Tesla upgraded, Coinbase initiated: 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:

• TD Cowen upgraded Tesla (TSLA) to Buy from Hold with a price target of $388, up from $180, as coverage of the stock was transferred. The firm sees merits in both the bull the bear case for the stock, but ultimately comes out “tactically bullish” given the recent share price pullback coming “ahead of several potentially consequential catalysts this year.”
• Benchmark upgraded Trade Desk (TTD) to Hold from Sell and removed the firm’s previous price target. Aside from ongoing macro and geopolitical risks pressing market multiples down further, Trade Desk’s share price in the next twelve months should be dictated by the pace of its mean reversion to U.S. digital ad industry growth, says the firm, which adds that despite the stock’s premium growth having steadily fallen, its current FY25 implied multiple is “pointed in the wrong direction.”
• Jefferies upgraded Wayfair (W) to Buy from Hold with a price target of $47, up from $45. The firm is optimistic that Wayfair can post EBITDA growth above Street expectations given the company’s “top-tier” market share gains, new paid loyalty program, “compelling” business-to-business traction, and its “underrated” physical retail expansion.
• BofA upgraded Zscaler (ZS) to Buy from Neutral with a price target of $240, up from $215. The company reported “strong” fiscal Q2 results with billings up 18% and revenue up 23% year-over-year, driven by upsell and larger deal sizes, the firm tells investors in a research note.
• Baird upgraded JPMorgan (JPM) to Neutral from Underperform with a price target of $220, up from $215. The risk/rewards in the U.S. banks group have improved after this week’s share weakness, the firm tells investors in a research note. Baird also upgraded Bank of America (BAC) and Huntington Bancshares (HBAN) to Outperform.

Top 5 Downgrades:

• BofA downgraded Air Lease (AL) to Underperform from Buy with a price target of $50, down from $72. The post-pandemic aircraft production ramp up and subsequent planemaker-specific challenges have caused a significant mismatch between supply of lift and demand for air travel, though the near-term organic growth opportunities for lessors are limited with a limited inflow of new aircraft, only about 15% of leases expiring every year, and the rising cost of debt, the firm tells investors.
• TD Cowen downgraded BorgWarner (BWA) to Hold from Buy with a $31 price target as coverage of the stock was transferred. The stock looks cheap relative to the company’s fundamentals, but TD says BorgWarner’s “mixed” 2025 guidance “showed that the story isn’t fully back to old form yet.”
• TD Cowen downgraded Lear (LEA) to Hold from Buy with a $95 price target as coverage of the stock was transferred. Lear has “several attractive fundamental attributes,” but the firm doesn’t see “a reason to rush into the stock right now.”
• Northland downgraded BigBear.ai (BBAI) to Market Perform from Outperform with a price target of $4, up from $2.50. The firm downgrades the shares until the company has time to implement its new CEO’s plans and returns to more consistent and meaningful growth.
• Telsey Advisory downgraded Traeger (COOK) to Market Perform from Outperform with a price target of $2.50, down from $4. The firm expects the company’s performance trends to remain challenged in 2025.

Top 5 Initiations:

• Rosenblatt initiated coverage of Coinbase (COIN) with a Buy rating and $305 price target. The new administration will be a huge positive catalyst for crypto as long-awaited regulation will drive full-blown institutional adoption, the firm says, adding that combined with a Strategic Bitcoin Reserve and an infinitely more friendly SEC, it is optimistic about the future of crypto and related equities.
• Cantor Fitzgerald initiated coverage of SanDisk (SNDK) with an Overweight rating and $60 price target following the split between Western Digital (WDC) HDDCo and NANDCo. The firm sees “numerous” positive catalysts ahead, including a recovery in the NAND market in the second half of 2025, elongated cycles driven by build-to-demand and supply-side actions limiting bit growth, a strong balance sheet with a net cash position expected in the coming year, a “compelling” through-cycle target financial model, strong free cash flow generation ability, and an industry-leading capital intensity advantage, cost structure, and roadmap.
• Rosenblatt initiated coverage of Mara Holdings (MARA) with a Buy rating and $19 price target. Mara Holdings is the undisputed market leader among public miners, and it has taken full advantage of its industry-leading scale, the firm tells investors in a research note.
• H.C. Wainwright initiated coverage of Surf Air Mobility (SRFM) with a Buy rating and $12 price target. The firm views Surf Air as an “under-the-radar aviation play in turnaround mode.”
• Scotiabank initiated coverage of Sarepta (SRPT) with a Sector Perform rating and $105 price target. The firm says that while Elevidys has been one of the best gene therapy launches to date, high expectations are already reflected in the stock. Scotiabank also started coverage of Blueprint Medicines (BPMC), Innoviva (INVA), Gain Therapeutics (GANX), Zai Lab (ZLAB), Edgewise Therapeutics (EWTX), Aclaris Therapeutics (ACRS), ARS Pharmaceuticals (SPRY), Dyne Therapeutics (DYN), Avidity Biosciences (RNA), Cogent Biosciences (COGT), Ardelyx (ARDX), Palvella Therapeutics (PVLA), and Perspective Therapeutics (CATX) with Outperform ratings, and PTC Therapeutics (PTCT) with a Sector Perform rating.