Spotify receives an upgrade, First Solar sees a downgrade: Leading analyst picks from Wall Street

Today's Key Wall Street Analyst Actions

Stay updated with the latest influential analyst recommendations and market-moving research from Wall Street. Below is a summary of today's notable upgrades, downgrades, and new coverage initiations, curated by The Fly.

Major Upgrades

• Spotify (SPOT): Arete has raised its rating to Buy from Neutral, setting a price target of $586. The firm expects Spotify's Premium segment margins to improve and considers the threat from AI disruption to be low.
• Nasdaq (NDAQ): TD Cowen upgraded Nasdaq to Buy from Hold, increasing the price target to $106 from $105 after the company's investor day. The upgrade is attributed to the recent share price decline and increased confidence in the resilience of Nasdaq's fintech platform.
• Alcon (ALC): Wells Fargo moved Alcon to Overweight from Equal Weight, raising the price target to $97 from $88. The firm anticipates Alcon will exceed its 2026 guidance, driven by new product launches fueling growth.
• Joby Aviation (JOBY): H.C. Wainwright upgraded Joby Aviation to Buy from Neutral with an $18 price target, citing the company's progress toward completing key certification milestones.
• U.S. Bancorp (USB): Truist raised its rating to Buy from Hold and set a new price target of $66, up from $61. The firm highlights improved net interest margins, greater balance sheet flexibility, and the potential for sustained positive operating leverage in the coming years.

Significant Downgrades

• First Solar (FSLR): Deutsche Bank lowered its rating to Hold from Buy and reduced the price target to $245 from $300. The downgrade follows weaker-than-expected Q4 results and a subdued 2026 outlook, with the firm citing market headwinds, tariff impacts, and operational changes.
• Trade Desk (TTD): Loop Capital cut its rating to Hold from Buy and slashed the price target to $25 from $75. Despite a Q4 beat, the company's guidance fell short of expectations.
• Oddity (ODD): BofA issued a double downgrade to Underperform from Buy, reducing the price target to $10 from $58. Oddity faces challenges in user acquisition, leading to a weak Q1 revenue outlook and no full-year guidance. Barclays also downgraded the stock to Underweight, and JPMorgan moved it to Neutral.
• Mosaic (MOS): JPMorgan downgraded Mosaic to Underweight from Neutral, maintaining a $24 price target. The firm expects the company to report lower earnings in 2026.
• C3 AI (AI): Citizens lowered its rating to Market Perform from Outperform, citing disappointing fiscal Q3 results.

New Coverage Initiations

• Five Below (FIVE): KGI Securities began coverage with an Outperform rating and a $267 price target.
• Builders FirstSource (BLDR): William Blair initiated coverage with an Outperform rating. The firm sees potential for up to 50% share price upside in a bullish scenario, driven by a housing recovery and market share gains.
• Eikon Therapeutics (EIKN): Wedbush started coverage with an Underperform rating and a $7 price target, citing high clinical program costs and substantial clinical risks.