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:

• Stephens upgraded CarMax (KMX) to Overweight from Equal Weight with a price target of $90, up from $86, ahead of the company's Q4 report due on April 10. The firm cites valuation now being in-line with long-term averages, and an analysis of both real-time unit sales and credit metrics that give it comfort in its calendar 2025 estimates.
• BofA double upgraded Playtika (PLTK) to Buy from Underperform with a price target of $6.50, up from $6. Given an all-time high next twelve months free cash flow yield of 21% and a dividend yield of 9%, the firm thinks downside to the shares is limited and believes a "share price dislocation" has been driven by the exit of a large shareholder in a low trading liquidity, concerns that Playtika's transition to growth has taken too long and investor preference for mobile ad networks assets over publishers.
• Morgan Stanley upgraded Global-e Online (GLBE) to Overweight from Equal Weight with a price target of $46, down from $55. The firm believes investor expectations have moderated to a more reasonable level, and it likes Global-e Online's "achievable" growth targets and "cheap optionality" in Borderfree.com. 
• Morgan Stanley upgraded Range Resources (RRC) to Equal Weight from Underweight with a price target of $49, up from $40. The company initiated a three-year outlook targeting capital efficient production growth, delivering 20% higher volumes by 2027, the firm tells notes.
• Baird upgraded Waters (WAT) to Outperform from Neutral with a price target of $407, up from $396. The firm has "incremental confidence" in the company's refreshed long-term outlook following the investor day and believes its positive replacement cycle commentary will likely support near-term momentum. 

Top 5 Downgrades:

• Susquehanna downgraded J.B. Hunt (JBHT) to Neutral from Positive with a price target of $165, down from $200. The firm is cautious into the spring, saying the truckload cycle will likely get worse before it gets better. 
• BWG Global downgraded its view of Enphase Energy (ENPH) to Negative from Mixed, citing solar inverter checks that point to unit orders during Q1 below installers' December expectations.
• Piper Sandler downgraded Westlake (WLK) to Neutral from Overweight with a price target of $120, down from $135. The firm says Westlake's midcycle earnings power is lower than previous expectations. 
• Jefferies downgraded ArcelorMittal (MT) to Hold from Buy with an unchanged price target of $33. The firm now expects a period of share price consolidation in the near term, saying Mexico and Canada uncertainty remains. 
• Morgan Stanley downgraded Cemex (CX) to Equal Weight from Overweight with a price target of $13, down from $14. The firm cites the uncertain macro backdrop and growing evidence of capex deceleration in Mexico for the downgrade. 

Top 5 Initiations:

• Wells Fargo initiated coverage of Wingstop (WING) with an Overweight rating and $270 price target. While a tough industry backdrop, weak first half of 2025 comps, and a "growthy" valuation multiple present near-term hurdles for the shares, there is a re-rate potential into "much easier" second half of 2025 compares, the firm tells investors in a research note. 
• Wells Fargo initiated coverage of Shake Shack (SHAK) with an Equal Weight rating and $95 price target. The firm believes expectations are high, creating risk to Street estimates. 
• Wells Fargo initiated coverage of Dutch Bros (BROS) with an Overweight rating and $80 price target. Dutch Bros is among the best consumer growth stories, with a "disruptive" strategy, sizable white space, margin upside, and comp drivers over 2025 and 2026, the firm tells investors in a research note. 
• Morgan Stanley initiated coverage of Universal Health (UHS) with an Equal Weight rating and $200 price target. The firm likes the company's leadership in inpatient behavioral health but says uncertainty around potential government spending cuts is a near-term overhang on the shares. 
• Morgan Stanley initiated coverage of Tenet Healthcare (THC) with an Overweight rating and $165 price target. The firm says the company's "significant" business model and balance sheet transformation has yet to be captured in the stock's multiple.