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:
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BofA double upgraded Intel (INTC) to Buy from Underperform with a price target of $135, up from $96, citing higher confidence in Intel’s opportunity to help address industry constraints in leading edge wafers and packaging as well as supply into a much larger agentic CPU market.
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Jefferies upgraded General Dynamics (GD) to Buy from Hold with a price target of $400, up from $380. The company’s marine segment, which represents 33% of sales, has grown double-digits in 11 of the past 13 quarters, the firm tells investors in a research note.
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Rothschild & Co Redburn upgraded CME Group (CME) to Buy from Neutral with a price target of $323, up from $316, offering potential upside of 28%. An analysis shows CME will be one of the larger beneficiaries of the “structural tailwinds” from retail trading, prediction markets, and ledger technology efficiencies.
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BTIG upgraded Henry Schein (HSIC) to Buy from Neutral with a $100 price target. The dental markets are “generally healthy” and Henry Schein’s cost reduction efforts in Q1 brought good margin expansion, the firm tells investors in a research note.
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Jefferies upgraded Arthur J. Gallagher (AJG) to Buy from Hold with a price target of $265, up from $235. While the company’s organic growth outlook has normalized with pricing moderation, it is stabilizing at 5% through 2028 and remains at the top-end of the peer group, the firm tells investors in a research note.
Top 5 Downgrades:
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MoffettNathanson downgraded Chewy (CHWY) to Neutral from Buy with a price target of $22, down from $50, after the company’s Q1 results and below-consensus guidance. The firm notes that it can no longer confidently present a bullish thesis on the stock with an expectation for upside, citing “unimpressive” organic growth, greater macro sensitivity, customer additions trending below the firm’s prior expectations, and more muted margin commentary than previously forecasted.
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Rothschild & Co Redburn downgraded MarketAxess (MKTX) to Neutral from Buy with a price target of $134, down from $189. The company had a “near-monopoly” in the electronic trading of U.S. credit, but competition from Tradeweb and more recently from Trumid has eroded that dominance to an approximate 38% share of electronic volumes in 2025, the firm tells investors in a research note.
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Leerink downgraded Procept BioRobotics (PRCT) to Market Perform from Outperform with a price target of $29, down from $31. With the stock approaching the firm’s prior price target, Leerink’s recent discussions with MEDACorp key opinion leaders have dampened its enthusiasm on the near-term setup for Procept’s shares as competition from prostate artery embolization gains momentum.
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Morgan Stanley downgraded Alexandria Real Estate (ARE) to Underweight from Equal Weight with a $53 price target. Life science occupancy may face more headwinds in 2027 due to known expirations and the firm expects a 22% FY26/27 average FFO per share decline, driven by dilution from asset sales and rising interest cost, which may pressure the multiple, the firm tells investors.
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Morgan Stanley downgraded Healthpeak Properties (DOC) to Equal Weight from Overweight with a price target of $22, up from $20. While “encouraged” by the company’s expectation of improving occupancy in the life science portfolio this year, the firm still anticipates an environment of elevated leasing costs, concessions and potential downtimes to be a headwind to earnings in 2026 and 2027.
