Here’s a summary of the most influential Wall Street research reports that can sway market trends. Below are the key highlights compiled by The Fly for investors to watch today.
1. Top 5 Rating Upgrades
Morgan Stanley: Upgraded Apollo Global Management (APO) from "Equal Weight" to "Overweight," raising the target price from $151 to $180. The firm believes Apollo’s growth will accelerate from 2026 to 2027 after years of slowdown, driving a "valuation re-rating."
William Blair: Upgraded Parsons Corporation (PSN) from "Market Perform" to "Outperform." Analysts highlighted Parsons' alignment with "four key growth pillars," including the GoldenDome project, the Trump administration’s air traffic control modernization initiative, U.S. infrastructure upgrades, and the Middle East infrastructure boom. The firm views Parsons as uniquely positioned to manage large-scale projects as a prime contractor and systems integrator.
Barclays: Upgraded Marsh & McLennan (MMC) from "Equal Weight" to "Overweight," though it lowered the target price from $221 to $206. The firm revised down organic growth expectations for the insurance brokerage sector, citing weaker-than-expected property and casualty pricing.
Raymond James: Upgraded Jack Henry & Associates (JKHY) two notches from "Market Perform" to "Strong Buy," setting a $198 target price—a 19% upside. The firm sees potential for near-term earnings upgrades and significant market share gains in the medium term, driven by a competitor’s core business consolidation.
Morgan Stanley: Upgraded Nasdaq (NDAQ) from "Equal Weight" to "Overweight," raising the target price from $97 to $110. The firm expects Nasdaq’s Solutions business to accelerate revenue growth as capital markets recover and the 2026 macro backdrop remains supportive.
2. Top 5 Rating Downgrades
Erste Group: Downgraded Coinbase (COIN) from "Buy" to "Hold." While Coinbase benefits from expanding crypto adoption, the rise of low-cost Bitcoin ETFs threatens its high-margin retail revenue—a key profit driver. ETF competition could "materially" dent profitability.
TD Cowen: Downgraded BellRing Brands (BRBR) from "Buy" to "Hold," cutting the target price from $37 to $31. The firm flagged a "more competitive landscape" and uncertainty around two major clients’ outlooks, posing downside risks to FY2026 guidance.
Mizuho: Downgraded Eversource Energy (ES) from "Outperform" to "Neutral," slashing the target price from $81 to $68, citing regulatory concerns in Connecticut.
Jefferies: Downgraded Globant (GLOB) from "Buy" to "Hold," lowering the target price from $80 to $61. The firm noted Globant’s underperformance in certain regions and segments, lagging peers in organic growth.
Morgan Stanley: Downgraded MarketAxess (MKTX) from "Overweight" to "Equal Weight," reducing the target price from $247 to $209, citing a "benign" 2026 credit environment and strong IPO activity as potential headwinds to market share.
3. Top 5 Initiation Reports
RBC Capital: Initiated coverage of TopBuild (BLD) with a "Sector Perform" rating and a $410 target, calling it a leader in insulation installation and distribution.
BNP Paribas Exane: Initiated Astra Labs (ALAB) with an "Outperform" rating and a $225 target (50%+ upside), noting a 40% drop from peaks due to UALink adoption concerns presents a buying opportunity.
JPMorgan: Initiated OPKO Health (OPK) with a "Neutral" rating (no target), citing early-stage clinical pipelines needing validation for investor confidence.
Mizuho: Initiated Brightline Therapeutics (BLTE) with a "Neutral" rating and a $105 target, projecting $4B peak sales for tinlarebant but flagging Phase III trial uncertainty.
Piper Sandler: Initiated AeroVironment (AVAV) with an "Overweight" rating and a $391 target, praising its agility in innovating for high-growth niches.