Qualcomm, Adobe downgraded: Wall Street's top analyst calls

<p>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.<br/>Top 5 Upgrades: </p>
<ul>
<li> <p class="yf-1fy9kyt">Clear Street upgraded Circle Internet</p><a href="https://finance.yahoo.com/quote/CRCL/">(CRCL)</a>to Buy from Hold with a price target of $136, up from $92. The firm cites five catalysts driving USDC market cap and adoption despite a roughly 44% drawdown in broader crypto markets since October of last year, namely tokenization; rediction markets; conflicts in the Middle East; the convergence of agentic AI and programmable stablecoins that creates a structural demand driver; and regulatory clarity given President Trump's public support for the CLARITY Act.</li>
<li> <p class="yf-1fy9kyt">Arete upgraded Trade Desk</p><a href="https://finance.yahoo.com/quote/TTD/">(TTD)</a>to Neutral from Sell with a $25 price target. The firm sees pressure on management to "restore investor confidence" with shares down 49% in the last 12 months.</li>
<li> <p class="yf-1fy9kyt">Berenberg upgraded Ecolab</p><a href="https://finance.yahoo.com/quote/ECL/">(ECL)</a>to Buy from Hold with a price target of $326, up from $300. The firm expects the price increases to be implemented swiftly and become a "sticky component of Ecolab's structural pricing, rather than being rolled back."</li>
<li> <p class="yf-1fy9kyt">Keefe Bruyette upgraded PennyMac Financial</p><a href="https://finance.yahoo.com/quote/PFSI/">(PFSI)</a>to Outperform from Market Perform with an unchanged price target of $115. The firm cites valuation for the upgrade with 38% upside to the price target.</li>
<li> <p class="yf-1fy9kyt">Keefe Bruyette upgraded Rocket Companies</p><a href="https://finance.yahoo.com/quote/RKT/">(RKT)</a>to Outperform from Market Perform with a price target of $22, up from $20. The firm cites valuation for the upgrade with shares down 25% year-to-date.</li>
</ul>
<p>Top 5 Downgrades:</p>
<ul>
<li> <p class="yf-1fy9kyt">Seaport Research downgraded Qualcomm</p><a href="https://finance.yahoo.com/quote/QCOM/">(QCOM)</a>to Sell from Neutral with a $100 price target. The memory crunch is likely going to hurt Qualcomm's customers the hardest, argues the firm, which views the company as set to lose share even while its addressable market shrinks this year.</li>
<li> <p class="yf-1fy9kyt">Argus downgraded Adobe</p><a href="https://finance.yahoo.com/quote/ADBE/">(ADBE)</a>to Hold from Buy. Adobe reported a 12% growth in operating income in Q1, and the company continues to innovate leveraging generative AI innovations rapidly across its product set, though its results were overshadowed by the announcement that 18-year CEO Narayan has decided to step down, the firm tells investors in a research note.</li>
<li> <p class="yf-1fy9kyt">Jefferies downgraded Incyte</p><a href="https://finance.yahoo.com/quote/INCY/">(INCY)</a>to Hold from Buy with a price target of $94, down from $120, after transfer in analyst coverage. The firm cites patent cliff concerns for the downgrade.</li>
<li> <p class="yf-1fy9kyt">Jefferies downgraded Alnylam</p><a href="https://finance.yahoo.com/quote/ALNY/">(ALNY)</a>to Hold from Buy with a price target of $330, down from $522, after transfer in analyst coverage. The firm is "impressed" with the company's RNAi platform but says the shares are "priced to perfection."</li>
<li> <p class="yf-1fy9kyt">Jefferies downgraded Immunocore</p><a href="https://finance.yahoo.com/quote/IMCR/">(IMCR)</a>to Hold from Buy with a price target of $33, down from $48, after transfer in analyst coverage. While Immunocore has a real product in Kimmtrak, uveal melanoma is a moderate total addressable market and its sales are approaching peak, the firm tells investors in a research note.</li>
</ul>