capture a portion of VMware’s greater than $5B hypervisor business, the firm tells investors in a research note.
• GLJ Research upgraded Sunrun (RUN) to Hold from Sell ahead of the Q3 report. The firm believes being short the stock into earnings “carries with it quite a bit of risk over the near-term.”
• Wolfe Research upgraded Kinsale Capital (KNSL) to Outperform from Peer Perform with a $535 price target. The firm believes Friday’s selloff provides an attractive entry point.
• Wells Fargo upgraded Aon plc (AON) to Equal Weight from Underweight with a price target of $377, up from $315. The “worst seems to be behind” the company, as its organic growth has stabilized, acquisition revenue is bouncing back, and NFP is benefiting growth, the firm says.

Top 5 Downgrades:

• Morgan Stanley downgraded GlobalFoundries (GFS) to Equal Weight from Overweight with a price target of $43, down from $53. The firm sees potential wafer pricing pressure from both TSMC (TSM) and China’s competition.
• Stifel downgraded Colgate-Palmolive (CL) to Hold from Buy with a price target of $101, down from $105. Sitfel anticipates Colgate’s organic sales growth to slow from high single-digits in recent years to 4%-5% growth over the next four quarters.
• Wolfe Research downgraded Honeywell (HON) to Peer Perform from Outperform without a price target. Honeywell has struggled over the past two years, and Wolfe is now less optimistic the company’s headwinds will resolve over the next 12 months.
• Raymond James downgraded Frontier Communications (FYBR) to Market Perform from Strong Buy without a price target, citing the pending buyout by Verizon (VZ). The firm sees “limited ability to shake down Verizon” for additional consideration in the shareholder vote for the downgrade.
• Morgan Stanley downgraded Ciena (CIEN) to Equal Weight from Overweight with an unchanged price target of $63. The current valuation captures Ciena’s near-term story, the firm tells investors in a research note.

Top 5 Initiations:

• Monness Crespi initiated coverage of Coinbase (COIN) with a Buy rating and $245 price target. The firm sees Coinbase as a long-term crypto exchange, custody and services winner given its “first-mover advantage, superior technology, and leading compliance.”
• JPMorgan initiated coverage of StandardAero (SARO) with an Overweight rating and $36 price target. The firm forecasts double-digit sales growth annually through 2027 and says the company is well positioned for elevated maintenance demand. Bernstein, Jefferies, Wolfe Research and RBC Capital also started coverage on the name with a Buy-equivalent rating, while Piper Sandler, Morgan Stanley, BofA and UBS initiated the stock with Neutral-equivalent ratings.
• Jefferies initiated coverage of Core Scientific (CORZ) with a Buy rating and $19 price target. The company’s journey over the past year “represents an impressive post-bankruptcy comeback story” as it leverages its significant access to power to build artificial intelligence-focused data centers, the firm tells investors in a research note.
• Ladenburg initiated coverage of Serve Robotics (SERV) with a Buy rating and $16 price target. The firm believes the company has the infrastructure to capture share.
• Wells Fargo initiated coverage of FrontView REIT (FVR) with an Overweight rating and $22 price target. The firm expects “sector-leading” 2025 funds from operations growth based on its estimate for $200M of acquisitions in 2025 for the company. BofA, JPMorgan and Morgan Stanley also started coverage of the name with Buy-equivalent ratings.