Chipotle downgraded, Darden upgraded: Wall Street's top analyst calls

Chipotle downgraded, Darden upgraded: Wall Street's top analyst calls The Fly Mon, August 24, 2026 at 3:54 PM GMT+2 4 min read CMG WEAV WHR DPZ EAT Chipotle downgraded, Darden 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:  Baird upgraded Darden (DRI) to Outperform from Neutral with a price target of $250, up from $220, after a transfer in analyst coverage.

The firm views Darden as a core casual dining holding with "reliable sales drivers, strong execution, and a durable growth algorithm. " Raymond James upgraded Allegiant Travel (ALGT) to Strong Buy from Outperform with a price target of $116, down from $138. Despite a greater quarter-to-date share pullback, Allegiant remains attractive given margin recovery opportunities, capacity flexibility, strong revenue trends, and Sun Country synergies, with elevated fuel and integration execution as near-term risks, the firm tells investors in a research note.

UBS upgraded Celestica (CLS) to Buy from Neutral with a price target of $430, up from $410. The firm sees strong AI-driven demand for ethernet switching and machine learning compute, together with a 1. 6T rack scale solution for OpenAI, accelerating Celestica's revenue and earnings growth in fiscal 2027.

Wolfe Research upgraded PulteGroup (PHM) to Outperform from Peer Perform with a $158 price target. The firm believes PulteGroup is well positioned to outperform peers in a challenging demand environment as the company's balanced consumer segmentation continues supporting fundamental resilience. Wolfe Research upgraded Janux Therapeutics (JANX) to Outperform from Peer Perform with a $23 price target.

The firm, whose analysis suggests potent B cell depletion and low CRS is "feasible" for JANX011, thinks the autoimmune data due in Q4 could change the stock's recent downward trajectory. Top 5 Downgrades: Baird downgraded Chipotle (CMG) to Neutral from Outperform with a price target of $40, down from $44, after a transfer in analyst coverage. The firm believes greater reinvestment, and thus slower margin recovery, will be required to for Chipotle generate low-single-digit comps versus the mid-single-digit growth it achieved historically.

Baird downgraded Domino's Pizza (DPZ) to Neutral from Outperform with an unchanged price target of $350 after a transfer in analyst coverage. The firm cites valuation for the downgrade with the shares near the price target. Wells Fargo double downgraded Canada Goose (GOOS) to Underweight from Overweight with a price target of C$10, down from C$16.

The macro environment, including warmer weather and tariffs, is against the company, the firm tells investors in a research note. UBS downgraded Klarna (KLAR) to Neutral from Buy with a price target of $16, down from $23. The firm continues to believe Klarna has a number of positives, but says it is challenging to recommend the shares following the Q2 report.

Raymond James downgraded Weave (WEAV) to Market Perform from Outperform without a price target after the company entered into an agreement to be acquired by Francisco Partners for $650M or $7. 40 per share in cash. Story Continues Top 5 Initiations:  Deutsche Bank initiated coverage of Jersey Mike's Subs (JMKE) with a Buy rating and $27 price target.

The firm says Jersey Mike's is a "pure-play franchisor offering an attractive, predictable growth algorithm. " Evercore ISI, Raymond James, Mizuho, Jefferies, UBS, Stifel, Morgan Stanley, JPMorgan, William Blair, BTIG, TD Cowen, BofA, Baird, Truist, RBC Capital and Guggenheim also started coverage of the name with Buy-equivalent ratings, while Berstein, Wells Fargo and Wolfe Research initiated the stock with Neutral-equivalent ratings. Telsey Advisory initiated coverage of Reformation (REF) with an Outperform rating and $20 price target.

Reformation's exclusive private-label assortment creates a strong moat around brand, pricing, and margins, while its data-driven merchandising model, roughly 90% of DTC apparel revenue from proven styles and about 80% sold at full price, limits markdown risk and enables rapid response to demand, the firm tells investors in a research note. Guggenheim, BTIG, JPMorgan, Piper Sandler, William Blair, RBC Capital, Baird, and Citi also started coverage of Reformation with Buy-equivalent ratings, while Morgan Stanley initiated the stock with an Equal Weight Perform. Baird initiated coverage of Brinker (EAT) with an Outperform rating and $325 price target.

The firm says Brinker has completed one of the restaurant industry's "most impressive" operating turnarounds, as Chili's simplified its menu, improved execution and hospitality, and expanded advertising reach. Wells Fargo initiated coverage of Whirlpool (WHR) with an Equal Weight rating and $42 price target. The company's self-help initiatives offer potential for long-term share upside, but Well sees near-term risks for Whirlpool given the tough discretionary environment and its persistent promotions.

Wells Fargo initiated coverage of Fortune Brands (FBIN) with an Overweight rating and $52 price target. The firm sees value unlocking in the shares should the company's plumbing execution improve and its streamlines the outdoor and security segments.