Carvana initiated, Zscaler downgraded: Wall Street's top analyst calls

• StockStory Top Pick ZS -3.06% CALM -0.47%
• BLLN -12.71% CHYM +5.54% KTOS -2.14%

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:

• Goldman Sachs upgraded Chime (CHYM) to Buy from Neutral with a price target of $27, up from $26, which offers 28% upside. The firm believes the market is underappreciating the take rate tailwinds from Chime's new Chime Card.

• BNP Paribas Exane upgraded Toast (TOST) to Outperform from Neutral with a $40 price target. While competition in point-ot-sale software for restaurants is accelerating, Toast's leadership is intact, the firm tells investors in a research note.

• B. Riley upgraded Kratos Defense (KTOS) to Buy from Neutral with an unchanged price target of $105. The firm sees a favorable risk/reward at current share levels, saying Kratos has "ample proprietary" intellectual property "enabling an array of affordable solutions."

• JonesResearch upgraded Spyre Therapeutics (SYRE) to Buy from Hold with a $64 price target. Ahead of updates in 2026, the firm believes the stock's risk/reward "now skews positive."

• TD Securities upgraded New Gold (NGD) to Buy from Hold with a price target of $12, up from $7.50. The firm cites the proposed all-stock acquisition by Coeur Mining (CDE) for the upgrade.

Top 5 Downgrades:

• Bernstein downgraded Zscaler (ZS) to Market Perform from Outperform with an unchanged price target of $264. While Zscaler continues to perform well, the company's fiscal Q1 report "added narrative issues" regarding 2026 annual recurring revenue guidance, driving concerns about increased competition, the firm tells investors in a research note.

• Baird downgraded Titan Machinery (TITN) to Neutral from Outperform with a price target of $21, down from $24. The firm says further declines in both the company's U.S. and Europe businesses will pressure its earnings and book value.

• Barclays downgraded Crown Castle (CCI) to Equal Weight from Overweight with a price target of $101, down from $104. The firm says collecting rent from EchoStar may prove challenging for the tower companies.

• Evercore ISI downgraded VICI Properties (VICI) to In Line from Outperform with a price target of $32, down from $36. The firm has growing concerns over the regional gaming lease with Caesars (CZR) and how a low coverage ratio gets resolved.

• RBC Capital downgraded PTC Therapeutics (PTCT) to Sector Perform from Outperform with a price target of $91, up from $82. With the shares rallying nearly 75% in the past three months, RBC's thesis has mostly played out, the firm tells investors in a research note.

Top 5 Initiations:

• UBS initiated coverage of Carvana (CVNA) with a Buy rating and $450 price target. The firm says the company has a "differentiated, best-in-class" online platform and customer experience that positions it to gain share in the large used vehicle market.

• Benchmark initiated coverage of Cal-Maine Foods (CALM) with a Buy rating and $100 price target. While the Cal-Maine name is well-known, the firm believes its valuation is "over-indexed to its legacy as a commodity producer" and discounts sweeping changes throughout the egg category and Cal-Maine's subsequent mix shift to more valuable specialty production.

• Goldman Sachs initiated coverage of Beta Technologies (BETA) with a Buy rating and $47 price target. The firm views Beta as best positioned among the electric vertical take-off and landing companies. Citi, BTIG, Cantor Fitzgerald, BofA, Morgan Stanley, and Needham also started the name with Buy-equivalent ratings.

• JPMorgan initiated coverage of BillionToOne (BLLN) with an Overweight rating and $150 price target. The firm likes the setup for the stock, saying the company will continue to build out its commercial infrastructure to capture growing demand in both prenatal and oncology. Piper Sandler, BTIG, William Blair, and Stifel also started coverage of the stock with Buy-equivalent ratings, while Jefferies and Wells Fargo initiated the name with Neutral-equivalent ratings.

• Morgan Stanley initiated coverage of Evommune (EVMN) with an Overweight rating and $36 price target. The firm sees a favorable risk/reward for the shares despite the data for EVO756 and EVO301 being early. William Blair, Cantor Fitzgerald, Leerink, and Evercore ISI also started the name with Buy-equivalent ratings.