Toast upgraded, PayPal downgraded: Calls from top Wall Street analysts

The most talked-about and market-moving market research calls on Wall Street are now in one place. Here are today’s research calls that investors should know about, compiled by The Fly.

Top 5 updates:

• JPMorgan updated Toll Brothers (TOL) to Overweight from Neutral with a price target of $161, up from $138. The company finds Toll’s valuation attractive given the company’s “solidly above average” gross and operating margins.

• JPMorgan updated Toast (TOST) to Overweight from Neutral with an unchanged price target of $43. The company sees potential for improvement in estimates if the exchange is regulated.

• Citizens JMP updated accelerator (ARX) will outperform the market with a $20 price target. Stock weakness since the company’s initial public offering in July has been driven by “overblown fear” related to related-party dealings, the company tells investors in a research note.

• Improved colliers UMH Properties (UMH) to Buy from Neutral with a price target of $17, up from $16. The firm says the manufactured housing sector continues to benefit from elevated multiples given its “defensive characteristics” and “resilience to broader economic challenges.”

• Raymond James updated Descartes Systems (DSGX) will outperform the market with a price target of $118. The stock now trades near the bottom of its 10-year EBITDA multiple range, positioning the stock well for a potential freight market recovery, says Raymond James.

Top 5 Downgrades:

• JPMorgan downgraded its rating PayPal (PYPL) to Neutral from Overweight with a price target of $70, down from $85. The firm considers that 2026 is a “year of execution and investment” for the company.

• Goldman Sachs discounted m2 (SQM) to Neutral from Buy with a price target of $63, up from $45. The stock, after rising 80% so far this year, has outpaced the company’s fundamentals, the company tells investors in a research note.

• JPMorgan downgraded its rating Lennar (LEN) to Underweight from Neutral with a price target of $115, down from $118. The firm maintains a cautious stance on the homebuilding sector for 2026.

• Goldman Sachs discounted halozyme (HALO) to sell from Neutral with a price target of $56. The current valuation implies a terminal value assuming approximately $34 billion in product revenue from new partners by 2041, a level that appears achievable only in optimistic scenarios despite the recent acquisition of Elektrofi, the company claims.

• JPMorgan downgraded its rating Fiserv (FISV) to Neutral from Overweight with an unchanged price target of $85. The firm considers that 2026 is a “year of execution and investment” for the company.

The 5 main initiations:

• Citi initiated coverage of united airlines (UAL) with a Buy rating and a $132 price target. The firm believes the setup is positive for airlines with an “elongated midcycle” beginning in 2026. Citi also initiated Delta Air Lines (DAL) and American Airlines (AAL) with Buy ratings, and Southwest (LUV) with a Neutral rating.

• Susquehanna initiated coverage of GE Aerospace (GE) with a positive rating and a $350 price target. Between its own engines and those of its CFM International 50-50 joint venture with Safran, GE powers three of every four commercially powered flights globally with a “vast” installed base of more than 45,000 commercial engines and more than 25,000 military engines that are growing at a mid-single-digit rate, respectively, the company tells investors.

• Jefferies resumed coverage of Hershey (HSY) with a Hold rating and a $181 price target. While the firm applauds Hershey’s overcoming cocoa cost pressures through pricing, innovation, cost savings and the shift to salty growth vectors in 2025 and notes that a margin recovery is “on the move,” it maintains that the current valuation near the top end of the stock’s ten-year range already reflects this.

• Guggenheim began coverage of monday.com (MNDY) with a Buy rating and a $250 price target, representing 64% upside potential. Monday.com has moved from a viral self-service strategy to a more sales-oriented, multi-product, luxury approach, the company notes.

• Truist initiated coverage of Cava Group (CAVA) with a Buy rating and a $66 price target. The firm claims that Cava is the leading fast-casual food concept in the Mediterranean and should continue to be one of the fastest growing restaurant chains.

First published in the fly – the definitive source of breaking financial news that moves the market in real time. Try it now >>

See the top stocks recommended by analysts >>

Read more about TOST:

Disclaimer and disclosure Report a problem