Top Calls on Wall Street: CoreWeave, Johnson & Johnson, Lululemon, Lam Research, Oklo and More

Top 5 Upgrades:

• Wells Fargo upgraded CoreWeave (CRWV) to Overweight from Equal Weight with a price target of $170, up from $105. The company is positioned to benefit from the elevated build cycle and hyperscaler industry shortages into 2026, the firm tells investors in a research note. Melius Research also upgraded CoreWeave to Buy from Hold with a price target of $165, up from $128.

• Wells Fargo upgraded Omnicom (OMC) to Overweight from Equal Weight with a price target of $91, up from $78. The stock's upside potential versus downside risk is "compelling" near the close of the Interpublic Group (IPG) merger, the firm tells investors in a research note.

• Guggenheim upgraded Johnson & Johnson (JNJ) to Buy from Neutral with a price target of $206, up from $167. The firm is comfortable with how the company navigated the loss of exclusivity for Stelara and expects its Innovative Medicine business will drive the next era of growth.

• Bernstein upgraded United Rentals (URI) to Outperform from Market Perform with a price target of $1,128, up from $885, implying 20% upside from current levels. The firm views United as cyclical rebound and portfolio transition story.

• Jefferies upgraded Onto Innovation (ONTO) to Buy from Hold with a price target of $170, up from $100. The firm tells investors to look past the company's near term "hurdles" as its growth will reaccelerate in the second half of 2026.

Top 5 Downgrades:

• Baird downgraded Lululemon (LULU) to Neutral from Outperform with a price target of $195, down from $225. The firm has low near-term confidence in the company's growth and margin trajectory.

• KeyBanc downgraded Lam Research (LRCX) to Sector Weight from Overweight without a price target. The firm believes strong memory pricing may take time to drive new tool demand.

• Citizens JMP downgraded CyberArk (CYBR) to Market Perform from Outperform without a price target citing the pending acquisition by Palo Alto Networks (PANW). The firm does not anticipate a superior proposal at this time and believes the transaction will close in accordance with the noted timeline.

• Seaport Research downgraded Oklo (OKLO) to Neutral from Buy without a price target following the groundbreaking for the company's first reactor installation at the Idaho National Laboratory. The firm still sees a "number of positives" in the company's business development, but is stepping to the sidelines based on valuation.

• Jefferies downgraded Vistra (VST) to Hold from Buy with a price target of $230, down from $241, following the 160% run-up in stock in the past year, which the firm attributes to the expectation of a Comanche Peak nuclear deal. With the rally to $200-plus "beyond what any bull could have predicted years ago," the stock is now pricing in a 100% probability that Comanche is contracted at $100/MWh and 75% odds that PJM nuclear assets are contracted at $88/MWh, argues the firm.

Top 5 Initiations:

• Goldman Sachs reinstated coverage of Dick's Sporting (DKS) with a Buy rating and $274 price target. The firm says Dick's is now the largest sporting goods retailer in the world following the acquisition of Foot Locker.

• BofA initiated coverage of Atlassian (TEAM) with a Neutral rating and $200 price target. The firm believes that accelerating the end of sales and support for its Data Center offering and two large acquisitions could make it more difficult for the company to show what its durable long-term revenue growth profile is, so the firm believes the risk/reward is balanced until there is more clarity.

• Evercore ISI initiated coverage of iRhythm (IRTC) with an In Line rating and $185 price target. The firm says shares are currently trading at slight premium to the peer set, which, while "justified," causes Evercore to start the stock with an In Line rating.

• Lake Street initiated coverage of Monopar Therapeutics (MNPR) with a Buy rating and $106 price target. Based on the firm's assumption of 5,000 U.S. patients, it forecasts 2033 U.S. ALXN1840 sales of greater than $900M.

• Wells Fargo initiated coverage of Sila Realty Trust (SILA) with an Equal Weight rating and $27 price target. The company offers better than peer average growth, but this is partially offset by uncertainty around its pipeline and expected credit performance, the firm tells investors in a research note.