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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 Instacart (CART) to Buy from Hold with a price target of $45, up from $38. The company is positioned to beat consensus estimates, trades at "notable growth-adjusted" discount, and is less exposed to geopolitical risks, contends the firm. Wolfe Research upgraded CrowdStrike (CRWD) to Outperform from Peer Perform with a $450 price target. The firm says Anthropic's upcoming model release "has the potential to ignite a machine speed cyberwar the likes of which we have never seen." Jefferies upgraded Expedia (EXPE) to Buy from Hold with a price target of $300, up from $240. The firm sees a buying opportunity in Expedia following the pullback. Arete upgraded Analog Devices(ADI) to Buy from Neutral with a $389 price target. The firm says the company's "structural" businesses can drive 71% of incremental growth this cycle to $19.3B of sales in fiscal 2028, above the consensus estimate of $16.7B. HSBC upgraded Carnival (CCL) to Buy from Hold with a price target of $30.10, down from $33.60. The company's Q4 report shows "continued resilient" demand, improving operating discipline, and the positive impact of deleveraging, the firm tells investors in a research note.

Top 5 Downgrades:

Raymond James downgraded Boston Scientific(BSX) to Outperform from Strong Buy with a price target of $88, down from $97. The firm reduced estimates below consensus to reflect slower trends in Boston Scientific's "key growth areas." Keefe Bruyette downgraded Hartford Financial(HIG) to Market Perform from Outperform with a price target of $149, down from $163. The firm cites concerns about Hartford liability reserve adequacy for the downgrade. Citi downgraded Ovintiv (OVV) to Neutral from Buy with a price target of $62, up from $52. The firm says the company's free cash flow is worse than peers given its less leverage to higher oil prices. Jefferies downgraded PTC Therapeutics(PTCT) to Hold from Buy with a price target of $76, down from $91, following a transfer in analyst coverage. The story has shifted to the Sephience launch, but the firm awaits progress to ascribe more value for additional indications. Barclays downgraded Terns Pharmaceuticals(TERN) to Equal Weight from Overweight with a $53 price target, down from $56, after the company agreed to be acquired by Merck (MRK) for $53 per share.

Story Continues

Top 5 Initiations:

Citizens initiated coverage of Netflix (NFLX) with a Market Perform rating and no price target. The firm sees limited near-term catalysts to drive Netflix's results and awaits a better entry point. BNP Paribas initiated coverage of Starbucks (SBUX) with an Underperform rating and $84 price target. While the firm sees Starbucks as a "high-quality, consumer compounder in a habitual category," it argues that the current valuation "embeds flawless execution" and it sees a high degree of execution risk and a "less linear" turnaround. Goldman Sachs initiated coverage of Qualcomm (QCOM) with a Neutral rating and $135 price target, which offers 4% upside. Goldman believes Qualcomm's diversification efforts will be partly offset by share loss at key smartphone customer accounts like Apple (AAPL). JPMorgan initiated coverage of Seagate (STX) with an Overweight rating and $525 price target. The firm sees potential for Seagate to post significant upside to consensus estimates. GLJ Research initiated coverage of Modine (MOD) with a Buy rating and "Street-high" $290 price target. Private competitor checks and decremental hyperscaler margins emphasize upside to both management's long-term guidance and margins, says the firm, which argues that the analyst community fails to give Modine credit for a North American data center chillers capacity ramp.

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This article first appeared on GuruFocus.

Exploring the Investment Strategies of John Hussman (Trades, Portfolio) in Q4 2025

Warning! GuruFocus has detected 3 Warning Signs with ETSY. Is ETSY fairly valued? Test your thesis with our free DCF calculator.

