Caterpillar upgraded, Elf Beauty downgraded: Wall Street's top analyst calls

Upgrades - RBC Capital upgraded UMB Financial (UMBF) to Outperform from Sector Perform with an unchanged price target of $128, citing management's positive outlook and an "extended runway" for growth [2] - Stifel upgraded Scotts Miracle-Gro (SMG) to Buy from Hold with an unchanged price target of $70, expressing surprise at the muted share reaction post fiscal Q4 report [3] - Stifel also upgraded Biogen (BIIB) to Buy from Hold with a new price target of $202, up from $144, due to favorable risk/reward dynamics with upcoming clinical catalysts [3] - Argus upgraded Super Micro (SMCI) to Buy from Hold with a price target of $64, indicating that previous revenue and margin shortfalls are already reflected in share prices, while future growth potential is overlooked [4] - HSBC upgraded Caterpillar (CAT) to Buy from Hold with a price target of $660, up from $405, following Q3 results that exceeded expectations with a 25% year-over-year increase in order growth [5] Downgrades - Piper Sandler downgraded Elf Beauty (ELF) to Neutral from Overweight with a price target of $100, down from $150, citing disappointing sales growth outlook for fiscal 2026 [6] - Northland downgraded Coherent (COHR) to Market Perform from Outperform with a price target of $125, up from $105, noting a wider revenue guidance range compared to peers [6] - JPMorgan downgraded CarMax (KMX) to Underweight from Neutral with a price target of $30, down from $50, due to preliminary Q3 results indicating market share loss and margin pressure [6] - BofA downgraded PTC (PTC) to Neutral from Buy with a price target of $208, down from $235, as initial FY26 revenue growth guidance fell below consensus expectations [6] - Citizens JMP downgraded Duolingo (DUOL) to Market Perform from Outperform without a price target, citing a lack of catalysts for user growth [6]