Check out today's top analyst calls from around Wall Street, compiled by The Fly.

AMAZON UPGRADED TO OVERWEIGHT AT KEYBANC: KeyBanc analyst Edward Yruma upgraded Amazon.com (AMZN) to Overweight from Sector Weight with a price target of $2,100. Amazon is taking a number of operational moves to improve profitability in core retail, which could drive mid-term earnings above current consensus estimates, Yrumasaid. He believes Amazon is "pivoting to a company with accelerating profitability." And in addition to $5B in incremental retail profitability, growth and margins remain "very strong" in the combined Web Services and advertising businesses, added the analyst. Amazon's profits over the next three years could inflect, driven by improving retail margin expansion coupled with the mix shift to higher margin AWS and Advertising segments that combined could top $100B by 2022, Yruma contended.

ADOBE CUT TO SECTOR WEIGHT AT KEYBANC: KeyBanc analyst Brent Bracelin downgraded Adobe Systems (ADBE) to Sector Weight from Overweight following Thursday night's fiscal Q1 results. The analyst noted Adobe shares are within 5% of his fair-value estimate of $282 and that his forecasts for this year and next remain unchanged. As such, he sees few near-term catalysts to justify further multiple expansion. The analyst said he views the stock's risk/reward as balanced at current levels.

ORACLE CUT TO MARKET PERFORM AT BMO CAPITAL: BMO Capital analyst Keith Bachman downgraded Oracle (ORCL) to Market Perform from Outperform with an unchanged price target of $53 following Thursday night's fiscal Q3 results. The analyst believes Oracle can sustain ~2% constant currency revenue growth, but is "dubious" the company can improve its revenue growth rates. He does not think autonomous database or gradual unfolding of the cloud enterprise resource planning market will help Oracle's growth in fiscal 2020. As demonstrated by IBM (IBM) over the years, an aggressive buyback will not be enough to push the shares meaningfully higher without improved top-line results, Bachman wrote in his post-earnings research note. As such, he sees a balanced risk/reward profile at current share levels.

AT&T UPGRADED TO OUTPERFORM AT RAYMOND JAMES: Raymond James analyst Frank Louthan upgraded AT&T (T) to Outperform from Market Perform and established a $34 price target. Louthan said AT&T shares trade at a relative discount and he expects shares to be driven by positive earnings growth combined with a strong de-levering story. The analyst added that for longer term investors, "locking in the 6.7% yield and waiting for mean reversion in valuation is likely to be rewarded."

ZILLOW CUT TO UNDERWEIGHT AT BARCLAYS: Barclays analyst Deepak Mathivanan downgraded Zillow (Z, ZG) to Underweight from Equal Weight in a note partially titled "Worst Is Yet To Come," citing his expectations for a "material erosion" in unit economics in its Homes division, the operational challenges facing the company in buying, fixing up, and selling homes at scale and the fact that he thinks the company's efforts to slowly transition its core PA business closer to transaction will keep revenue growth muted in the near-term. While returning CEO Rich Barton is "one of the best executives in internet," Mathivanan said he thinks "the deck is stacked heavily against" Zillow. He maintained a $32 price target on Zillow shares.