Shopify downgraded, Five Below upgraded: Wall Street's top analyst calls

Shopify downgraded, Five Below upgraded: Wall Street's top analyst calls The Fly Tue, July 21, 2026 at 3:40 PM GMT+2 4 min read TOST FIVE SRPT TSCO ESTC Shopify downgraded, Five Below upgraded: Wall Street's top analyst calls 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: Bernstein upgraded Five Below (FIVE) to Outperform from Market Perform with a price target of $250, up from $247, which offers 22% upside.

The company is in a stronger fundamental position, with improved merchandising and marketing supporting a sustainable mid-single-digit comps, the firm tells investors in a research note. Raymond James upgraded Ralph Lauren (RL) to Outperform from Market Perform with a $410 price target, citing increasing confidence in upside to expectations in FY27. The firm's channel checks for fiscal Q1 were "very positive" and indicated quarter-over-quarter acceleration for website traffic, mobile app data, and Google Trends, reports Raymond James, which sees upside in Q1 it believes will carry through to the rest of FY27.

HSBC upgraded Goldman Sachs (GS) to Hold from Reduce with a price target of $995, up from $834. The firm cites the bank's better earnings outlook and valuation multiple compression for the upgrade. Morgan Stanley upgraded Fortinet (FTNT) to Equal Weight from Underweight with a price target of $133, up from $80.

The firm says its sell thesis on Fortinet ignored the strength of the hardware cycle taking place given AI preparedness investment. Jefferies upgraded AdaptHealth (AHCO) to Buy from Hold with a price target of $13, up from $11. With its underperforming diabetes business divested, just as the core DME business sees incremental growth opportunities from the company's success in winning and expanding capitation agreements with large managed care organizations, the analyst views the stock as "now positively biased.

" Top 5 Downgrades: Rothschild & Co Redburn downgraded Shopify (SHOP) to Neutral from Buy with a price target of $130, down from $160. The firm cites competition from Meta Platforms (META) for the downgrade, as the latter is pivoting from a consumer AI assistant to a small business AI tool, "resulting in a longer growth runway, wider moat, and higher margins and returns. " Morgan Stanley downgraded Adobe (ADBE) to Underweight from Equal Weight with a price target of $240, down from $365.

The firm says Adobe's freemium, leadership, and reinvestment transitions "compound execution risk" as generative AI disruption increasingly clouds its path to annual recurring revenue reacceleration. Morgan Stanley downgraded Workday (WDAY) to Underweight from Equal Weight with a price target of $145, down from $185. Despite Workday's strong competitive position and long-term AI automation opportunity, the pace of AI-driven growth is expected to be gradual, leaving an uncertain growth and margin outlook with limited near-term catalysts and greater downside risk than peers at its current valuation, the firm tells investors in a research note.

Morgan Stanley also downgraded Salesforce (CRM) , Intuit (INTU) , Elastic (ESTC) and JFrog (FROG) to Equal Weight. Susquehanna downgraded Live Nation (LYV) to Neutral from Positive with a price target of $186, up from $181. The firm sees "little room for error" in the company's earnings report with the shares up 27% year-to-date.

Jefferies downgraded Datadog (DDOG) to Hold from Buy with a price target of $280, up from $210. The firm says its thesis on Datadog being an AI beneficiary and category leader has largely played out in the first half of 2026. Story Continues Top 5 Initiations: Citi resumed coverage of Ligand (LGND) with a Buy rating and $387 price target following the close of the Xoma acquisition.

The firm views the deal as "highly compelling" and sees upside from current share levels. Argus initiated coverage of Versigent (VGNT) with a Buy rating and $50 price target. Versigent is a high-quality industrial technology company with significant margin expansion potential, supported by strong customer relationships, recurring revenue, competitive advantages, and opportunities for value creation through operational improvements and shareholder returns, the firm tells investors in a research note.

BMO Capital initiated coverage of LB Pharmaceuticals (LBRX) with an Outperform rating and $46 price target. While antipsychotic therapies have been well established in schizophrenia treatment, LB-102 has demonstrated strong initial Phase 2 data -including fast action efficacy and large effect size - that could position the product as differentiated among approved therapies, the firm tells investors. BMO Capital initiated coverage of Axsome Therapeutics (AXSM) with an Outperform rating and $310 price target.

The firm says the recent approval of Axsome's Auvelity in Agitation associated with dementia has positioned the company to offer the first therapy without mortality risk warnings. BMO Capital initiated coverage of MapLight Therapeutics (MPLT) with an Outperform rating and $46 price target. The firm looks to data in August to validate ML-007C-MA's improved tolerability profile supporting long-term unadjustetd revenue expectations of $2.

3B in the indication.