Okta upgraded, Datadog downgraded: 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:

Scotiabank upgraded Okta (OKTA) to Outperform from Sector Perform with a $165 price target. The firm views Okta as an AI beneficiary from a rising tide of cybersecurity spend as a result of Mythos preparedness as firms look to modernize their identity stack. Scotiabank also upgraded SentinelOne (S), Qualys (QLYS), Tenable (TENB) and Check Point (CHKP) to Outperform from Sector Perform.

BofA upgraded T-Mobile (TMUS) to Buy from Neutral with an unchanged $220 price target. The market is overreacting to peak concern, and T-Mobile has the most strategic partnership value, lowest exposure to low earthy orbit broadband and wireless, and has the most wireless pricing flexibility, the firm tells investors in a research note.

HSBC upgraded Gilead (GILD) to Buy from Hold with a price target of $155, up from $133. The market is too pessimistic on the HIV market post-dolutegravir generics, says the firm, which believes long-acting HIV therapies will improve adherence and help offset declines.

Goldman Sachs upgraded Murphy USA (MUSA) to Neutral from Sell with a $550 price target. Falling crude prices should help drive sustainably higher fuel margins, at least in the near to medium-term, which should help support "healthy EBITDA delivery," the firm tells investors.

Jefferies upgraded U.S. Bancorp (USB) to Buy from Hold with a price target of $75, up from $60. Recent updates point to U.S. Bancorp tracking toward the high end of its 6%-7% guidance for both net interest income and fee income, with operating leverage potentially exceeding 300 basis points in 2026, supported by its new Amazon (AMZN) partnership and the acquisition of BTIG, the firm tells investors in a research note.

Bernstein downgraded Datadog (DDOG) to Market Perform from Outperform with a price target of $226, up from $180. The firm is moving to the sidelines on Q3 and beyond earnings caution vs. more exuberant investor expectations as demand signals are slowing in both enterprise and some AI Labs.

Raymond James downgraded Delta Air Lines (DAL) to Outperform from Strong Buy with a price target of $104, up from $80. Delta Air Lines remains viewed favorably due to its structural advantages, refocused third-party MRO business, strong balance sheet, and balanced capital allocation, including a recent 15% dividend increase alongside deleveraging, though a recent share price rally has reduced near-term valuation upside, the firm tells investors in a research note.

Raymond James downgraded JetBlue (JBLU) to Underperform from Market Perform. JetBlue is viewed as a beneficiary of Spirit Airlines's (FLYY) recent restructuring, but shares are constrained by the roughly $6.12 conversion price of its convertible debt, the firm tells investors in a research note.

HSBC downgraded Allstate (ALL) to Hold from Buy with a price target of $264, up from $244. Given the stock's "very strong" run year-to-date, the firm finds the absolute valuation "less compelling," the firm tells investors. HSBC also downgraded Chubb (CB) to Hold from Buy.

Morgan Stanley downgraded J.B. Hunt (JBHT) and Landstar System (LSTR) to Underweight from Equal Weight, and Old Dominion (ODFL) to Equal Weight from Overweight. The outlook shifts higher across the board, with the prior Bull case now becoming the Base case and an even more optimistic scenario elevated to a higher-probability Bull case, while still acknowledging that the cycle remains elevated and could experience volatility despite the constructive long-term stance, the firm tells investors in a research note.

Morgan Stanley resumed coverage of Lululemon (LULU) with an Underweight rating and $93 price target. The firm's view on Specialty Retail and Department Stores reflects an improving setup into the second half of 2026, while depressed sentiment and below-average valuations contribute to an attractive risk-reward profile for the group. Morgan Stanley also resumed coverage of Kohl's (KSS) with an Underweight, Bath & Body Works (BBWI) with an Equal Weight, and Tapestry (TPR), Macy's (M) and Victoria's Secret (VSXY) with Overweight ratings.

H.C. Wainwright initiated coverage of Glaukos (GKOS) with a Buy rating and $168 price target. iDose TR and Epioxa are "transformational growth drivers" that may help the company achieve profitability in the coming years, the firm says.

Evercore ISI initiated coverage of ERock (EROC) with an Outperform rating and $28 price target. The firm estimates ERock's bridge-to-flex approach to modular, natural gas distributed power systems will enable its installed base to scale from about 1 GW today to 9 GW-plus by 2030, which is about twice the rate of the broader power industry. JPMorgan, BNP Paribas, Guggenheim and Morgan Stanley also started coverage of the name with Buy-equivalent ratings, while BofA initiated the stock with Neutral rating.

Goldman Sachs initiated coverage of Forbright (FRBT) with a Buy rating and $23.50 price target. The digital deposit led middle-market bank is well-positioned to achieve peer-leading balance sheet growth and improve returns towards its medium-term target of about 15%, the firm tells investors. Wells Fargo, Barclays, TD Cowen and Wolfe Research also started coverage of the name with Buy-equivalent ratings, while Piper Sandler and JPMorgan initiated the stock with Neutral-equivalent ratings.

Stifel initiated coverage of WhiteHawk Minerals (WHK) with a Buy rating and $30 price target. The pure-play natural gas royalty company offers investors a way to invest in growing natural gas demand along with increased demand for electric generation driven by AI, the firm says. Capital One also started coverage of the name with an Overweight, while JPMorgan with a Neutral rating.