Qualcomm downgraded, Eli Lilly upgraded: 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:

Deutsche Bank upgraded Eli Lilly (LLY) to Buy from Hold with a price target of $1,025, up from $725. The firm says the company’s “big beat and raise” in Q2 “settled some nerves in a volatile macro backdrop.”
Piper Sandler upgraded Robinhood (HOOD) to Overweight from Neutral with a price target of $23, up from $20. The shares have fallen 27% since reaching a 52-week high of $24.36 on July 16 and this pullback presents an attractive entry point “into an innovative, fast growing brokerage platform,” the firm tells investors in a research note.
HSBC upgraded Take-Two Interactive Software (TTWO) to Buy from Hold with a price target of $179, up from $154. The firm sees an improved outlook for mobile gaming and has greater confidence in the company’s sales guidance as the GTA6 release date draws closer.
BofA upgraded Churchill Downs (CHDN) to Buy from Neutral with a price target of $155, up from $145. The firm sees Churchill Downs’ unique double-digit organic growth profile, upcoming property opening in Northern Virginia and scarcity value as compelling relative to broader Gaming and Consumer stocks amid recent stock volatility and consumer travel fears.
Wedbush upgraded Zentalis (ZNTL) to Neutral from Underperform with a $4 price target as shares have traded down significantly since the company reported its WEE1 inhibitor azenosertib was placed on partial clinical hold by the FDA on June 18th.

Top 5 Downgrades:

Wolfe Research downgraded Qualcomm (QCOM) to Peer Perform from Outperform without a price target. The firm believes Apple’s (AAPL) internal modem “will finally have an impact” and notes that premium Android has by now.
BofA downgraded Prologis (PLD) to Neutral from Buy with a $128 price target. The firm cites a slower 2025 recovery in demand for the downgrade of Prologis.
JPMorgan double downgraded Pacira BioSciences (PCRX) to Underweight from Overweight with a price target of $10, down from $45, after a judge ruled that the company’s ‘495 patent on Exparel is not valid and that eVenus is now free to launch generic Exparel at risk. Piper Sandler and Raymond James also downgraded the stock but to Neutral-equivalent ratings.
Piper Sandler downgraded Bank of Hawaii (BOH) to Underweight from Neutral with a price target of $61, down from $70. The shares have rallied 11% over the last three months and now trade a significant premium valuation compared to regional bank peers, the firm tells investors in a research note.
BMO Capital downgraded Pilgrim’s Pride (PPC) to Market Perform from Outperform with an unchanged price target of $46. The firm says its longer-term view remains unchanged as it continues to believe Pilgrim’s strategy creates pathway for improved earnings over time and limits U.S. chicken margin volatility, but says the “case for aggressively investing is less persuasive at current levels.”

Top 5 Initiations:

Goldman Sachs initiated coverage of Mondelez (MDLZ) with a Buy rating and $80 price target. The firm views Mondelez as a “high-quality core holding” that should generate above-average earnings growth, supported by its portfolio of organic opportunities and emerging market exposure. Goldman also started Conagra Brands (CAG) with a Buy rating.
Goldman Sachs initiated coverage of Kraft Heinz (KHC) with a Sell rating and $34 price target, implying 3% downside. While the firm sees the potential in Kraft Heinz’s turnaround efforts, it believes the path of improvement “will likely be choppier and longer than current consensus expectations” given the company’s elevated exposure to private label risk while brand positioning is mixed. Goldman also started coverage of Hershey (HSY) with a Sell rating.
Goldman Sachs initiated coverage of Kellanova (K) with a Neutral rating and $75 price target. The firm sees a solid fundamental backdrop for Kellanova given its strong brand portfolio and high emerging markets exposure, but notes the recent news of a potential takeout “has affected investor perceptions of the stock.”
BofA initiated coverage of Ardent Health (ARDT) with a Buy rating and $22 price target as it believes the company is well-positioned to surpass the industry’s 6% growth compound annual growth rate over the next decade given its position in markets with strong population growth, which should help drive margin expansion with upside optionality from capital deployment. Loop Capital, RBC Capital, Morgan Stanley, Mizuho, Truist, Leerink and Citi also started coverage of the stock with Buy-equivalent ratings. Meanwhile, JPMorgan initiated the name with a Neutral rating.
Benchmark initiated coverage of Dave (DAVE) with a Buy rating and $53 price target. The firm believes the company’s digital fintech platform, accessible to U.S. consumers through a mobile app, is well positioned to sustain profitable growth given its “strong product-market fit.”