Spotify upgraded, First Solar downgraded: Wall Street’s top analyst calls

Spotify upgraded, First Solar downgraded: Wall Street’s top analyst calls

The Fly

Thu, February 26, 2026 at 11:42 PM GMT+9 3 min read

In this article:

•                                       StockStory Top Pick 
  

  FSLR

  -0.77%

  TTD

  -6.44%

 SPOT  

 +4.16%  

 

 

 USB-PR  

 -0.18%  

 

 

 MOS  

 +0.78%  

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 Upgrades: 
**

Arete upgraded **Spotify **(SPOT) to Buy from Neutral with a $586 price target. Arete sees the company's Premium gross margins getting better and views Spotify's AI disruption risk as minimal.

TD Cowen upgraded **Nasdaq **(NDAQ) to Buy from Hold with a price target of $106, up from $105, following the investor day. The firm cites the recent pullback in the shares and its greater confidence in the durability of Nasdaq's platform, particularly in financial technology, for the upgrade.

Wells Fargo upgraded **Alcon **(ALC) to Overweight from Equal Weight with a price target of $97, up from $88. The firm sees upside to the company's 2026 guidance, saying new product cycles are starting to benefit Alcon's growth.

H.C. Wainwright upgraded **Joby Aviation** (JOBY) to Buy from Neutral with an $18 price target. The firm cites continued progress on the company's certification milestones that are now in the final stages of completion for the upgrade.

Truist upgraded **U.S. Bancorp** (USB) to Buy from Hold with a price target of $66, up from $61. Shares offer an attractive risk/reward as the company completes the shift to its front foot with net interest margin inflecting positively, a higher degree of balance sheet and capital flexibility, and the possibility of sustainable positive operating leverage for the next few years, the firm tells investors in a research note.

Top Downgrades:

Deutsche Bank downgraded** First Solar **(FSLR) to Hold from Buy with a price target of $245, down from $300, following "disappointing" Q4 results and a "weak" 2026 outlook. The firm notes challenging conditions in the market, tariffs impacting the movement of volumes from India to the U.S. and overall portfolio changes with the onshoring of the finishing line.

Loop Capital downgraded **Trade Desk** (TTD) to Hold from Buy with a price target of $25, down from $75. Trade Desk reported a Q4 beat but with lower-than-expected guidance, the Loop analyst tells investors in a research note.

BofA double downgraded **Oddity **(ODD) to Underperform from Buy with a price target of $10, down from $58, after the company disclosed meaningful challenges in acquiring new users along with its Q4 report. The issue, discovered in late January, led Oddity to give Q1 revenue guidance of down 30% year-over-year and forgo providing full year guidance, notes the firm, which forecasts revenue to be down 21.5% in 2026 and sees a low likelihood of recovery until at least 2027.  Barclays also cut the stock to Underweight, while JPMorgan downgraded Oddity to Neutral.

JPMorgan downgraded **Mosaic **(MOS) to Underweight from Neutral with an unchanged price target of $24. The company is likely to experience lower earnings in 2026 as a base case, the firm tells investors in a research note.

Citizens downgraded **C3 AI** (AI) to Market Perform from Outperform without a price target. The company reported "very disappointing" fiscal Q3 results, the firm tells investors in a research note.

 






Story Continues  

**Top Initiations: **

KGI Securities initiated coverage of **Five Below **(FIVE) with an Outperform rating and $267 price target.

William Blair initiated coverage of **Builders FirstSource** (BLDR) with an Outperform rating and no price target. The firm sees as much as 50% share upside in its bull case for a housing recovery and market share gains.

Wedbush initiated coverage of **Eikon Therapeutics **(EIKN) with an Underperform rating and $7 price target. The firm believes the company has "expensive clinical programs with significant clinical risk."

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