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

Upgrades - Wells Fargo upgraded Hershey (HSY) to Equal Weight from Underweight with a price target of $182, up from $157, citing a more than 50% decline in cocoa prices from last year's peak as a positive development for the company [2] - Goldman Sachs upgraded Coinbase (COIN) to Buy from Neutral with a price target of $303, up from $294, highlighting recent product launches that enhance the competitiveness of its core business [2] - Raymond James double upgraded Estee Lauder (EL) to Strong Buy from Market Perform with a price target of $130, noting that the company's turnaround is shifting from story to execution [3] - Melius Research upgraded Intel (INTC) to Buy from Hold with a price target of $50, suggesting that Nvidia's recent testing of the 18A process node was outdated and indicating potential for chip production on the 14A node by 2028/2029 [4] - Mizuho upgraded Costco (COST) to Outperform from Neutral with a price target of $1,000, up from $950, believing that Costco's trade-up activity is accelerating despite a 20% correction in shares due to concerns over membership and comp sales growth [5] Downgrades - BofA downgraded Omnicom (OMC) to Underperform from Neutral with a price target of $77, down from $87, citing underestimated downside risks on organic growth and EPS dilution from disposals [6] - Monness Crespi downgraded PayPal (PYPL) to Neutral from Buy, indicating that while the long-term bull case remains, current estimates for 2026 are not sufficiently lowered and expecting more compelling entry points in the future [6] - Piper Sandler downgraded Twilio (TWLO) to Neutral from Overweight with a price target of $148, stating that the re-acceleration narrative is expected to fade later in 2026 and that free cash flow estimate upside revisions are limited [6] - Mizuho downgraded AutoZone (AZO) to Neutral from Outperform with a price target of $3,550, down from $3,850, viewing consensus estimates as misaligned and overly optimistic following a fiscal Q1 miss [6] - TD Cowen downgraded Domino's Pizza (DPZ) to Hold from Buy with a price target of $460, down from $500, acknowledging robust same-store sales growth but noting a shift in strategy that was more pronounced than expected [6]