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:

Citi upgraded Regeneron (REGN) to Buy from Neutral with a price target of $700, up from $600. The firm cites the company's "strong pipeline optionality" and a more attractive risk/reward profile for the upgrade. Jefferies upgraded PVH Corp.(PVH) to Buy from Hold with a price target of $105, up from $70. New management's initiatives and the lapping one-time headwinds are set to return PVH's sales growth to low single digits, a key catalyst for the shares, the firm tells investors in a research note. Morgan Stanley upgraded KKR (KKR) to Overweight from Equal Weight with a price target of $150, up from $120. The firm says KKR offers a way to play the market when anticipating a capital markets recovery. KeyBanc upgraded Ameren (AEE) to Overweight from Sector Weight with a $103 price target, citing its attractive growth story. Following a volatile Q1, the reporting season "proved fairly uneventful" for the utilities. KeyBanc upgraded also upgraded Entergy (ETR) to Overweight from Sector Weight with an $85 price target.  TD Cowen upgraded Charles River(CRL) to Buy from Hold with a price target of $179, up from $105. The firm believes the company's likely divestitures could lead to value creation.

Top 5 Downgrades:

Loop Capital downgraded Wayfair (W) to Sell from Hold with a $35 price target. The stock rallied 20% Monday after China tariffs were cut from 145% to 30%, but the firm's downgrade is driven by uncertainty related to tariffs BofA downgraded UnitedHealth (UNH) to Neutral from Buy with a price target of $350, down from $560, after the company suspended 2025 guidance after lowering 12% with Q1 a month ago due to the Medicare Advantage trend not only getting significantly worse than had already been called out on the Q1 call, but now also spreading to more complex patients like duals. Raymond James also double downgraded UnitedHealth to Market Perform from Strong Buy without a price target. Guggenheim downgraded Wendy's(WEN) to Neutral from Buy and removed the firm's prior $22 price target. The company needs a strategic rethink on the priorities of unit growth versus franchisee profitability, argues the firm, which believes the global 3%-4% unit growth target needs to be re-assessed to prioritize domestic same-store sales and franchisee cash-on-cash returns. Jefferies downgraded Rivian (RIVN) to Hold from Buy with an unchanged $16 price target. The firm remains positive on Rivian's investment story but also cautious on the downbeat demand outlook this year as it waits for updates on R2 progress, Jefferies added. Citi downgraded Merck (MRK) to Neutral from Buy with a price target of $84, down from $115. While the company's growth headwinds from the Keytruda loss of exclusivity in 2028 are "well appreciated," offsets from Merck's pipeline progression and new launches "are taking time," the firm tells investors in a research note.

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Top 5 Initiations:

Oppenheimer initiated coverage of Digital Realty(DLR) with an Outperform rating and $200 price target. In Oppenheimer's opinion, Digital Realty is well positioned as a major beneficiary of AI and cloud megatrends with strong demand driving improved volumes and pricing. High demand datacenter clusters like Northern Virginia are operating at virtually 100% utilization. Oppenheimer initiated coverage of Core Scientific(CORZ) with an Outperform rating and $15 price target. Since emerging from bankruptcy in early 2024, the company strengthened its balance sheet and now has the necessary capital to execute on its growth strategy, Oppenheimer says. B. Riley initiated coverage of Hut 8 (HUT) with a Buy rating and $25 price target. The firm expects the company's growth initiatives over the next 12 months to sustain this diversified approach. BofA initiated coverage of EHang (EH) with a Buy rating and $26 price target. The firm believes that Ehang will sustain its leadership in China's eVTOL aircraft market in the coming 5 years given its advanced technology and licensure head start. RBC Capital initiated coverage of Dutch Bros(BROS) with an Outperform rating and $83 price target. The firm says the company has multiple sales catalysts that could drive upside to its low-single-digits same-store-sales target over at least the next couple years.