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:

• Wolfe Research upgraded Snowflake (SNOW) to Outperform from Peer Perform with a $235 price target ahead of the Q4 earnings report on February 26. The firm sees better core consumption trends, a more favorable hyperscaler competitive backdrop, and more product momentum driving some of the highest sales growth in its coverage for Snowflake.
• JPMorgan upgraded Bath & Body Works (BBWI) to Overweight from Neutral with a price target of $47, up from $41. The firm's recent fieldwork and management meetings point to a "fundamental inflection" for Bath & Body on both earnings and sales into fiscal 2025.
• Redburn Atlantic upgraded Tapestry (TPR) to Buy from Neutral with a $110 price target. The firm says the company's brands are "excitingly positioned within the attractive premium accessories category."
• Deutsche Bank upgraded Gilead (GILD) to Buy from Hold with a price target of $120, up from $80. The company's core HIV treatment franchise should drive steady revenue growth deep into the 2030s, the firm tells investors in a research note.
• TD Cowen upgraded Charles Schwab (SCHW) to Buy from Hold with a price target of $103, up from $88. The firm believes Schwab is entering "a far more harmonious phase" under new leadership that can drive better fundamentals, reduce earnings disappointment risk and drive "disproportionate" EPS growth versus the market, all of which it sees yielding "modest" multiple expansion.

Top 5 Downgrades:

• Arete downgraded Lyft (LYFT) to Sell from Neutral with a price target of $10, down from $19. The firm believes Uber (UBER) is forcing Lyft to "sacrifice" margins in order to maintain growth.
• Phillip Securities downgraded Shopify (SHOP) to Accumulate from Buy with a price target of $140, up from $105. The firm increased its FY25 revenue view by 2% to account for the higher growth rate of both subscription solutions and merchant solutions, driving its increased price target, but the firm downgrades its rating due to recent price performance.
• Wolfe Research downgraded Datadog (DDOG) to Peer Perform from Outperform without a price target. The company's fiscal 2025 growth guidance came in below expectations and channel checks on the name leave Wolfe incrementally cautious on Datadog's future durability of growth while margins are also expected to contract this year.
• Deutsche Bank downgraded Merck (MRK) to Hold from Buy with a price target of $105, down from $128. The firm believes the "real culprit" for Merck shares remaining under pressure is Keytruda's 2028 patent expiration.
• Barclays downgraded Moderna (MRNA) to Equal Weight from Overweight with a price target of $45, down from $111, post the Q4 report. The firm continues to believe in Moderna's "differentiated" platform, but sees limited share upside due to policy risk and lack of other major clinical catalysts.

Top 5 Initiations:

• Redburn Atlantic initiated coverage of GE Aerospace (GE) with a Buy rating and $250 price target. The firm says GE is an "appealing investment opportunity" in global aerospace and defense, "despite what looks like a full valuation."
• RBC Capital initiated coverage of Venture Global (VG) with an Outperform rating and $20 price target. Venture is a low-cost producer of liquefied natural gas that is well positioned for growth as its liquefaction projects come online, the firm tells investors in a research note. Goldman Sachs, Mizuho, BofA, Guggenheim, Deutsche Bank and JPMorgan also started coverage of the stock, while Citi and Wells Fargo initiated the name with Neutral-equivalent ratings.
• Fox Advisors initiated coverage of Fabrinet (FN) with an Outperform rating and $270 price target. The firm says Fabrinet has proven to be the most consistent electronics manufacturing services provider in the industry.
• Wolfe Research initiated coverage of Shoals Technologies (SHLS) with a Peer Perform rating with no price target. Shoals should benefit from long-term secular tailwinds as a leading supplier to the solar industry, but IRA risks, industry-wide project delays and rising competition keep the firm on the sidelines.
• Piper Sandler initiated coverage of enGene (ENGN) with an Overweight rating and $26 price target. The non-muscle invasive bladder cancer space is poised for growth as novel intravesical therapies come to market, and enGene's non-viral gene therapy asset detalimogene is well positioned to be an early-line treatment choice, the firm tells investors in a research note.