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:

• Loop Capital upgraded Alphabet (GOOGL) to Buy from Hold with a price target of $320, up from $260. Google’s search results “remain as healthy as ever” while traffic share to Gemini has doubled year-over-year, and the position of Google Cloud and size of opportunity for its proprietary artificial intelligence processors “is becoming better appreciated,” the firm tells investors in a research note.

• Stifel upgraded Deckers Outdoor (DECK) to Buy from Hold with an unchanged price target of $117 after hosting management meetings with investors. Deckers’ “re-rated multiple” presents an attractive valuation, the firm tells investors in a research note.

• UBS upgraded One Gas (OGS) to Neutral from Sell with a price target of $86, up from $66. The company’s earnings outlook has improved, and the stock’s valuation is now more balanced, the firm tells investors in a research note.

• Wells Fargo upgraded Pennant Group (PNTG) to Overweight from Equal Weight with a price target of $31, up from $29. The firm sees upside in the stock even with conservative home health reimbursement rate assumptions.

• BofA upgraded Illinois Tool Works (ITW) to Neutral from Underperform with a price target of $255, up from $220. The firm expects year-over-year margin expansion to be strong in 2026 and thinks the strong margin expansion will drive EPS growth to be relatively in line with peers in 2026-2027, the firm tells investors.

Top 5 Downgrades:

• Rothschild & Co Redburn downgraded Amazon.com (AMZN) to Neutral from Buy with an unchanged price target of $250. The firm believes investors are giving companies “too much benefit of the doubt,” pricing in the heavy spending as if it carried cloud 1.0-level returns, “even though there is no clear path back to those economics.”

• Rothschild & Co Redburn downgraded Microsoft (MSFT) to Neutral from Buy with a price target of $500, down from $560. The firm says, “it is time to take a more cautious stance on the hyperscalers.”

• JPMorgan downgraded Rocket Pharmaceuticals (RCKT) to Underweight from Neutral without a price target. The firm believes Rocket has an “interesting” gene therapy portfolio primarily aimed at rare, genetically driven heart conditions.

• BofA double downgraded Honeywell (HON) to Underperform from Buy with a price target of $205, down from $265. The catalyst path is “challenging”, and the Solstice spin and Aerospace CEO have not matched the firm’s and investor expectations, adds BofA, which thinks shares will continue to lag when coupled with no EPS growth in 2026.

• Barclays downgraded Federal Realty (FRT) to Equal Weight from Overweight with a price target of $106, down from $113. The firm adjusted ratings in the real estate investment group following a round of model updates post the Q3 reports.