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:

• Citi upgraded Keurig Dr Pepper (KDP) to Buy from Neutral with a price target of $43, up from $36. The firm sees volume improvement in U.S. coffee, which represents 26% of the company's sales but the largest driver of the stock's multiple, in the second half of 2024 supported by easier comparisons, the recent improvement in scanner data, new brands contributions, and potential upside from the recently launched K Brew + Chill

• Citi double upgraded Ciena (CIEN) to Buy from Sell with a price target of $68, up from $44. The company's "extended overhang" from excess inventory and weak demand in cable is gradually lifting and will yield a return to mid- to high-single digit growth in fiscal 2025, the firm tells investors in a research note.

• BofA upgraded On Holding (ONON) to Neutral from Underperform with a price target of $55, up from $21. The company reported Q2 revenue growth of 29% with retail growth accelerating at the start of Q3, the firm notes, adding that this makes On one of the fastest growing brands across European sporting goods and consumer discretionary overall.

• Deutsche Bank upgraded BNY Mellon (BK) to Buy from Hold with a price target of $80, up from $66, after hosting meetings with management. The firm sees BNY generating positive operating leverage annually, helping drive double-digit earnings growth.

• Oppenheimer upgraded Marinus Pharmaceuticals (MRNS) to Outperform from Perform with a $6 price target. The firm views the risk/reward for the shares as attractive ahead of the Phase 3 TrustTSC topline results expected in early Q4.

Top 5 Downgrades:

• DA Davidson downgraded Microsoft (MSFT) to Neutral from Buy with an unchanged price target of $475. The firm believes competition has "largely caught up with Microsoft on the AI front," which reduces the justification for the current premium valuation.

• Bernstein downgraded General Motors (GM) to Market Perform from Outperform with a $53 price target. The shares have appreciated 85% since last November, but Bernstein's data now signals rising earnings headwinds.

• TD Cowen downgraded Ulta Beauty (ULTA) to Hold from Buy with an unchanged price target of $395. The firm sees a lack of upside to Street estimates as comps likely remain negative in the near term and the industry undergoes further normalization.

• Truist downgraded Analog Devices (ADI) to Hold from Buy with a price target of $233, down from $266. Truist recognizes Analog Devices' fundamentals appear to have recently bottomed, and it expects a significant recovery in 2025, but says the stock is also trading at 28-times estimates 2025 earnings. The firm also downgraded Microchip (MCHP) to Hold from Buy with a price target of $80, down from $89.

• Raymond James downgraded Palantir Technologies (PLTR) to Market Perform from Outperform without a price target. The firm remains "enthusiastic" about Palantir's longer term positioning in artificial intelligence, but downgraded the shares given its view that the stock "needs to consolidate stellar gains over the last couple of years and grow into its rich valuation."

Top 5 Initiations:

• Deutsche Bank initiated coverage of Pinterest (PINS) with a Buy rating and $43 price target. The firm views Pinterest as an "under-monetized," scaled, increasingly personalized "digital catalog" that attracts an affluent, high purchase-intent user base.

• Needham initiated coverage of Flutter Entertainment (FLUT) with a Buy rating and $270 price target. The firm sees Flutter's leadership position in the U.S. as an "increasingly important" earnings driver for the company, powering 25% annual global adjusted EBITDA growth over the next three years and "well over" $10 of GAAP earnings per share in 2027.

• MoffettNathanson initiated coverage of Trade Desk (TTD) with a Neutral rating and $100 price target. Trade Desk has emerged as the main beneficiary of the shift to connected TV "with a deep moat" and support from both sides of the advertising marketplace, the firm tells investors in a research note.

• BMO Capital initiated coverage of OneStream (OS) with an Outperform rating and $38 price target. OneStream is positioned to gain share given strength in data management, consolidation, and machine learning, which help differentiate it against a "crowded field of both legacy and modern competitors," the firm tells investors in a research note.

• Wells Fargo initiated coverage of Core & Main (CNM) with an Overweight rating and $52 price target. The firm sees an opportunity post pullback in the shares.