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:
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Stifel upgraded Shopify(SHOP) to Buy from Hold with a price target of $150, up from $110. The company will continue to execute its share-gaining playbook in the e-commerce space while extending its leadership through agentic commerce and compounding Gross Merchandise Value at a multiple of the broader e-commerce market, the firm tells investors in a research note.
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Wells Fargo upgraded Seagate(STX) to Overweight from Equal Weight with a price target of $1,100, up from $900, citing the recent pullback in shares along with the firm’s increasing confidence in a path to $50-plus in EPS and significant capital return capacity.
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Stifel upgraded Twilio(TWLO) to Buy from Hold with a price target of $260, up from $175. The firm believes the company has the right tools in place to capitalize on the AI cycle and drive durable growth on the back of its recently accelerating trajectory.
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Rothschild & Co Redburn upgraded Fox Corp.(FOXA) to Buy from Neutral with a $71 price target. Fox’s shares are about 15% below levels seen before its Roku (ROKU) deal announcement, offering “an attractive entry point” for a combination that will be 10% accretive to 2029 free cash flow per share, by the firm’s estimates.
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Citi upgraded Toll Brothers(TOL) to Buy from Neutral with a price target of $176, up from $146. When homebuilder earnings kick off with reports from D.R. Horton (DHI) and PulteGroup (PHM) report in the week of July 20, the firm expects homebuilders to point to second half gross margin stabilization after over three years of compression, as well as significant outperformance among higher average selling price communities and more affluent homebuyers.
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Citi downgraded PepsiCo(PEP) to Neutral from Buy with a price target of $145, down from $170, citing continued weakness in North America despite strategic actions that have included price reductions, innovation, and shelf space gains.
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Evercore ISI downgraded Travelers(TRV) to In Line from Outperform with a price target of $329, up from $321. The firm still thinks Travelers is among the highest quality insurers it covers, but it sees less upside to consensus EPS estimates than in the past, an elevated valuation compared to past soft markets, and growing topline pressures in personal auto.
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Barclays downgraded Public Storage(PSA) to Equal Weight from Overweight with an unchanged price target of $349 following year-to-date outperformance. While the firm continues to project strong growth, it sees less upside than it does for peers CubeSmart (CUBE) and Extra Space Storage (EXR).
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Citi downgraded Lamar Advertising(LAMR) to Neutral from Buy with a price target of $160, up from $145. While the firm continues to expect Lamar to beat the high end of its 2026 AFFO guidance, it no longer finds the risk-reward attractive given recent appreciation in the share price.
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Citi downgraded Ryder(R) to Neutral from Buy with a price target of $280, up from $276. The firm sees limited risk/reward with valuation likely pricing in Ryder’s targeted upturn peak, adding that the potential repeal of the truck excise tax has introduced a possible headwind to used vehicle sales.
