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:

• Argus analyst Taylor Conrad upgraded AutoZone (AZO) to Buy from Hold with a $2,210 price target. The company's earnings have rebounded from their pandemic lows and have now topped Street expectations for the past seven quarters, the analyst told investors in a research note.
• Barclays analyst Saket Kalia upgraded Fortinet (FTNT) to Overweight from Equal Weight with a price target of $395, up from $364. The analyst is more positive on the shares given the company's customer, geographic and vertical diversity against a backdrop of elevated security threats.
• UBS analyst Damian Karas upgraded SiteOne (SITE) Landscape to Neutral from Sell with a price target of $165, down from $170. After a 34% correction over the past four months, the stock price now "appropriately reflects" the company's "sustainable" 10% sales growth, the analyst told investors in a research note.
• Liberum analyst Ben Davis upgraded Rio Tinto (RIO) to Hold from Sell with a 5,650 GBp price target. European mining stocks are a "good place to park" right now, Davis contended.
• Sidoti analyst Julio Romero upgraded Aaon (AAON) and Powell (POWL) to Buy from Neutral with price targets of $72 and $26, respectively.

Top 5 Downgrades:

• Loop Capital analyst Laura Champine downgraded Etsy (ETSY) to Hold from Buy with a price target of $140, down from $185. While the company beat expectations last quarter, the macroeconomic environment has "materially worsened" since her last note in February, the analyst told investors in a research note.
• Credit Suisse analyst Michael Binetti downgraded RealReal (REAL) to Neutral from Outperform with a price target of $8, down from $15. The analyst is "disappointed" by guidance to only $100M+ of EBITDA by 2025 considering consensus was already at $109M, and believes RealReal's path to profitability is significantly longer and requires much more gross merchandise value versus the initial IPO model to achieve profitability.
• Deutsche Bank analyst George Hill downgraded CVS Health (CVS) to Hold from Buy with an unchanged price target of $110. The analyst now sees a risk/reward profile that "skews negative."
• Goldman Sachs analyst Jason English double downgraded Reynolds Consumer Products (REYN) to Sell from Buy with a price target of $26, down from $34. The analyst updated his consumer staples coverage to mark-to-market for recent commodity inflation and currency volatility following Russia's Ukraine invasion.
• Piper Sandler analyst Nicholas Cucharale downgraded RBB Bancorp (RBB) to Underweight from Neutral with a price target of $25.50, down from $30. The analyst believes the shares will likely to underperform his coverage group.

Top 5 Coverage Initiations:

• Truist analyst Youssef Squali initiated coverage of Nextdoor (KIND) with a Hold rating and $7 price target. The analyst believes that while Nextdoor has ample room to grow and attract a wider roster of advertisers, he also sees its stock as fairly valued.
• Truist analyst Jordan Levy initiated coverage of Enviva Partners (EVA) with a Buy rating and $100 price target. The company is a leading global wood pellet producer for biomass energy, having positioned itself to enter into a new growth phase benefiting from themes of industrial decarbonization and energy security, the analyst told investors in a research note.
• Deutsche Bank analyst Faiza Alwy initiated coverage of Bright Horizons (BFAM) with a Hold rating and $114 price target. The analyst argued that while Bright Horizons is viewed as a "recovery" story, the recovery is priced into the shares.
• Wolfe Research analyst Andrew Rosivach initiated coverage of Outfront Media (OUT) with an Outperform rating and $34 price target, representing 19% upside. He views Outfront as "a COVID recovery play without a COVID recovery play valuation." The analyst also started coverage of Lamar Advertising (LAMR) with a Peer Perform rating and a price target of $131.
• Bank of America analyst Joanna Zhao initiated coverage of Beachbody Company (BODY) with a Neutral rating and $2.40 price target. The analyst is constructive on Beachbody's large fitness total addressable market and long-term margin benefit from its subscription mix shift, but stays on the sidelines given the company's potential need to raise capital to fund losses and a preference for reopening stocks in the first half of 2022.