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:

Loop Capital upgraded Chipotle (CMG) to Buy from Neutral with a price target of $65, up from $58. There is the potential for at least 7.0%-8.0% upside to the current consensus EPS estimate of $1.30 for 2025 if comparable sales continue to beat expectations over the course of the current year, the firm tells investors in a research note. Canaccord upgraded Peloton (PTON) to Buy from Hold with an unchanged price target of $10 following a transfer of coverage. Peloton is the clear leader in the connected fitness industry, which it invested in early on and built a 6M loyal member base that has a high margin recurring revenue stream, the firm says. Stifel upgraded Danaher (DHR) to Buy from Hold with an unchanged price target of $260, telling investors that shares “seem to have found their footing” following a re-rating, with downward estimated revisions seemingly done and the stock having shed its above-average premium. Wells Fargo upgraded Check Point(CHKP) to Overweight from Equal Weight with a price target of $280, up from $200. New CEO Nadav Zafrir is a “game-changer” for the company and can leverage his prior experience to further penetrate the Fortune 500 and expand Check Point’s product portfolio via acquisitions, the firm tells investors in a research note. Baird upgraded American Express(AXP) to Neutral from Underperform with an unchanged price target of $265. The firm says the persistent selloff in the broader market makes it difficult to remain pessimistic on American Express’ “high-quality franchise.”

Top 5 Downgrades:

Citi downgraded T-Mobile(TMUS) to Neutral from Buy with an unchanged price target of $268. T-Mobile continues to generate favorable growth relative to the category and its competitors, but the stock’s valuation has stayed elevated, the firm says, adding that it does not see “any immediate accelerators to quickly reduce T-Mobile’s premium.” Exane BNP Paribas downgraded Equifax (EFX) to Neutral from Outperform with a $265 price target. The firm adjusted ratings in the staffing group, saying “seismic shifts” in European versus U.S. policy and macro-outlooks mean it is time to “lean into” European cyclicals. BofA downgraded Sutro Biopharma(STRO) to Underperform from Buy with a price target of $1, down from $11, following the company’s announcement to deprioritize the development of luvelta. Management said the decision was largely based on their current cash position and highlighted ongoing discussions with other companies regarding luvelta out-licensing opportunities, but the status of these discussions remains unclear and the expected timing of a partnership announcement, notes the firm. Wedbush, Piper Sandler and Citizens JMP also downgraded Sutro Biopharma to Neutral-equivalent ratings. Jefferies downgraded Advanced Flower Capital(AFCG) to Hold from Buy with a price target of $7, down from $10. The firm cites ongoing credit uncertainty for the downgrade, with approximately 39% of Advanced Flower’s loans on non-accrual as of Q4. Stifel downgraded Xponential Fitness(XPOF) to Hold from Buy with a price target of $12, down from $20. The firm says it did not fully grasp the extent of the challenges left by the previous management team.

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Top 5 Initiations:

Citi resumed coverage of Charter (CHTR) with a Buy rating and $425 price target. Charter should benefit from accelerating free cash flow growth from the current “trough” in 2025, improving financial flexibility to resume share repurchases, and retaining positive strategic optionality if the category further consolidation, the firm tells investors in a research note. Barclays initiated coverage of Six Flags Entertainment(FUN) with an Overweight rating and $41 price target. Compared to peers, Six Flags has made more consistent capital investments, has kept well-appointed parks, and maintained in-park operations and in-park programming all “best-in-class,” the firm says. Barclays initiated coverage of United Parks & Resorts(PRKS) with an Equal Weight rating and $50 price target. The firm has relatively low confidence in the multi-year trajectory for attendance growth. BofA initiated coverage of Penumbra (PEN) with a Buy rating and $320 price target. Penumbra now has 35% share, and the firm sees share moving higher in 2025 as Flash 2.0 rolls out more broadly and the company takes advantage of any potential sales force disruption that occurs at its competitor Inari after it was acquired by Stryker (SYK). Raymond James initiated coverage of Astera Labs(ALAB) with an Outperform rating and $82 price target. Astera, a “leading” supplier of high-speed connectivity solutions, is well-positioned to benefit from the Generative AI “megatrend,” the firm tells investors.

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