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.

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Top 5 Upgrades:

MoffettNathanson upgraded Netflix (NFLX) to Buy from Neutral with a price target of $1,100, up from $850. The firm believes the company’s ability to monetize its engagement remains underappreciated. William Blair upgraded DocuSign (DOCU) to Outperform from Market Perform. The firm is bullish on the market opportunity for the company’s Intelligent Agreement Management platform and the ability of a new product cycle to reaccelerate growth back to double digits. DA Davidson upgraded Monday.com(MNDY) to Buy from Neutral with a $350 price target. The firm, which says it has “always viewed Monday.com as a great company whose shares fairly reflected its premium quality,” calls the recent pullback “an opportune time to take a second look at an attractive entry point.” Baird upgraded Accenture (ACN) to Outperform from Neutral with an unchanged price target of $390. The firm expects the company’s fiscal Q2 to beat estimates “mildly” and views its Managed Services demand to be strong, which is 50% of revenue. UBS upgraded Blackstone (BX) to Buy from Neutral with an unchanged price target of $180. The firm believes the recent 27% selloff in the shares “provides a window to invest in a premier” alternative investment platform with structural and scale advantages at a reasonable valuation.

Top 5 Downgrades:

H.C. Wainwright downgraded Sutro Biopharma(STRO) to Neutral from Buy with a price target of $2, down from $12, after the company announced a strategic realignment focused on advancing its next-generation antibody-drug conjugate pipeline while deprioritizing luvelta due to financial constraints. Wells Fargo downgraded TriplePoint Venture(TPVG) to Underweight from Equal Weight with a price target of $6.50, down from $7.50. The firm sees increased potential for a dividend cut in 2026 despite TriplePoint’s just-recent lowering from 40c to 30c in Q2. Wells Fargo downgraded FS KKR Capital(FSK) to Underweight from Equal Weight with a price target of $19, down from $21. While the dividend is poised to draw on FS KKR’s “outsized” spillover balance through 2025, the resulting net asset value decline and uncertainty over its 2026 payout are likely to weigh on the stock’s valuation, the firm tells investors in a research note. Wells Fargo downgraded Cion Investment(CION) to Underweight from Equal Weight with a price target of $10, down from $11. The firm cites the company’s increased likelihood of a base dividend cut in 2025 for the downgrade. Evercore ISI downgraded EastGroup Properties(EGP) to In Line from Outperform with a price target of $185, up from $181. The firm says that while EastGroup’s shallow bay industrial portfolio remains well leased at 97% and demand still remains solid despite tariff concerns, the implied share upside is limited based on the stock’s $180 closing price on Friday.

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Top 5 Initiations:

Redburn Atlantic initiated coverage of Reddit (RDDT) with a Sell rating and $75 price target. While high multiples are not unjustified for fast-growing internet platforms given the size of the online advertising market and the business model’s inherent operating leverage, Reddit’s “significant premium” to Pinterest (PINS) will be increasingly viewed as “far too lofty” as Reddit’s growth rates start to normalize, the firm tells investors in a research note. RBC Capital initiated coverage of Nextracker (NXT) with an Outperform rating and $55 price target. The firm believes Nextracker’s “unique” product design can reduce overall system cost and its “industry leading” software can be a “significant value add for customers.” Jefferies initiated coverage of Blueprint Medicines(BPMC) with a Buy rating and $135 price target. The firm finds the stock “quite attractive,” especially on the recent pullback. RBC Capital initiated coverage of Array Technologies (ARRY) with a Sector Perform rating and $7 price target. The company’s product innovation is having a positive impact on demand and repositions Array to compete on undulating terrain and at non-square site locations that were highlighted as a shortcoming in RBC’s channel checks, the firm tells investors in a research note. Citi resumed coverage of Emerson (EMR) with a Buy rating and $132 price target. Emerson has a favorable position in markets with still positive underlying long-term fundamentals, coupled with a strong track record of operational execution that should drive outsized financial returns over time,” the firm tells investors in a research note.

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