Wall Street’s top analysts are calling for

Wall Street's most talked-about and market-moving research calls are now in one place. Here are today's research calls investors need to know, compiled by The Fly.

The 5 most important upgrades:

• KeyBanc updated DoorDash (DASH) from Sector Weight to Overweight with a $177 price target. The firm is more confident after its third-quarter mobility and delivery survey that DoorDash is gaining ground in its core and emerging verticals, which should sustain gross order volume growth of over 15% and drive EBITDA of $3.5 billion, or 6% above consensus, by 2026.

• Morgan Stanley upgraded AutoNation (AN) from Equal Weight to Overweight with a price target of $200 (previously $145). The firm believes its previous latent concerns about the franchise dealer business model “have proven largely mitigated” and now sees greater risks in other areas of its U.S. auto coverage.

• Barclays upgraded HP Company (HPE) from Equal Weight to Overweight with a price target of $24 (was $20). The firm believes the company will continue to grow its artificial intelligence server revenue and improve storage capacity, and it is pleased with the gain from the deal with Juniper Networks (JNPR).

• Wells Fargo upgraded Baker Hughes (BKR) from Equal Weight to Overweight with a price target of $42 (was $40) as part of a broader energy services research note. The firm is raising the multiple on the Industrial and Energy Technology (IET) segment, adding to improved outlook and valuation opportunities for this diversified segment, which helps offset the lower multiple on the Oilfield Services and Equipment (OFS) segment, reflecting its “muted views” for this business, consistent with its peers.

• JPMorgan upgraded Petrobras (PBR) from Neutral to Overweight with a price target of $19 (previously $16.50). The firm cited the company's “supportive” free cash flow and “discounted” valuation as the reason for the upgrade.

Top 5 downgrades:

• Morgan Stanley downgraded the rating Rivian Automobiles (RIVN) from Overweight to Equal Weight with a price target of $13 (was $16). The firm believes Rivian's ability to drive competitive computing advances in a financially prudent manner is limited.

• Morgan Stanley downgraded the rating General Motors (GM) from Equal Weight to Underweight with a price target of USD 42 (previously USD 47) and ford (F) from Overweight to Equal Weight with a price target of $12 (was $16). Morgan Stanley cites expectations for larger share losses through the end of the decade, pricing and product mix headwinds, and China risk for the Ford and GM downgrades.

• William Blair's status was downgraded Global Payments (GPN) was downgraded from Outperform to Market Perform with no price target following the investor day. The company's trading business faces structural competitive challenges that are hindering an acceleration of long-term organic revenue growth, the company told investors in a research note. Seaport Research and BTIG also downgraded Global Payments to Neutral following the company's investor day.

• TD Cowen was downgraded Expedia (EXPE) from Buy to Hold with a price target of $150 (up from $130). The company says the turnaround in Expedia's weak business-to-consumer business, which led to forecast cuts over the past three quarters, may take longer than expected.

• Piper Sandler was demoted Tyson Foods (TSN) from Neutral to Underweight with a price target of $50 (previously $57). The firm sees higher downside risk that does not appear to be priced into the shares.

The story continues

Top 5 initiations:

• Wolfe Research began reporting on Apollo Global (APO) with an Outperform rating and a price target of $139. Despite negative revision risk due to lower interest rates, the firm believes the stock's risk-reward proposition is attractive given its significantly discounted valuation relative to peers and several positive catalysts.

• Macquarie began reporting on Riot Platforms (RIOT) with an Outperform rating and a $15 price target. Riot continues to have “massive exposure to the market” as a pure-play, vertically integrated Bitcoin miner that manages infrastructure, power, computing, and cooling technology. Macquarie also initiated coverage on Mara (MARA), Cipher (CIFR), and CleanSpark (CLSK) with Outperform ratings.

• Truist began reporting on Perspective Therapeutics (CATX) with a Buy rating and a $21 price target. The company says the company's two Phase 1 data readouts, one in neuroendocrine tumors and one in melanoma, can potentially provide platform validation and investor credit for its pipeline in the second half of 2024.

• JPMorgan resumed coverage of Alcoa (AA) with a neutral rating and a price target of $36 (down from $32) after a period of restriction. The firm sees limited near-term catalysts for aluminum prices given “conflicting indicators” from China, the U.S. election and the start of a rate-cutting cycle.

• Oppenheimer resumed coverage for McGrath RentCorp (MGRC) with an Outperform rating and a $120 price target. The firm notes that WillScot Holdings (WSC) abandoned its attempt to acquire McGrath on September 18 following a review by the FTC.