Institutional investors and professional traders rely on The Fly to learn which companies the best analysts on Wall Street are saying to buy and sell.

Research analysts at Wall Street's largest banks issue recommendations on whether a stock should be bought, held, or sold. The Fly's team of financial market experts scours hundreds of research notes daily to uncover the best trading ideas. Check out today's top analyst calls from around Wall Street, compiled by The Fly.

Top 5 Upgrades:

• Wells Fargo analyst Kate Fitzsimons upgraded Nike (NKE) to Overweight from Equal Weight with an unchanged price target of $175. The stock's 12% year-to-date decline presents a "rare buying opportunity for this best-in-class global athletic name," Fitzsimons told investors in a research note.
• Loop Capital analyst Mark Schappel upgraded Snowflake (SNOW) to Buy from Hold with a $370 price target. While the software sector has seen many names fall by 30% or more since its mid-November highs, its fundamentals remain intact, suggesting that the recent selloff may be disconnected from IT spending fundamentals, the analyst contended.
• KeyBanc analyst Brandon Nispel upgraded ViacomCBS (VIAC; VIACA) to Sector Weight from Underweight. The analyst notes that his data is picking up on improving momentum of gross adds and churn where direct-to-consumer subscriber upside could improve sentiment from relatively depressed levels.
• Berenberg analyst Conor Dwyer upgraded Delta Air Lines (DAL) to Buy from Hold with a price target of $50, up from $48. The analyst favors the U.S. airlines over the European flag carriers "as the former offer a better value proposition than the latter," and believes Delta offers a "high-quality" way to play the U.S. recovery.
• Craig-Hallum analyst Alexander Nowak upgraded SmileDirectClub (SDC) to Hold from Sell.

Top 5 Downgrades:

• Wells Fargo analyst Edward Kelly downgraded Kroger (KR) to Underweight from Equal Weight with a $42 price target as he believes the risk/reward for this COVID beneficiary now looks skewed to the downside.
• Citi analyst Fatima Boolani downgraded VMware (VMW) to Neutral from Buy with a price target of $140, down from $177, after assuming coverage of the name. The analyst noted that VMware's leadership position in new markets is "satisfactory but not definitive," and considering the likelihood of stagnant profitability expansion resulting from investments and revenue mix shift, she sees near-term valuation expansion being "out of reach."
• Redburn analyst James Goodall downgraded American Airlines (AAL) to Neutral from Buy.
• OTR Global downgraded its view on Pinterest (PINS) to Mixed from Positive after fourth quarter checks with sources at full-service and digital advertising agencies in the U.S. and Europe.
• Citi analyst Fatima Boolani assumed coverage of and downgraded Citrix (CTXS) to Sell from Neutral with a price target of $85, down from $103. The analyst believes the challenges at Citrix appear structural in nature, prompting a pessimistic view on the stock. Boolani also noted that active take-private speculation has shares detached from fundamentals, and where she believes much of the potential M&A premium and implied "takeout valuation" is likely priced into the stock.

Top 5 Coverage Initiations:

• Atlantic Equities analyst Peter Sazel initiated coverage of Twilio (TWLO) with an Overweight rating and $240 price target. Sazel believes the recent 58% selloff represents an attractive opportunity to enter a secular growth story of a major enabler driving enterprises' digital transformations.
• Citi analyst James Monigan initiated coverage of Saia (SAIA) with a Neutral rating and $320 price target as he prefers to wait for an improved cyclical outlook before getting positive on the shares.
• Barclays analyst Eric Beaumont reinstated coverage of Dominion Energy (D) with an Equal Weight rating and $86 price target. The analyst believes the company has "exceptional visibility" into long-term capital deployment opportunities.
• Bank of America analyst Jamie Zakalik initiated coverage of Camtek (CAMT) with a Neutral rating and $43 price target. The company is a beneficiary of the growing cost and complexity of semi manufacturing, but its set-up is tougher in 2022 as industry sales decelerate and Camtek ramps its spending to support long-term growth initiatives, the analyst argued.
• Exane BNP Paribas analyst Luke Mason initiated coverage of TPG (TPG) with an Outperform rating and $43 price target.