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.

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Top 5 Upgrades:

HSBC upgraded Nio (NIO) to Buy from Hold with a price target of $6.80, up from $4.80. The firm sees better visibility and has “stronger conviction” on Nio’s 2026 volume growth and earnings improvement trajectory following the Q4 report.

Wells Fargo upgraded Ollie’s Bargain Outlet (OLLI) to Overweight from Equal Weight with a price target of $130, up from $120. The firm is encouraged by the Q4 update and believes Ollie’s “story continues to build momentum.”

Wells Fargo upgraded Nutrien (NTR) to Overweight from Equal Weight with a price target of $100, up from $77. The firm sees pricing upside across “several chemical chains” due to the conflict in Iran. Wells also upgraded Air Products (APD) and Celanese to Overweight.

JPMorgan upgraded Alcoa (AA) to Neutral from Underweight with a price target of $68, up from $50. Since the conflict in Iran began, aluminum prices have rallied 12% on regional supply risk, the firm tells investors in a research note.

Barclays upgraded Murphy Oil (MUR) to Equal Weight from Underweight with a price target of $33, up from $29. The firm increased 2026 oil price estimates on the Iran war and believes cash flow tailwinds for the exploration and production group remain underappreciated.

Top 5 Downgrades:

Barclays downgraded Adobe (ADBE) to Equal Weight from Overweight with a price target of $275, down from $335. The firm says the biggest news of the quarter is that Adobe’s long-time CEO Shantanu Narayen is transitioning out.

Citizens downgraded EverCommerce (EVCM) to Market Perform from Outperform without a price target. The firm views the company’s Q4 report as mixed with the first year-over-year payments revenue decline since EverCommerce went public in July 2021.

Morgan Stanley downgraded NerdWallet (NRDS) to Underweight from Equal Weight with a price target of $9, down from $14. The firm views consensus earnings estimates for the company as too high.

William Blair downgraded PagerDuty (PD) to Market Perform from Outperform without a price target. The company reported “disappointing” Q4 results, with annual recurring revenue growth of only $2M sequentially and 1% year-over-year, the firm tells investors in a research note.

Baird downgraded Immutep (IMMP) to Neutral from Outperform with a price target of $1, down from $7. The Independent Data Monitoring Committee recommended the discontinuation of the company’s pivotal TACTI-004 study in non-small cell lung cancer following the study’s planned futility analysis, the firm tells investors in a research note.

Top 5 Initiations:

Bearish on the name, BTG Pactual initiated coverage of Tyson Foods (TSN) with a Sell rating and $58 price target. The firm also started coverage of Pilgrim’s Pride (PPC) but with a Neutral rating.

Roth Capital initiated coverage of Apellis (APLS) with a Buy rating and $31 price target. The firm sees strong underlying demand for Syfovre.

Needham initiated coverage of Karman (KRMN) with a Buy rating and $125 price target. The firm says the company is “uniquely positioned” as a key supplier of mission-critical subsystems.

Wolfe Research initiated coverage of WM (WM) with a Peer Perform rating an no price target. WM is the largest and most established player in the waste management industry and despite the firm’s estimates being in line with consensus for the next two years, it views the FY27 targets outlined at the June 2025 investor day as “now skewing slightly aggressive. The firm also started coverage of Waste Connections (WCN) but with an Outperform rating and $199 price target.

Baird initiated coverage of H2O America (HTO) with an Outperform rating and $67 price target. The firm views the company as a leading national water and wastewater utility with improving geographic diversification.

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