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:

• Oppenheimer analyst Owen Lau upgraded CME Group (CME) to Outperform from Perform with a $223 price target. The analyst sees an attractive valuation at current share levels and says rising interest rates bode well for CME's interest rate franchise.
• Atlantic Equities analyst Colin Isaac upgraded Air Products and Chemicals (APD) to Overweight from Neutral with a price target of $290, up from $280. The analyst believes high energy prices are likely a secular tailwind, boosting refining margins and short-term investment in traditional energy infrastructure.
• Barclays analyst Jeanine Wai upgraded Diamondback Energy (FANG) to Overweight from Equal Weight with a price target of $160, down from $162. The analyst views the first quarter as the "clearing event" the stock needed since the company's cash returns will increase in the second half of 2022.
• Goldman Sachs analyst Caitlin Burrows upgraded Kilroy Realty (KRC) to Buy from Neutral with a price target of $84, down from $87. The analyst has a "constructive view" on long-term demand for newly built/renovated office space and believes Kilroy's "relatively robust" development pipeline will lead to outsized earnings growth.
• Mizuho analyst Vikram Malhotra upgraded Sabra Health Care (SBRA) to Buy from Neutral with a price target of $15, down from $16, which implies over 12% upside. The analyst sees a "tactically opportunity time" to the upgrade with negatives for skilled nursing now well-known.

Top 5 Downgrades:

• Barclays analyst Karen Short downgraded Best Buy (BBY) to Equal Weight from Overweight with a price target of $80, down from $135. The company's first quarter miss and reduced fiscal 2022 outlook underlined the fact that the macro environment is slowing and demand for consumer electronics will likely be under pressure at least through the remainder of the year, Short told investors in a research note.
• Tudor Pickering analyst Jeoffrey Lambujon downgraded Fisker (FSR) to Hold from Buy with a price target of $13, down from $25. The analyst, who cited Fisker's "limited disclosures" on costs and gross margins, said he "struggles to see the market" being willing to support legacy margin targets for EV startups in general until they can give more visibility on costs and margins.
• Piper Sandler analyst Arvind Ramnani downgraded 2U (TWOU) to Underweight from Neutral with a price target of $9, down from $10, as the company's "regulatory overhang" elevates the stock's downside risk.
• Barclays analyst Jeanine Wai downgraded Devon Energy (DVN) to Equal Weight from Overweight with a $73 price target. The analyst cited valuation for the downgrade following the stock's recent outperformance.
• RBC Capital analyst Gregory Renza downgraded Verrica Pharmaceuticals (VRCA) to Sector Perform from Outperform with a price target of $4, down from $16, after the company received a Complete Response Letter from the FDA regarding its New Drug Application for VP-102 for the treatment of molluscum contagiosum.

Top 5 Coverage Initiations:

• Wells Fargo analyst Anthony Bonadio initiated coverage of Casey's General Stores (CASY) with an Overweight rating and $240 price target. The analyst sees an attractive growth story, with a compelling path from here and positive reopening exposure. Bonadio also started coverage of Alimentation Couche-Tard (ANCTF) with an Overweight rating, and Murphy USA (MUSA) and Arko Corp. (ARKO) with Neutral ratings.
• Northland analyst Donovan Schafer initiated coverage of Generac (GNRC) with an Outperform rating and $370 price target. Generac "dominates" the growing U.S. home standby market with about 75% market share and "enduring competitive advantages," while it is ideally positioned to understand and navigate the terrain of the energy transition to get the most out of its burgeoning clean energy business, Schafer told investors.
• Cowen analyst Gabe Daoud initiated coverage of Wallbox (WBX) with an Outperform rating and $14 price target. The company's design-centric air conditioning hardware and complimentary energy management software create strong brand recognition and a business-to-consumer "backbone," Daoud told investors in a research note.
• Cowen analyst Joshua Buchalter initiated coverage of Allegro MicroSystems (ALGM) with an Outperform rating and $30 price target. The analyst believes Allegro "presents an under the radar beneficiary" of auto electrification and autonomy.
• Compass Point analyst Jason Weaver initiated coverage of Porch Group (PRCH) with a Buy rating and $11.50 price target. Porch sells software to home services companies and receives downstream revenues from attendant service fees, noted Weaver, who sees the company's unique business model offering competitive advantages to its network of home services companies.