PayPal downgraded, Roku 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:

Jefferies upgraded Roku (ROKU) to Buy from Hold with a price target of $135, up from $100. The firm sees 20%-plus platform revenue growth in an upside case for Roku.
Piper Sandler upgraded Unity (U) to Overweight from Neutral with a price target of $59, up from $43. The firm says the mobile app advertising market "looks healthy" entering 2026. BTIG also upgraded Unity to Buy from Neutral with a $60 price target.
Citi upgraded Thermo Fisher(TMO) to Buy from Neutral with a price target of $660, up from $580. The firm sees Thermo Fisher benefiting from increased pharma spending and onshoring tailwinds.
BofA upgraded Synopsys (SNPS) to Buy from Neutral with a price target of $560, up from $500, arguing that the company's "decent" FY26 guidance derisks China and Intel (INTC) sales and "clears the decks" for "attractive stock catch-up potential" and EPS beats for the next year.
BofA upgraded Visa (V) to Buy from Neutral with a $382 price target. The firm believes Visa shares offer "very attractive return potential" following recent underperformance.

Top 5 Downgrades:

BofA downgraded PayPal (PYPL) to Neutral from Buy with a price target of $68, down from $93. Efforts to reinvigorate growth in its core branded checkout are taking longer than expected and limits near-term upside, the firm tells investors.
Seaport Research downgraded GE Vernova(GEV) to Neutral from Buy without a price target. Seaport now thinks GE Vernova is fairly valued with a focus on 2026-2028.
BofA double downgraded Alcon (ALC) to Underperform from Buy with a price target of $75, down from $100. The firm sees limited share upside and market uncertainty for Alcon, saying 2025 was marked by a market slowdown, competition, and guidance cuts.
Deutsche Bank downgraded Norfolk Southern(NSC) to Hold from Buy with a $297 price target. The firm cites the pending merger with Union Pacific (UNP) for the downgrade.
Deutsche Bank downgraded Union Pacific to Hold from Buy with a $245 price target. The firm says the stock has underperformed despite Union Pacific reporting two "very strong" quarters.

Top 5 Initiations:

Freedom Capital initiated coverage of Shift4 Payments(FOUR) with a Buy rating and $80 price target. The firm views the recent pullback in the shares as providing an attractive entry point.
Bernstein initiated coverage of BridgeBio (BBIO) with an Outperform rating and $94 price target. The firm believes expectations for Attruby are reasonable in the near-term and "arguably too high" in the long term.
B. Riley initiated coverage of Chime (CHYM) with a Buy rating and $35 price target, representing 40% potential upside from current levels. The firm says Chime is a profitable, high growth neobank offering mobile banking services to customers often ignored by traditional banks.
Morgan Stanley initiated coverage of Elbit Systems(ESLT) with an Equal Weight rating and $531 price target. With the shares up 95% year-to-date, the firm sees much of the company's growth potential priced into the shares.
Goldman Sachs initiated coverage of Abercrombie & Fitch(ANF) with a Buy rating and $120 price target. The firm rolled out coverage of the apparel retail sector with a preference for store growth and pricing power. Goldman Sachs also started coverage of Boot Barn (BOOT) with a Buy, American Eagle (AEO) and Signet Jewelers (SIG) with Neutral ratings, and Carter's (CRI) with a Sell..