Toast upgraded, PayPal downgraded: Wall Street's top analyst calls

2 weeks ago 8

The Fly

Thu, December 4, 2025 astatine 8:53 AM CST 4 min read

The astir talked astir and marketplace moving probe calls astir Wall Street are present successful 1 place. Here are today's probe calls that investors request to know, arsenic compiled by The Fly.

Top 5 Upgrades:

JPMorgan upgraded Toll Brothers (TOL) to Overweight from Neutral with a terms people of $161, up from $138. The steadfast views Toll's valuation arsenic charismatic fixed the company's "solidly supra average" gross and operating margins.
JPMorgan upgraded Toast (TOST) to Overweight from Neutral with an unchanged terms people of $43. The steadfast sees upside imaginable to estimates if interchange gets regulated.
Citizens JMP upgraded Accelerant (ARX) to Outperform from Market Perform with a $20 terms target. The weakness successful the shares since the company's July archetypal nationalist offering has been driven by "overdone fear" relating to concern with a related party, the steadfast tells investors successful a probe note.
Colliers upgraded UMH Properties (UMH) to Buy from Neutral with a terms people of $17, up from $16. The steadfast says the manufactured lodging assemblage continues to payment from elevated multiples fixed its "defensive characteristics" and "resilience against broader economical challenges."
Raymond James upgraded Descartes Systems (DSGX) to Outperform from Market Perform with a terms people of $118. The shares present commercialized adjacent the bottommost of their 10-year EBITDA aggregate range, positioning the banal good for a imaginable freight-market recovery, Raymond James says.

Top 5 Downgrades:

JPMorgan downgraded PayPal (PYPL) to Neutral from Overweight with a terms people of $70, down from $85. The steadfast views 2026 arsenic a "show-me execution twelvemonth and an concern year" for the company.
Goldman Sachs downgraded SQM (SQM) to Neutral from Buy with a terms people of $63, up from $45. The shares, aft rallying 80% year-to-date, person tally up of the company's fundamentals, the steadfast tells investors successful a probe note.
JPMorgan downgraded Lennar (LEN) to Underweight from Neutral with a terms people of $115, down from $118. The steadfast maintains a cautious stance connected the homebuilders assemblage for 2026.
Goldman Sachs downgraded Halozyme (HALO) to Sell from Neutral with a $56 terms target. Current valuation implies a terminal worth that assumes astir $34B successful caller spouse merchandise gross by 2041, a level that seems achievable lone nether optimistic scenarios contempt the caller Elektrofi acquisition, the steadfast says.
JPMorgan downgraded Fiserv (FISV) to Neutral from Overweight with an unchanged terms people of $85. The steadfast views 2026 arsenic a "show-me execution twelvemonth and an concern year" for the company.

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