Wayfair upgraded, Instacart initiated: 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:

Barclays upgraded Wayfair (W) to Overweight from Equal Weight with a price target of $123, up from $104. The company's market share accelerated in 2025 and should continue in 2026, the firm tells investors in a research note.
Oppenheimer upgraded McDonald's(MCD) to Outperform from Perform with a $355 price target. The firm is more bullish in the restaurant sector into 2026 following 2025's underperformance.
Barclays upgraded Lowe's (LOW) to Overweight from Equal Weight with a price target of $285, up from $259. The firm upgraded the shares as part of its broadlines, hardlines and food retail outlook for 2026. Barclays expects improvements in discretionary goods demand, especially among mid- and high-income consumers who will benefit from upcoming tax changes.
Piper Sandler upgraded Hershey (HSY) to Overweight from Neutral with a price target of $213, up from $193. The firm says the continued easing of cocoa costs and the removal of cocoa tariffs give Hershey "significant flexibility" to reinvest for growth and grow earnings ahead of its algorithm.
BofA double upgraded Regeneron (REGN) to Buy from Underperform with a price target of $860, up from $627. The firm's more bullish view is driven by multiple factors, including the fact that its prior Underperform thesis around Eylea SD has played out as consensus estimates have come down.

Top 5 Downgrades:

Jefferies downgraded First Solar(FSLR) to Hold from Buy with a price target of $260, down from $269. The firm is cautious on the shares in 2026, citing the company's limited booking visibility and "emerging strategic questions."
Oppenheimer downgraded Yum! Brands(YUM) to Perform from Outperform with no price target following the stock's outperformance in 2025. After a 13% advance in its top large cap pick in 2025, the firm views Yum's risk/reward as "more fairly balanced."
BMO Capital downgraded Union Pacific(UNP) to Market Perform from Outperform with a price target of $255, down from $270. Given limited visibility into regulatory outcomes and continued softness in freight demand, the firm is adopting a cautious stance.
Piper Sandler downgraded Deckers Outdoor(DECK) to Underweight from Neutral with a price target of $85, down from $100. The shares are up 34% since early November but Deckers has "leaned into" discounting at both its Hoka and Ugg brands beginning this summer, the firm tells investors in a research note.
Wells Fargo downgraded Humana (HUM) to Equal Weight from Overweight with a $290 price target. The firm is more cautious on achievability of the company's margin objective in 2026 given lack of benefit cuts. Wells also downgraded Universal Health (UHS) to Equal Weight from Overweight.