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:

• Jefferies upgraded Bristol Myers (BMY) to Buy from Hold with a price target of $70, up from $63. The firm thinks Cobenfy can become a $10B-plus drug, is getting "increasingly more confident" that Milvexian could hit on non-inferiority and has gotten more visibility on profit-and-loss and believes the thesis that the EPS floor will break $6 is "gone," noting that it sees an EPS trough in 2029 or earlier with operating leverage.

• JPMorgan upgraded NetApp (NTAP) to Overweight from Neutral with a price target of $160, up from $150. The firm expects an acceleration in revenue growth, helped by improving IT budgets towards datacenters and storage infrastructure in preparation of enterprises looking to leverage artificial intelligence use cases.

• JPMorgan upgraded Okta (OKTA) to Overweight from Neutral with an unchanged price target of $100. The firm thinks the company's initial 7% growth expectations set a conservative bar for growth in fiscal 2026, and sees potential for meaningful improvement in Okta's fundamental performance and multiple expansion with execution.

• Gordon Haskett upgraded Macy's (M) to Buy from Hold with a $20 price target, which suggests over 20% upside from current levels. Macy's tone on current business trends "was very upbeat," which brings confidence that the company can deliver a positive comp in Q4, the firm tells investors in a research note.

• Exane BNP Paribas upgraded Equifax (EFX) to Outperform from Neutral with a $305 price target. The firm adjusted ratings in the business services sector as part of its 2025 outlook.

Top 5 Downgrades:

• Loop Capital downgraded Netflix (NFLX) to Hold from Buy with a price target of $950, up from $800. The firm says Netflix "has rarely, if ever, looked better positioned than it does currently," but the stock is trading at historically high valuation multiples and as such, Loop believes the shares are now approaching fair value.

• Monness Crespi downgraded MongoDB (MDB) to Sell from Neutral with a $220 price target. MongoDB's Atlas is "mired in a protracted growth slump and void of the powerful tailwind implicit in the industry's gen AI propaganda," the company is wrestling with a go-to-market transition and the CFO, who also holds the COO title," decided to call it quits last week," says the firm.

• Goldman Sachs downgraded Universal Health (UHS) to Neutral from Buy with a price target of $198, down from $228. Amid rising policy uncertainty, with a wide range of potential outcomes, Goldman is taking a more cautious view on healthcare providers, the firm tells investors in a research note. With this view, the firm also downgraded hospitals Tenet (THC) to Neutral, while upgrading Lifestance Health Group (LFST) to Buy.

• New Street downgraded Match Group (MTCH) to Neutral from Buy with a price target of $34, down from $48, following last week's investor day. The firm cites the lack of visibility into how Tinder monetization improvement is expected to unfold for the downgrade.

• Stifel downgraded Biogen (BIIB) to Hold from Buy with a $175 price target. It's been a challenging year and while there are other reasons that are contributing, it's "mostly driven" by the "much slower than expected" launch of lecanemab, the firm tells investors