Here is a rundown of the big research calls impacting the market today. **Upgrades** * **UPS:** HSBC raised it to Buy with a $125 target. Q4 beat estimates and they expect better margins by 2026 once Amazon headwinds fade. * **Chips (TXN / MCHP):** BofA upgraded Texas Instruments to Neutral and Microchip to Buy. They see inventory restocking and data center demand helping the analog chip sector recover. * **Visa (V):** Redburn upgraded to Buy ($385 target), citing pricing power returning as e-commerce changes. * **Johnson & Johnson (JNJ):** Morgan Stanley moved to Overweight ($262 target) based on new product potential. **Downgrades** * **PayPal (PYPL):** Redburn cut this to Sell with a $50 target. They think PayPal's advantage will erode as consumer shopping habits shift. * **BJ's Wholesale (BJ):** Jefferies dropped it to Hold. Expansion into more competitive markets increases risk. * **Roper Technologies (ROP):** Downgraded by Argus and others because growth is slowing to mid-single digits. * **Western Alliance (WAL):** JPMorgan moved to Neutral. They don't see enough rate cuts happening this year to help the bank significantly. **New Coverage** * **Coinbase (COIN):** Baird started at Neutral ($240 target). Strong franchise but regulatory uncertainty keeps the risk/reward balanced. * **Celestica (CLS):** BofA started at Buy with a $400 target, calling it a beneficiary of the AI infrastructure boom.