Coinbase receives an upgrade, Six Flags gets a downgrade: top analyst recommendations from Wall Street

Top 5 Upgrades

Northland has shifted its rating on DraftKings (DNKG) from Underperform to Market Perform after the company’s third-quarter earnings fell short of expectations. This was influenced by favorable customer results in September, a positive trend that seems to have continued into October.

Mones Crespi has uplifted Coinbase (COIN) from Neutral to Buy, setting a price target of $375. The 2025 forecast remains unchanged, while there’s a modest increase for 2026. The firm anticipates further developments in the tokenization of stocks, especially with upcoming events on December 17 and expected SEC commentary, which they believe will promote stablecoin utilities in real-life scenarios.

Lee Link has raised Eli Lilly’s (LLY) price target from $886 to $1,104, suggesting strong market performance ahead. The company foresees widespread adoption of obesity treatments due to expanded Medicare and Medicaid access by January 2027, along with launches of key products like olforglipron, letaltortide, and elolalintide.

Guggenheim has upgraded Paylocity (PCTY) from Neutral to Buy with a target price of $180, indicating a potential 27% upside. Despite challenges such as employment trends and AI’s rise in the workforce, they believe the stock presents more opportunities than risks.

Mones Crespi has upgraded MicroStrategy (MSTR) from Sell to Neutral, without establishing a price target. While they acknowledge ongoing downside risk, they believe recent declines in stock prices have notably lessened short-term pressures.

Top 5 Downgrades

Morgan Stanley has downgraded Six Flags (FUN), lowering its price target from $30 to $20 and shifting from overweight to equal weight. Concerns have arisen over the company’s ability to recover EBITDA from its 2025 low in 2026, based on both cyclical and long-term factors.

Morgan Stanley has also downgraded CarMax (KMX), cutting its price target from $56 to $35 and moving from overweight to equal weight. The firm notes pre-announcements about slower volume growth and weak execution, indicating that the stock may remain stagnant until there is more confidence in new management.

JD.com (JD) has been downgraded by Morgan Stanley from equal weight to underweight, with a price target set at $28. The firm believes JD may face significant challenges compared to other Chinese e-commerce stocks in the upcoming year.

KeyBanc has downgraded CubeSmart (CUBE) from overweight to sector weight, without a price target. Despite raising its earnings forecast for the third consecutive quarter and benefitting from support in New York City, challenges in fundamentals and less favorable growth expectations for 2026 are concerns.

B. Riley has downgraded Applied Optoelectronics (AAOI) from Neutral to Sell, maintaining a $15 price target that suggests a 43% downside. The firm believes that much of its potential growth tied to Amazon.com (AMZN) is already reflected in the current stock price.