Wall Street Analyst Moves: SpaceX, AMD, Apple, Adobe and CoreWeave Lead Wednesday’s Rating Changes

Morgan Stanley reiterated its Overweight rating on SpaceX, noting the stock is “getting cheaper.” The firm said it has nearly doubled its 2027 revenue and EBITDA estimates since initiation four months ago, pulled forward free-cash-flow breakeven by four years to 2031, and cut roughly $280 billion from projected debt issuance. Morgan Stanley added that on a fiscal 2028 basis, SpaceX trades cheaper than the S&P 500.

Citi upgraded Coupang to Buy from Neutral, citing positive catalysts including likely sequential improvement in adjusted EBITDA from the fourth quarter of 2026, a developing offering business expected to be less of an earnings headwind in 2027, and an enterprise-value-to-GMV ratio suggesting the share price is near floor value.

Guggenheim initiated coverage of Lockheed Martin with a Buy rating and a $735 price target, representing 15% upside potential, citing long-term growth drivers.

Rosenblatt upgraded Navitas Semiconductor to Buy from Neutral following earnings, highlighting that the company’s high-power strategy has reached an inflection point with accelerating growth, a book-to-bill ratio well above 1.0, and backlog extending into mid-2027.

Barclays reiterated its Overweight rating on Advanced Micro Devices, maintaining it as a favorite idea in the group as the CPU and GPU businesses accelerate in tandem.

Wolfe Research upgraded Madison Square Garden Sports (Knickerbockers) to Outperform from Peer Perform, arguing that investors should be “excited” by the team’s financials, which increase the chances the company is taken private. The firm set a $380 price target.

Wolfe also initiated coverage of the MSG Rangers at Outperform, stating the odds of a take-private transaction “seem higher than ever” given the team burns cash and has little debt capacity, making an equity transaction very likely.

Truist Securities upgraded Edwards Lifesciences to Buy from Hold, citing the company’s growth potential. The firm expects a 10-11% revenue grower with accelerating EPS growth to sustain or expand its multiple on rising estimates.

Evercore ISI reiterated its Outperform rating on Apple, describing the stock as defensive. The firm noted Apple offers a different earnings driver through iPhone mix, pricing, and Services rather than data-center construction, with resilient demand and gross-margin recovery as key tests.

Citi downgraded Adobe to Sell from Neutral, seeing downside risk to consensus growth estimates into fiscal 2027.

Morgan Stanley downgraded Flagstar Financial to Underweight from Overweight, stating the turnaround is “delayed” by higher rates. The firm expects further 2027 guidance cuts not reflected in consensus, lowered its target multiple, and cut its price target to $12 from $15.

Wells Fargo initiated coverage of On Holding at Overweight, stating the company is best positioned for growth. The firm expects On Holding to reaccelerate growth into 2027, navigate category disruption well, protect its brand ahead of a critical innovation cycle, and benefit from accelerated peer share loss.

Deutsche Bank reiterated its Buy rating on CoreWeave but lowered its price target to $125 from $150. The firm believes underlying fundamentals are obscured by financing questions that should be addressed over the next several quarters, presenting an opportunity.

Cantor Fitzgerald upgraded Ouster to Overweight from Neutral, viewing the pullback—shares down roughly 55% from 52-week highs—as a compelling entry point for investors interested in physical AI. The firm introduced a $45 price target.

Cantor Fitzgerald also initiated coverage of Netskope at Overweight with a $28 price target based on 15.0x EV/FY27E revenue, stating the cloud networking company is positioned for a re-rating.

Jefferies initiated coverage of Core & Main at Buy with a $53 price target, noting the water distributor’s municipal water and repair-and-replacement segments provide a durable base as utilities replace failing infrastructure.

Northland Capital Markets upgraded Astera Labs to Outperform from Market Perform following a strong quarter and raised guidance.

Oppenheimer upgraded Transcat to Outperform from Perform, citing margin expansion driven by stronger organic service growth translating into earnings revisions.

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