A roundup of notable Wall Street research calls compiled by The Fly. Upgrades include Stephens on Texas Roadhouse (TXRH) to Overweight, Baird on Bank of America (BAC) to Outperform, BofA on BorgWarner (BWA) to Buy with an $85 target, BofA on CarMax (KMX) to Buy with a $65 target, and Barclays on Crocs (CROX) to Overweight. Downgrades include BofA on PayPal (PYPL) to Underperform, StoneX on Spotify (SPOT) to Hold with its target removed, JPMorgan and Goldman Sachs on Albertsons (ACI) to Neutral, KeyBanc on Cirrus Logic (CRUS) to Sector Weight, and Goldman Sachs on Par Pacific (PARR) to Neutral. Cited reasons include an attractive entry point for Texas Roadhouse, a weak Q3 setup for PayPal, and Apple supplier cuts pointing to lower iPhone units in 2027, which matters because about 80% of Cirrus Logic's revenue is tied to Apple.
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