In today's round-up of Wall Street's most notable research calls, analysts have upgraded Broadcom and Microsoft based on promising developments and growth potential. Here's what investors should know:

Cowen has upgraded Broadcom (AVGO) to Outperform from Market Perform and raised its price target from $1,400 to $1,500. The upgrade follows Broadcom's recent artificial intelligence infrastructure event, where the company showcased its custom silicon and back-end AI networking capabilities. Cowen sees potential upside from these advancements as well as from expected synergies as VMWare is integrated.

Argus has upgraded Micron (MU) from Hold to Buy, setting a price target of $140. The upgrade comes after Micron reported a strong Q2 profit that exceeded expectations, with revenue surpassing the high end of its prior guidance range. Argus believes Micron's solid performance indicates potential for further growth.

Northland has upgraded Fabrinet (FN) from Market Perform to Outperform and increased its price target from $200 to $220. Despite a recent pullback, Northland believes Fabrinet is well-positioned to benefit from the growth in AI data centers, particularly citing its strong partnership with top customer Nvidia (NVDA) and the increasing demand for AI-driven throughput.

Rosenblatt has upgraded Paramount (PARA) from Sell to Neutral and raised its price target from $9 to $13. This upgrade is attributed to reported talks between the Ellison family's Skydance and the Redstone family's National Amusements, which owns a significant portion of Paramount's voting rights. Rosenblatt also highlights Apollo's reported studio offer as a testament to Paramount's asset value.

In another upgrade by Rosenblatt, Warner Bros. Discovery (WBD) has been upgraded from Sell to Neutral, with the price target raised to $10 from $7. This upgrade is contingent upon the potential breakup of Paramount, as Warner Bros. Discovery could also benefit from similar circumstances.

However, not all companies received positive ratings in this round of research calls. Stephens has downgraded Centene (CNC) from Overweight to Equal Weight, lowering its price target from $92 to $85. The downgrade is based on Centene's repetitive performance cycle and the disappointing outcome of the Texas STAR and CHIP Medicaid RFP.

On a positive note, KeyBanc has initiated coverage of Microsoft (MSFT) with an Overweight rating and a price target of $490. KeyBanc praises Microsoft's strong position in monetizing the artificial intelligence wave, particularly highlighting the potential of Azure and copilots integration across the product portfolio.

KeyBanc has also initiated coverage of ServiceNow (NOW) with an Overweight rating and a price target of $1,000. The firm believes ServiceNow is the leading platform play in a sector that is actively seeking robust platforms.

Similarly, KeyBanc has initiated coverage of Oracle (ORCL) with an Overweight rating and a price target of $150. While acknowledging the challenges Oracle faces in the cloud infrastructure market, KeyBanc believes the company has the potential to build a fourth major U.S.-based public cloud, with considerable growth expected for Oracle Cloud Infrastructure.

In contrast, KeyBanc has initiated coverage of Salesforce (CRM) with a Sector Weight rating and no price target. The firm recognizes the company's positive near-term metrics but suggests that more bullish sentiments require sustained incremental margins, continued hypergrowth of the data cloud, depletion of the buyback authorization, and an expansion of the multiple.

Lastly, KeyBanc has initiated coverage of Adobe (ADBE) with an Underweight rating and a price target of $445. The firm anticipates increased competitive pressure and expects Creative Cloud growth to slow down due to the rise of generative AI and the emergence of strong low-end tools.

These research calls provide valuable insights for investors navigating the market and assessing the growth potential of various companies.