Wayfair upgraded, Deere downgraded: Wall Street's top analyst calls

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 Upgrades:

• Bernstein upgraded Wayfair (W) to Market Perform from Underperform with a price target of $65, up from $60. The analyst calls the upgrade "more of a tactical call" given the company's improving revenue growth and margin commentary.

• Wells Fargo upgraded Charter Communications (CHTR) to Overweight from Equal Weight with a price target of $550, up from $450. The analyst sees mobile roll-to-pay, rural growth and video contributing to EBITDA acceleration for Charter.

• RBC Capital upgraded Coeur Mining (CDE) to Outperform from Sector Perform with an unchanged price target of $4. The expansion at Rochester is almost complete, and execution on the ramp up through mid-2024 is the key catalyst for the stock, the analyst tells investors in a research note.

• Maxim upgraded Agile Therapeutics (AGRX) to Buy from Hold with a $5 price target.

John Deere garden tractors. (AP Photo/Nati Harnik) (ASSOCIATED PRESS)

Top Downgrades:

• Canaccord downgraded Deere (DE) to Hold from Buy with a price target of $400, down from $530, as industry data shows slowing unit growth for ag equipment, while dealer inventories for used equipment are building and new equipment inventory levels appear to be "rapidly normalizing."

• Wells Fargo downgraded Travere Therapeutics (TVTX) to Equal Weight from Overweight with a price target of $8, down from $24. The PROTECT study failure introduces uncertainty to the rate of uptake and long-term value of Filspari, the analyst tells investors in a research note.

• Baird downgraded Community Healthcare Trust (CHCT) to Neutral from Outperform with a price target of $33, down from $43. Community Healthcare is having no issues sourcing acquisitions, but softer capital markets warrant more cautious view of external growth stories in the real estate investment trust industry, says the analyst.

• KeyBanc downgraded Splunk (SPLK) to Sector Weight from Overweight without a price target after the company agreed to be acquired by Cisco (CSCO) for $157 per share in cash.

Customers buys vegetables inside the Walmart Supercenter in North Bergen, New Jersey. (AP Photo/Eduardo Munoz Alvarez) (ASSOCIATED PRESS)

Top Initiations:

• HSBC initiated coverage of Walmart (WMT) with a Buy rating and $200 price target. The analyst, who named Walmart the preferred name, says the U.S. retail sector is a "vast market set for further growth."

• BTIG analyst Jake Fuller initiated coverage of Instacart (CART) with a Neutral rating and no price target. The company's valuation is fair relative to its "modest" growth prospects and challenging competitive dynamics with the likes of Doordash (DASH) and Uber (UBER) extending into the category, the analyst tells investors in a research note.

• Raymond James initiated coverage of Ralph Lauren (RL) with an Outperform rating and $135 price target.

• Susquehanna initiated coverage of Arm Holdings (ARM) with a Neutral rating and $48 price target. The analyst sees the stock as having a fairly valued risk/reward.

• UBS initiated coverage of Squarespace (SQSP) with a Buy rating and $40 price target and named Squarespace its top pick in the web builder space. Squarespace shares are currently pricing in low double-digit revenue year-over-year growth versus UBS's estimate of 15% in fiscal 2025, the firm says.