John Hussman (Trades, Portfolio) recently submitted the 13F filing for the fourth quarter of 2025, providing insights into his investment moves during this period. Dr. John Hussman (Trades, Portfolio) is the president and principal shareholder of Hussman Strategic Advisors, the investment advisory firm that manages the Hussman Funds. He is also the president of the Hussman Investment Trust. Dr. Hussman manages the Hussman Strategic Growth Fund, which invests primarily in U.S. stocks, and the Hussman Strategic Total Return Fund, which invests primarily in U.S. Treasury and government agency securities. Prior to managing the Hussman Funds, Dr. Hussman was a professor of economics and international finance at the University of Michigan. His academic research centers on market efficiency and information economics. Dr. Hussman holds a Ph.D. in economics from Stanford University (1992) and two degrees from Northwestern University: a Master's degree in education and social policy (1985) and a Bachelor's degree in economics (1983). Dr. Hussman looks at two dimensions of information to adjust his willingness to take risk. The first is valuation. Favorable valuation means that stock prices appear reasonable in view of the stream of earnings, dividends, revenues and cash flows expected in the future. The second dimension is the quality of market action. Market action considers the behavior of a wide range of securities and industry groups in an attempt to assess the economic outlook of investors and their willingness to accept market risk. These two dimensions of information make up four basic "Market Climates" associated with various combinations of valuation and market action. In the most favorable Market Climates, Dr. Hussman will typically hold an aggressive allocation to market risk, while in the least favorable Market Climates, he will typically attempt to remove the impact of market fluctuations from the portfolio through hedging (Strategic Growth Fund) or reduction in the average maturity of bond holdings (Strategic Total Return Fund). The most defensive position is a fully hedged position in which the entire value of long positions is hedged.John Hussman's Strategic Moves: Qualcomm Inc. Takes Center Stage with 1.13% Portfolio Impact

Summary of New Buy

John Hussman (Trades, Portfolio) added a total of 102 stocks, among them:

The most significant addition was Qualcomm Inc (NASDAQ:QCOM), with 27,300 shares, accounting for 1.13% of the portfolio and a total value of $4,669,670. The second largest addition to the portfolio was Check Point Software Technologies Ltd (NASDAQ:CHKP), consisting of 21,000 shares, representing approximately 0.94% of the portfolio, with a total value of $3,896,760. The third largest addition was Nutex Health Inc (NASDAQ:NUTX), with 21,000 shares, accounting for 0.84% of the portfolio and a total value of $3,457,020.

Story Continues

Key Position Increases

John Hussman (Trades, Portfolio) also increased stakes in a total of 39 stocks, among them:

The most notable increase was Etsy Inc (NYSE:ETSY), with an additional 42,000 shares, bringing the total to 84,000 shares. This adjustment represents a significant 100% increase in share count, a 0.57% impact on the current portfolio, with a total value of $4,656,960. The second largest increase was Ubiquiti Inc (NYSE:UI), with an additional 4,200 shares, bringing the total to 8,400. This adjustment represents a significant 100% increase in share count, with a total value of $4,648,140.

Summary of Sold Out

John Hussman (Trades, Portfolio) completely exited 120 of the holdings in the fourth quarter of 2025, as detailed below:

TG Therapeutics Inc (NASDAQ:TGTX): John Hussman (Trades, Portfolio) sold all 126,000 shares, resulting in a -0.99% impact on the portfolio. A10 Networks Inc (NYSE:ATEN): John Hussman (Trades, Portfolio) liquidated all 210,000 shares, causing a -0.83% impact on the portfolio.

Key Position Reduces

John Hussman (Trades, Portfolio) also reduced positions in 38 stocks. The most significant changes include:

Reduced Barrick Mining Corp (NYSE:B) by 92,000 shares, resulting in a -60.13% decrease in shares and a -0.66% impact on the portfolio. The stock traded at an average price of $37.58 during the quarter and has returned 39.87% over the past 3 months and 4.89% year-to-date. Reduced PTC Therapeutics Inc (NASDAQ:PTCT) by 37,800 shares, resulting in a -60% reduction in shares and a -0.5% impact on the portfolio. The stock traded at an average price of $72.84 during the quarter and has returned 8.97% over the past 3 months and -2.00% year-to-date.

