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: 

Wells Fargo upgraded Airbnb (ABNB) to Overweight from Equal Weight with a price target of $178, up from $136. The company is accelerating its pace of innovation, which makes “upside options a reality,” the firm tells investors in a research note.

Argus upgraded UnitedHealth (UNH) to Buy from Hold with a $400 price target. The company reported “strong” Q1 as it pursues higher margins in its insurance lines, the firm tells investors in a research note.

Barclays upgraded Qorvo (QRVO) to Overweight from Equal Weight with a price target of $100, up from $95. The firm believes Apple’s (AAPL) pushed out lower-end phone launch timing creates a “buy the cut event.” Barclays also upgraded Skyworks (SWKS) and Seagate (STX) to Overweight.

BofA double upgraded Twilio (TWLO) to Buy from Underperform with a price target of $190, up from $110. The firm, which sees positive inflections in its strategic positioning in AI and its fundamentals, thinks Twilio will prove to be one of the key infrastructure layers for AI-driven voice and messaging uses cases.

UBS upgraded Biogen (BIIB) to Buy from Neutral with a price target of $225, up from $185. The firm has increased conviction on Biogen’s pipeline catalysts coming over the next 12-15 months.

Top 5 Downgrades:

Morgan Stanley downgraded Zscaler (ZS) to Equal Weight from Overweight with a price target of $155, down from $200. The firm believes the company’s platform story is not playing out given Red Canary’s lack of traction.

Vertical Research downgraded FMC (FMC) to Underperform from Hold with a price target of $14, down from $16. The firm sees potential for “mounting fundamental and financial stress” at FMC.

BofA downgraded GitLab (GTLB) to Neutral from Buy with a price target of $27, down from $58. The firm thinks the risk/reward is balanced until it sees strong proof points that the company’s agentic orchestration software development platform strategy is working.

William Blair downgraded Driven Brands (DRVN) to Market Perform from Outperform without a price target. The company’s additional annual filing delay and audited results for Q1 “does little to ease investor concerns,” the firm tells investors in a research note.

Barclays downgraded Prudential (PRU) to Underweight from Equal Weight with a price target of $91, down from $110. The company has “too many headwinds to work through,” the firm tells investors in a research note.