Here’s a summary of the most influential Wall Street research ratings that could impact market movements. Below are the key rating changes investors should watch today, compiled by The Fly.
### Top Five Rating Upgrades
**Applied Materials (AMAT)** UBS upgraded Applied Materials from "Neutral" to "Buy," raising its price target from $250 to $285. The firm cited a "significantly more optimistic" outlook for wafer fab equipment spending in 2026 and 2027.
**Brinker International (EAT)** Citi upgraded Brinker from "Neutral" to "Buy," lifting its price target from $144 to $176. The bank noted improving cost conditions due to lower Brazilian food tariffs and sustained sales growth expected in fiscal 2026.
**CDW Corporation (CDW)** Raymond James upgraded CDW from "Outperform" to "Strong Buy," setting a $185 price target. The firm highlighted easing cost pressures and an upcoming growth acceleration phase.
**Cummins (CMI)** UBS upgraded Cummins from "Sell" to "Neutral," raising its price target from $350 to $500. The report suggested the trucking cycle would bottom in 2026, balancing the stock's risk-reward profile.
**Inspire Medical Systems (INSP)** Wolfe Research upgraded Inspire Medical from "Peer Perform" to "Outperform," with a $180 price target. The firm pointed to Medicare's unexpected 50% reimbursement increase as a bullish catalyst.
### Top Five Rating Downgrades
**Coinbase Global (COIN)** Argus downgraded Coinbase from "Buy" to "Hold," removing its price target. While acknowledging its leadership in crypto trading and strong momentum for USDC, the firm flagged its 39x forward P/E as significantly higher than peers' 24-27x range.
**Estée Lauder (EL)** Rothschild & Co Redburn downgraded Estée Lauder from "Neutral" to "Sell," cutting its price target from $83 to $70. The firm warned that required investments could jeopardize margin recovery despite sales growth improvements.
**Exact Sciences (EXAS)** Canaccord downgraded Exact Sciences from "Buy" to "Hold," raising its price target from $85 to $105 after Abbott’s acquisition offer at $105/share. TD Cowen also downgraded the stock to "Hold."
**Green Dot (GDOT)** Northland downgraded Green Dot from "Outperform" to "Market Perform," slashing its price target from $18 to $14.25, citing complexity in its planned fintech-banking separation.
**Camden Property Trust (CPT)** Barclays downgraded Camden Property from "Overweight" to "Equal Weight," lowering its price target from $127 to $118, citing middling total return prospects versus apartment REIT peers.
### Top Five Initiation of Coverage
**ServiceNow (NOW)** Macquarie initiated coverage with a "Neutral" rating and $860 price target, calling it a "great company" but fairly valued at current levels.
**Live Nation (LYV)** UBS initiated coverage with a "Buy" rating and $164 target, citing the live entertainment sector’s "strong long-term trends" and Live Nation’s positioning to benefit.
**Rhythm Pharmaceuticals (RYTM)** Citi initiated coverage with a "Buy" rating and $136 target, anticipating FDA approval for Imcivree in hypothalamic obesity by March 2026.
**Vistra (VST)** KeyBanc initiated coverage with an "Overweight" rating and $217 target, praising its scale, diversified power portfolio, and robust cash flow.
**Qnity Electronics (Q)** Deutsche Bank initiated coverage with a "Buy" rating and $92 target, highlighting exposure to high-growth semiconductor materials spending, including advanced nodes.
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