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 5 Upgrades:

• Loop Capital upgraded Netflix (NFLX) to Buy from Hold with a price target of $1,350, up from $1,150. The firm cites “exceptional” engagement on Netflix’s platform in Q3 and the company’s “strong” Q4 content slate for the upgrade.

• Guggenheim upgraded Workday (WDAY) to Buy from Neutral with a $285 price target. When the environment improves, Workday will be well positioned to accelerate growth, the firm tells investors in a research note. Piper Sandler also upgraded Workday but to Neutral from Underweight with a price target of $235, up from $220.

• Bernstein upgraded Zillow Group (ZG) to Outperform from Market Perform with a price target of $105, up from $75. The company has been executing on mid-teens revenue growth with Rentals and Showcase emerging as growth drivers, the firm tells investors in a research note.

• Roth Capital upgraded Kroger (KR) to Buy from Neutral with a price target of $75, up from $66. The company is posting strong alternative profit streams, but the stock’s valuation continues to lag peers, the firm tells investors in a research note.

• Berenberg upgraded AbbVie (ABBV) to Buy from Hold with a price target of $270, up from $170. The firm says the company has “successfully navigated the largest drug patent expiry in the world.”

Top 5 Downgrades:

• Evercore ISI downgraded FedEx (FDX) to In Line from Outperform with a price target of $243, down from $249. The firm sees demand headwinds bringing risk to the company’s near-term earnings estimates.

• Berenberg downgraded Eli Lilly (LLY) to Hold from Buy with a price target of $830, down from $970. The firm expects Lilly will “remain in the obesity driving seat” but believes the obesity market upgrade cycle has plateaued.

• Berenberg downgraded Merck (MRK) to Hold from Buy with a price target of $90, down from $100. The firm says the “error bars” on Merck’s long-term sales profile remain large while the Keytruda patent expiry in 2028 “is looming.”

• BMO Capital downgraded Progressive (PGR) to Market Perform from Outperform with a price target of $250, down from $279. The shares are “inexpensive,” but Progressive is facing increased competition, the firm tells investors in a research note.

• Piper Sandler downgraded Tenaris (TS) to Neutral from Overweight with a price target of $41, down from $48. The firm says oil country tubular goods pricing has flattened out over the past few months due to the removal of Section 232 quotas while U.S. land activity has slowed.