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:

• JPMorgan analyst Rajat Gupta upgraded AutoNation (AN) to Overweight from Neutral with a price target of $130, down from $140. The company has the best balance sheet optionality in franchise auto dealerships and the recent pullback in the shares makes its relative valuation screen the most attractive in the space on normalized earnings potential, Gupta told investors in a research note.
• Berenberg analyst Rudy Yang upgraded Yeti Holdings (YETI) to Buy from Hold with a price target of $92, down from $103. The recent de-rating in the shares is "unwarranted" and provides a great opportunity to enter the stock, Yang told investors in a research note.
• Guggenheim analyst Joseph Osha upgraded Array Technologies (ARRY) to Buy from Neutral with an $18 price target following the company's fourth quarter results.
• Oppenheimer analyst Brian Schwartz upgraded Zeta Global (ZETA) to Outperform from Perform with a $20 price target. The analyst sees "substantial upside from current prices" based on valuation, improving fundamentals, and transparency.
• JPMorgan analyst Seth Seifman upgraded Aerojet Rocketdyne (AJRD) to Overweight from Neutral with a price target of $49, up from $40. The stock's current valuation is attractive given Aerojet's "visible growth," net cash position that leaves capital to deploy, and the "potential (eventually) to be acquired," Seifman argued.

Top 5 Downgrades:

• Wells Fargo analyst Zachary Fadem downgraded Wayfair (W) to Underweight from Equal Weight with a price target of $100, down from $110. Following recent events and channel checks, the analyst is "incrementally cautious on macro-sensitive, big ticket and housing impacted retailers."
• Barclays analyst Brian Johnson downgraded Ford (F) to Equal Weight from Overweight with a price target of $17, down from $23. Despite the selloff, investors are still underestimating risks to the autos and auto parts sector, from inflation and production pressures as well as the impact of interest rate hikes on portfolio allocations, Johnson told investors in a research note.
• Deutsche Bank analyst George Hill downgraded Rite Aid (RAD) to Sell from Hold with a price target of $1, down from $16, ahead of the company's fiscal fourth quarter results on April 14. The analyst believes COVID has "hastened the decline" of the retail pharmacy segment and he sees the potential for a "dramatic negative inflection point" for the shares as its preliminary fiscal 2023 outlook "seems to be unattainable."
• Piper Sandler analyst Jeffrey Harte downgraded Houlihan Lokey (HLI) to Underweight from Neutral with a price target of $76, down from $92. The downgrade reflects a combination of Houlihan 's relative valuation premium to peers and expectations that consensus earnings estimates have further to fall, Harte contended.
• Nomura analyst Donnie Teng downgraded Himax (HIMX) to Neutral from Buy with an $11 price target. The analyst believes the company's outlook is overshadowed by weaker end demand and pricing pressure alongside.

Top 5 Coverage Initiations:

• Citi analyst Jason Bazinet initiated coverage of Roblox (RBLX) with a Buy rating and $59 price target. Roblox is a "unique two-sided gaming platform" with positive free cash flow and a "relatively lean" capital structure, Bazinet told investors in a research note.
• Citi analyst Jason Bazinet initiated coverage of Unity Software (U) with a Buy rating and $125 price target. The analyst likes Unity's software engine and its leading position in the mobile gaming market.
• Guggenheim analyst Sandy Draper initiated coverage of Teladoc (TDOC) with a Buy rating and $96 price target. COVID created a short-term upswing in awareness and utilization, but also accelerated the longer-term shift to broad-based adoption and Teladoc Health's broad suite of services "addresses more touch points than any other provider," Draper told investors.
• Wells Fargo analyst Gary Mobley initiated coverage of Synaptics (SYNA) with an Equal Weight rating and $185 price target. The analyst believes shares efficiently discount the proper relative valuation benchmarks, the synergies and accretion benefits from the DSP Group acquisition, and the near-term considerations between supply-demand rebalancing for Synaptics' product sales.
• Guggenheim analyst Sandy Draper initiated coverage of Doximity (DOCS) with a Buy rating and $70 price target. Doximity offers the "dominant productivity tool for doctors," which Draper compares to "Bloomberg for doctors on smartphones." The analyst also started coverage of GoodRX (GDRX), Convey Health (CNVY) and HealthEquity (HQY) with Buy ratings, and Accolade (ACCD) with a Neutral.