Home Depot upgraded, Flywire 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:

• HSBC upgraded Home Depot (HD) to Hold from Reduce with a price target of $410, up from $356, post the Q4 report. The firm cites the company’s positive same-store sales inflection point, despite pressure on large remodeling projects, for the upgrade.
• Redburn Atlantic upgraded American Airlines (AAL) to Buy from Neutral with a price target of $24, up from $18. While network airlines have performed well over the past 12 months, positive catalysts from both earnings and free cash flow upgrades through this year creates an attractive entry point at current share levels, the firm tells investors in a research note.
• Erste Group upgraded Coca-Cola (KO) to Buy from Hold. Profitability is higher than that of its competitors, both in terms of operating margin and return on equity, notes the firm, which adds that revenue growth this year will also be supported by new products like probiotic lemonades.
• Morgan Stanley upgraded Intuit (INTU) to Overweight from Equal Weight with an unchanged price target of $730, following the fiscal Q2 report. The firm says building momentum in small business, solid yields on the company’s efficiency initiatives and a “conservative” second half of 2025 outlook sets up Intuit for positive estimate revisions near term.
• Piper Sandler upgraded ZoomInfo (ZI) to Neutral from Underweight with a price target of $11, up from $10. The firm believes there were promising signs of stabilization after two years of eroding metrics.

Top 5 Downgrades:

• Erste Group downgraded Lululemon (LULU) to Hold from Buy. The firm says the “deteriorating” consumer confidence in the U.S., which fell to its lowest level in the last 14 months in February, is a “burden” on Lululemon’s further sales and earnings growth.
• Erste Group downgraded UnitedHealth (UNH) to Hold from Buy. A recent civil investigation by the Department of Justice into the accuracy of patient billings covered by the Medicare Advantage Plan increases economic uncertainty for investors, the firm tells investors in a research note.
• BofA downgraded Lucid Group (LCID) to Underperform from Neutral with a price target of $1, down from $3. The departure of founder, CEO and CTO Peter Rawlinson is “much more consequential than understood by the market,” argues the firm, which now expects product development to stall and consumer demand to be dampened.
• Morgan Stanley downgraded Krispy Kreme (DNUT) to Underweight from Equal Weight with a price target of $6, down from $12. While the company’s Q4 miss “was understood,” its “materially worse” 2025 guidance, and some of the associated commentary, “undercuts the idea that ample demand” for the brand will drive an extended period of U.S. growth, the firm tells investors in a research note.
• Deutsche Bank downgraded Flywire (FLYW) to Hold from Buy with a price target of $16, down from $26, following quarterly results. The firm notes the company missed on Q4 revenue less ancillary services and provided a “disappointing” fiscal 2025 guide calling for 12% growth at the midpoint, which sharply contrasted with management’s commentary on the Q3 earnings call and at public conferences in December. Stephens, Goldman Sachs, and UBS also downgraded Flywire to Neutral-equivalent ratings, while Raymond James downgraded the stock to Outperform from Strong Buy.

Top 5 Initiations:

• Truist initiated coverage of Flutter Entertainment (FLUT) with a Buy rating and $330 price target. Flutter’s FanDuel leads the U.S. online sports betting market, and it is well positioned in an inevitable legislative shift to more online gaming legalization over the next decade, the firm adds.
• Guggenheim initiated coverage of Sportradar (SRAD) with a Buy rating and $27 price target. Sportradar has built “a unique position at the intersection of sports, media, and gaming,” which are three industries with strong secular tailwinds, the firm tells investors.
• Erste Group reinstated coverage of Fortinet (FTNT) with a Buy rating. The firm says that as network security is a central aspect of modern IT infrastructures, it expects Fortinet’s profitable growth to continue in the long term.
• Raymond James initiated coverage of Samsara (IOT) with a Market Perform rating. The shares currently reflect a clear-cut leadership position, a long-term compounding opportunity across an open-ended market, and the potential for increasing incremental margins over the next few years, the firm tells investors in a research note.
• TD Cowen initiated coverage of Tenet Healthcare (THC) with a Buy rating and $175 price target. The firm believes management will continue to execute on their strategy of adding ambulatory surgery centers and higher acuity procedures across the portfolio.