Portfolio Overview

At the fourth quarter of 2025, John Hussman (Trades, Portfolio)'s portfolio included 252 stocks, with top holdings including 1.13% in Etsy Inc (NYSE:ETSY), 1.13% in Qualcomm Inc (NASDAQ:QCOM), 1.12% in Ubiquiti Inc (NYSE:UI), 1.03% in United Natural Foods Inc (NYSE:UNFI), and 0.95% in ACADIA Pharmaceuticals Inc (NASDAQ:ACAD).

The holdings are mainly concentrated in all 11 industries: Healthcare, Technology, Consumer Defensive, Consumer Cyclical, Financial Services, Basic Materials, Energy, Industrials, Communication Services, Utilities, and Real Estate.John Hussman's Strategic Moves: Qualcomm Inc. Takes Center Stage with 1.13% Portfolio Impact

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Zusammenfassung (ca. 500 Wörter)

Dieser Bericht fasst wichtige Veränderungen in den Aktienbewertungen und Empfehlungen von renommierten Wall-Street-Researchfirmen zusammen. Der Schwerpunkt des Berichts liegt auf wichtigen Aufwerten und Abstufungen sowie auf neuen Coverage-Initiativen.

Top Aufwertungen: Goldman Sachs hob Chime (CHYM), Toast (TOST), Kratos Defense & Security Solutions (KTOS), Spyre Therapeutics (SYRE) und New Gold (NGD) auf "Buy" hoch, hauptsächlich aufgrund positiver Erwartungen hinsichtlich Wachstumspotenzial, Wettbewerbsvorteilen oder erwarteter Übernahmen. Insbesondere die Aufwertung von New Gold durch Goldman Sachs war auf eine geplante Übernahme durch Coeur Mining zurückzuführen.

Top Abstufungen: Umgekehrt gaben mehrere Firmen Abstufungen heraus. Zscaler (ZS) wurde aufgrund von Bedenken hinsichtlich der Umsatzprognosen, die erhöhten Wettbewerb signalisierten, abgestuft. Titan Machinery (TITN) sah aufgrund erwarteter anhaltender Rückgänge in seinen Geschäftsbereichen eine negative Prognose. Crown Castle (CCI) erhielt eine Abstufung, die Schwierigkeiten bei der Eintreibung von Mietzahlungen widerspiegelte. VICI Properties (VICI) wurde aufgrund wachsender Bedenken hinsichtlich eines Mietvertrags mit Caesars Entertainment abgestuft. Schließlich erhielt PTC Therapeutics (PTCT) eine Abstufung, da der Aktienkurs erheblich gestiegen war, und seine ursprüngliche Investitionsthese weitgehend validiert wurde.

Neue Coverage-Initiativen: Eine Reihe von Unternehmen sahen ihre erste Research-Abdeckung initiiert. UBS startete die Abdeckung von Carvana (CVNA) und betonte die Plattform und das Kundenerlebnis des Unternehmens. Benchmark startete die Abdeckung von Cal-Maine Foods (CALM) und deutete eine Neubewertung seiner Bewertung im Verhältnis zu seinem Erbe als Rohstoffproduzent an. Goldman Sachs startete die Abdeckung von Beta Technologies (BETA) und positionierte sie als Marktführer im Bereich der elektrischen Vertikalstart- und Landungstechnologien. Zusätzlich initiierten Citi, BTIG, Cantor Fitzgerald, BofA, Morgan Stanley und Needham die Abdeckung mit Buy-ähnlichen Bewertungen, während JPMorgan die Abdeckung von BillionToOne (BLLN) startete. Schließlich initiierten UBS, Benchmark und Morgan Stanley die Abdeckung von Evommune (EVMN).

Gesamte Auswirkungen: Diese Bewertungen spiegeln unterschiedliche Perspektiven auf die Aussichten für diese Unternehmen wider. Die Aufwertungen deuten im Allgemeinen auf Erwartungen hinsichtlich zukünftigen Wachstums oder Verbesserungen hin, während die Abstufungen Bedenken hinsichtlich der bestehenden Leistung oder potenzieller Widrigkeiten signalisieren. Die neuen Coverage-Initiativen zeigen eine erhöhte Aufmerksamkeit und Prüfung durch Wall-Street-Analysten.