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

BUY COINBASE: Needham analyst John Todaro initiated coverage of Coinbase (COIN) with a Buy rating and $420 price target, implying 64% upside from current prices. The analyst sees Coinbase as a "market-leading crypto asset exchange with significant future opportunities beyond exchange services," including staking, custody and yield bearing products. He expects the company's exchange business to "grow rapidly and sustainably" as new investors adopt its crypto assets and services. Coinbase is a leading provider of financial services, infrastructure, technology, and custodial services for the high-growth, crypto asset universe, Todaro contended.

MOVING TO THE SIDELINES: Morgan Stanley analyst Kimberly Greenberger downgraded Victoria's Secret (VSCO) to Equal Weight from Overweight with a $76 price target. The analyst sees limited potential for further share gains following the stock's "significant outperformance." The stock has risen over 55% since it began trading last month, with the market now appearing "to appreciate more of the opportunities" facing Victoria's, Greenberger told investors in a research note. The analyst believes catalysts for further share gains may be pushed out until the second half of 2022 as the company's results and guidance "suggest a longer revenue recovery than the Street and investors initially expected."

REMAINS 'EXTREMELY' STRONG: Citi analyst Paul Lejuez reinstated coverage of Bath & Body Works (BBWI) with a Buy rating and $85 price target after a period of restriction. The momentum in the business "remains extremely strong" as Bath & Body benefitted from a wave of new customers during Covid, Lejuez told investors in a research note. The analyst expects the company to generate over $1B in free cash flow annually, leaving "significant cash to return to shareholders, which may still be underappreciated by the market."

REKINDLE GROWTH, TAKE MARKET SHARE: Morgan Stanley analyst Brian Harbour initiated coverage of Planet Fitness (PLNT) with an Overweight rating and $93 price target. Harbour sees evidence that in-person fitness can recover, and thinks Planet Fitness's scale positions it to rekindle growth and take market share.

POSITIVE CATALYST WATCH: Citi analyst Paul Lejuez opened a 30-day "Positive Catalyst Watch" on shares of Signet Jewelers (SIG) into the company's September 2 earnings report. The analyst believes the setup is favorable heading into the earnings report, as macro data and retailer call-outs show the category is "very strong," Signet's historical first to second quarter relationship indicates upside potential, and channel checks with private jewelers indicate sales trends are strong. Overall, he believes "strong results will be a positive catalyst for the stock" and keeps a Buy rating on Signet with a $79 price target.