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:

• KeyBanc upgraded Adobe (ADBE) to Sector Weight from Underweight. The firm sees little room for downside as well as revisions to fundamentals through the remainder of the year.
• DA Davidson upgraded AutoZone (AZO) to Buy from Neutral with a price target of $4,192, up from $3,500. The firm cites four reasons for the upgrade, namely an investor "flight to quality"; the stock's defensive positioning; the company being an inflation and tariff beneficiary; and its commercial market share gains.
• JPMorgan upgraded Super Micro (SMCI) to Neutral from Underweight with a price target of $45, up from $35. The company has cycled past the uncertainty in relation to pending SEC filings and is on the cusp of benefitting from the ramp in Blackwell based server shipments, which are already seeing materially higher demand than prior generation, the firm tells investors.
• Morgan Stanley upgraded Norwegian Cruise Line (NCLH) to Equal Weight from Underweight with a price target of $22, down from $27. The firm's main Underweight thesis around the company not being able to narrow its net cruise costs relative to net yields has played out, it says.
• Goldman Sachs upgraded Danaher (DHR) to Buy from Neutral with a $260 price target. Since the firm's downgrade at the end of 2023, FY25 consensus estimates have come down 8% for reported revenue growth and 12% for EPS, while "more importantly," consensus organic growth estimates for their Biotech segment came down 42%, the firm tells investors.

Top 5 Downgrades:

• Loop Capital downgraded FedEx (FDX) to Sell from Hold with a price target of $221, down from $283. On April 2nd, the Trump Administration is scheduled to unveil its comprehensive tariff strategy for global trade and FedEx's brand is synonymous with global trade, the firm tells investors in a research note.
• Wells Fargo downgraded FactSet (FDS) to Underweight from Equal Weight with a price target of $402, down from $450, after the company reported an ASV miss and guided to a reacceleration, which the firm views at risk given recent market volatility.
• Nomura downgraded PDD Holdings (PDD) to Neutral from Buy with a price target of $130, down from $137. Temu's U.S. market operations are being remodeled, and the firm sees continued uncertainties around the company's overseas operations.
• Goldman Sachs downgraded Charles River (CRL) to Neutral from Buy with a price target of $170, down from $190. While the firm remains positive on the company's competitive positioning in the preclinical space and continues to believe the company will see outsized benefit when biotech demand returns, it no longer views the CDMO business as a positive driver and no longer sees valuation as having "a reliable floor in the current demand environment."
• Loop Capital downgraded Beacon (BECN) to Hold from Buy with a $124 price target after the company announced that it entered into an agreement with QXO to sell for the recently revised $124.35 per share bid.

Top 5 Initiations:

• JPMorgan resumed coverage of IAC (IAC) with an Overweight rating and $60 price target following a period of restriction and is also placing the stock on "Positive Catalyst Watch" into the Angi Inc. (ANGI) spin on March 31.
• Goldman Sachs initiated coverage of Sanofi (SNY) with a Neutral rating and $65 price target. While the firm sees Sanofi emerging as a pipeline story, it believes this is somewhat reflected at current levels, with additional proof points required before Sanofi can be considered an "R&D leader."
• Raymond James initiated coverage of ACNB Corp. (ACNB) with an Outperform rating and $47 price target. The firm expects ACNB to be an active acquirer over time, most recently evidenced by its acquisition of Traditions Bancorp in February.
• Benchmark initiated coverage of Kamada (KMDA) with a Buy rating and $15 price target. Benchmark expects an active R&D pipeline and recently opened plasma-collection facilities to continue to drive double digit revenue growth and expanding margins.
• Cantor Fitzgerald initiated coverage of Summit Therapeutics (SMMT) with an Overweight rating. The firm views the shares as 67% undervalued.