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:

H.C. Wainwright double upgraded Coinbase (COIN) to Buy from Sell with a price target of $425, up from $300. The firm cites its “bullish outlook” for crypto asset prices in Q4 and the company’s regulatory tailwinds for the double upgrade.

Rothschild & Co Redburn upgraded Warner Bros. Discovery (WBD) to Buy from Neutral with a $28 price target. The company is up for sale and a $27-$30 takeout price seems reasonable, the firm argues.

Telsey Advisory upgraded Steven Madden (SHOO) to Outperform from Market Perform with a $43 price target ahead of next week’s earnings report. The firm believes Kurt Geiger should be a nice complement to the existing business next year and views the company as well positioned to benefit from a potential cyclical improvement in the fashion segment.

Stephens upgraded C.H. Robinson (CHRW) to Overweight from Equal Weight with a price target of $173, up from $135, after the company reported a “solid” Q3 adjusted EPS beat as productivity gains continued.

Barclays upgraded Verisk Analytics (VRSK) to Overweight from Equal Weight with a price target of $275, down from $310. The firm said there is “no doubt” that there are more questions than answers after the Q3 print, though long-term it believes the “headwinds” are temporary/manageable within a 6%-8% growth range.

Top 5 Downgrades:

Oppenheimer downgraded Meta Platforms (META) to Perform from Outperform without a price target following the Q3 report. The company’s “significant” investment in superintelligence despite the unknown revenue opportunity mirrors its Metaverse spending in 2021 and 2022, the firm tells investors in a research note. Benchmark also downgraded Meta Platforms to Hold from Buy and removed the firm’s prior price target.

Deutsche Bank downgraded Boeing (BA) to Hold from Buy with a price target of $240, down from $255. The firm cut its free cash flow estimates through 2028 following the company’s earnings report by up to 56%.

Evercore ISI downgraded Etsy (ETSY) to In Line from Outperform with a price target of $73, up from $72. Etsy produced “a solid beat” in Q3, but the firm thinks the algorithm “loses some appeal here” as its model now points to margin contraction and a modest adjusted EBITDA decline in 2026.

UBS downgraded Fiserv (FI) to Neutral from Buy with a price target of $75, down from $170. The near- to medium-term outlook reset and the associated relative levels of uncertainty make it challenging to recommend the shares despite a reduced valuation, the firm tells investors in a research note. Stephens, Seaport Research, Goldman Sachs, Truist, TD Cowen, B. Riley, Morgan Stanley, and Bernstein also downgraded the stock to Neutral-equivalent ratings.

Barclays downgraded FMC (FMC) to Equal Weight from Overweight with a price target of $22, down from $48, citing “soft results,” limited to no visibility on earnings and a “surprise cut” of its dividend.