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:
- Wells Fargo upgraded Xenia Hotels (XHR) to Overweight from Equal Weight with a price target of $15, down from $16. The company has among the strongest 2025 EBITDA and funds from operations growth rates among peers, aided by the renovation and rebranding of the Grand Hyatt Scottsdale, the firm says.
- Evercore ISI upgraded Borr Drilling (BORR) to Outperform from In Line with an unchanged price target of $9. While recent volatility in oil prices are likely to persist in the near-term, the firm believes growing oil and gas demand, underpinned by new production capacity additions through the decade, will continue to drive incremental demand for offshore activity, the analyst tells investors.
- Citi upgraded SL Green Realty (SLG) to Neutral from Sell with a price target of $66, up from $44. The firm's previous Sell rating on the New York Citi focused office REIT was based on the firm's view of weak office fundamentals, but since then New York has "proven to be the strongest gateway office market, both in terms of leasing and tenant demand," the analyst tells investors in a research note.
- Colliers upgraded Medical Properties Trust (MPW) to Buy from Neutral with a $6.50 price target.
- Citi upgraded Federal Realty (FRT) to Buy from Neutral with a price target of $135, up from $120. The analyst cites the company's accelerating funds from operations growth in 2025 and discounted multiple relative to its historic average for the upgrade.
Top 5 Downgrades:
- JPMorgan downgraded Moderna (MRNA) to Underweight from Neutral with a price target of $70, down from $88. The update that the Phase III trial for individualized neoantigen therapies in adjuvant melanoma will be fully enrolled this year was overshadowed by initial feedback that the FDA does not support filing for accelerated approval, contends JPMorgan. Oppenheimer also downgraded Moderna to Perform from Outperform without a price target.
- RBC Capital downgraded Halliburton (HAL) to Sector Perform from Outperform with a price target of $37, down from $44. As the global exploration and production cycle progresses, the stock looks less attractive relative to Halliburton's large cap peers, the analyst says.
- Wells Fargo downgraded RLJ Lodging Trust (RLJ) to Underweight from Equal Weight with a price target of $9, down from $11. The firm says that despite giving RLJ the benefit of a smaller enterprise value to EBITDA discount to peers than achieved historically, the company has the second lowest share price return expectation in its lodging coverage.
- H.C. Wainwright downgraded Fulcrum Therapeutics (FULC) to Neutral from Buy with a price target of $4, down from $17. The company's Phase 3 REACH study of losmapimod being developed for facioscapulohumeral muscular dystrophy failed to show an improvement across its primary endpoint of reachable workspace, the analyst tells investors in a research note.
- UBS downgraded CubeSmart (CUBE) to Neutral from Buy with a price target of $54, up from $53. The stock's current valuation more appropriately prices in the outlook for self storage fundamentals, the analyst tells investors in a research note.
Top 5 Initiations:
- BMO Capital initiated coverage of GE Vernova (GEV) with an Outperform rating and $245 price target. The firms is bullish on the "potential emerging super-cycle" for gas power next decade and optimistic onshore wind rebounds.
- Jefferies initiated coverage of Vistra (VST) with a Buy rating and $99 price target. The analyst launched coverage of the power sector with a constructive view and named Vistra as its top pick.
- Citi resumed coverage of Eli Lilly (LLY) with a Buy rating and $1,060 price target after a period of rating suspended. The firm cites increased tirzepatide forecasts based on latest reported sales, script trends, and raised expectations for pipeline asset orforglipron for the Buy rating.
- Scotiabank initiated coverage of SolarWinds (SWI) with a Sector Perform rating and $13 price target. After SolarWinds' winter of discontent in 2020, the firm thinks the company's transformation has "made glorious its prospects" from its "now rock-solid network performance management install base," maintenance-to-subscription boost, and shareholder-friendly capital return, but consensus top-line targets in 2025 fully factor in these tailwinds, leaving upside and downside "balanced" at these levels, the analyst says.
- CL King initiated coverage of Haemonetics (HAE) with a Buy rating and $116 price target. Haemonetics' transformational growth journey should continue to create value for shareholders, says the firm.
