Coty downgraded, Spruce Biosciences initiated: Wall Street's top analyst calls

Top Downgrades:

• Evercore ISI downgraded Coty (COTY) to In Line from Outperform with a $7 terms target. CEO Nabi has been cardinal to Coty's concern thesis, and portion the shares surface undervalued the steadfast notes that it present lacks visibility connected timing and catalysts for a imaginable worth unlock. Grupo Santander besides downgraded Coty to Neutral from Outperform with a $3.50 terms target.

• BMO Capital downgraded Brown & Brown (BRO) to Market Perform from Outperform with a terms people of $88, down from $90. The steadfast sees statement integrated maturation estimates for the institution moving little successful 2026, which could service arsenic a "sentiment overhang" for the shares.

• Piper Sandler downgraded Clearwater Analytics (CWAN) to Neutral from Overweight with a terms people of $24.55, down from $27, aft the institution agreed to beryllium acquired by a Permira and Warburg Pincus-led capitalist radical for $24.55 per stock successful cash.

• TD Cowen downgraded Janus Henderson (JHG) to Hold from Buy with a $49 terms people aft the institution entered an statement to beryllium acquired by Trian and General Catalyst successful an all-cash transaction for $7.4B oregon $49.00 per share.

Top Initiations:

• Oppenheimer initiated sum of Spruce Biosciences (SPRB) with an Outperform standing and $283 terms target. Further to FDA's confirmation that existing and what the steadfast views arsenic "compelling" objective biomarker information could thrust accelerated approval, caller Breakthrough Therapy designation bolsters the firm's condemnation up of adjacent year's anticipated support for Sanfilippo benignant B syndrome.

• LifeSci Capital initiated sum of Sionna Therapeutics (SION) with an Outperform standing and $60 terms target. Sionna has "multiple prime shots connected goal" with SION-719 arsenic an add-on NBD1 stabilizer to the contiguous modular of attraction and proprietary stand-alone dual-combination therapies, SION-451/SION-2222 and SION-451/SION-109, the steadfast tells investors.

• Oppenheimer initiated sum of Aardvark Therapeutics (AARD) with an Outperform standing and $35 terms target. The steadfast says the institution is gathering a "differentiated" uncommon and communal obesity franchise with a cardinal readout adjacent year.

• JonesResearch initiated sum of Septerna (SEPN) with a Buy standing and $43 terms target. The steadfast says the company's pb endocrine programme is SEP-479 for hypoparathyroidism with a Phase 1 initiating successful the archetypal fractional of 2026. Jones forecasts $2.5B successful unadjusted U.S. highest income successful 2035. The steadfast besides started sum of Atai Beckley (ATAI) and Mind Medicine (MNMD) with Buy ratings.

• Loop Capital initiated sum of Malibu Boats (MBUU) with a Buy standing and $34 terms target. The marine manufacture has undergone a "significant inventory rationalization" play implicit the past 12-18 months that appears to beryllium successful the precocious stages entering 2026, the steadfast tells investors successful a probe note. Loop Capital besides started sum of Brunswick (BC) and MasterCraft (MCFT) with Hold ratings.