Ulta Beauty, Etsy 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:

• Wells Fargo upgraded Ulta Beauty (ULTA) to Equal Weight from Underweight with a price target of $525, up from $450, after meeting with management. The firm says the company is navigating industry headwinds better than expected.

• Oppenheimer upgraded Etsy (ETSY) to Outperform from Perform with a $90 price target. The firm cites the company’s AI search benefits, product improvements, and app engagement for the upgrade.

• Berenberg upgraded Eli Lilly (LLY) to Buy from Hold with a price target of $1,400, up from $1,220. The firm says its 2026 return on investment analysis confirms Eli Lilly’s “strong track record of delivering best-in-class returns on investment.”

• Bernstein upgraded Agilon Health (AGL) to Outperform from Market Perform with a price target of $125, up from $86. The company is undergoing a turnaround focused on risk-taking discipline and incremental medical cost improvements, the firm tells investors in a research note.

• RBC Capital upgraded ResMed (RMD) to Outperform from Sector Perform with a price target of $262, up from $244. The company will continue benefiting from increased awareness and penetration of the global obstructive sleep apnea market, the firm tells investors in a research note.

Top 5 Downgrades:

• Raymond James downgraded Ascendis Pharma (ASND) to Outperform from Strong Buy with an unchanged price target of $287 after the company announced it will regain the rights on the TransCon metabolic and cardiovascular programs from Novo Nordisk (NVO) and plans to develop multiple programs in these settings.

• JPMorgan downgraded Lear (LEA) to Neutral from Overweight with a price target of $150, down from $175. The firm believes the shares are likely to be range-bound until the company’s 2028 growth inflection nears.

• JPMorgan downgraded Aptiv (APTV) to Neutral from Overweight with a price target of $56, down from $65. The firm says insourcing of software and compute, “intense” China competition and slower battery electric vehicle adoption create greater uncertainty around the pace of Aptiv’s above-market growth.

• Citizens downgraded Cellectis (CLLS) to Market Perform from Outperform without a price target. The company announced a major change to its strategy, halting further development of allogeneic CAR T cells for hematology and pivoting to Talen-based, in vivo, genetic medicines for the treatment of cardiovascular disease, the firm tells investors in a research note.

• JPMorgan downgraded Magna (MGA) to Neutral from Overweight with a price target of $72, down from $77. The firm says the company’s large revenue base makes individual contract wins less impactful and its limited non-auto exposure constrains above-market growth.