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:

• Morgan Stanley analyst Kimberly Greenberger upgraded Lululemon Athletica (LULU) to Overweight from Equal Weight with a price target of $303, down from $339. The stock trades at a discount versus history due to growth deceleration and recession fears, but these risks seem priced in and the business could be more resilient thru the headwinds than the market discounts, the analyst contended.
• Gordon Haskett analyst Chuck Grom upgraded Dick's Sporting (DKS) to Hold from Reduce with a $78 price target. Unlike most retailers that have reported first quarter results thus far, Dick's Q1 print was much better-than-expected, Grom told investors in a research note.
• Barclays analyst Steve Valiquette upgraded AmerisourceBergen (ABC) to Overweight from Equal Weight with a price target of $182, up from $175. The analyst believes the company will showcase positive specialty drug distribution industry trends that will drive 10%-13% long-term earnings growth at next week's investor day.
• DA Davidson analyst Peter Heckmann upgraded Tyler Technologies (TYL) to Buy from Neutral with an unchanged $440 price target. The analyst cited the significant pullback in the shares over the last six months providing a "more attractive entry point."
• Bank of America analyst Kevin Fischbeck upgraded Cigna (CI) to Neutral from Underperform with a price target of $300, up from $265. The analyst sees a stronger than average growth outlook for commercial and pharmacy benefit managers.

Top 5 Downgrades:   

• UBS analyst Cody Ross downgraded Kraft Heinz (KHC) to Sell from Neutral with a price target of $34, down from $40. The company is dealing with one of the highest inflationary pressures over the next 12 months, increasing their need to take another round of price this year, but this is unlikely given the commentary from Walmart (WMT) and Target (TGT) last week.
• Barclays analyst Steve Valiquette downgraded Cardinal Health (CAH) to Equal Weight from Overweight with a price target of $64, down from $70. The company should benefit from "outsized traditional generic pipeline tailwinds," but it has less leverage to faster-growth specialty drug distribution versus peers and a further "inferior asset mix" related to its "beleaguered" medical segment, Valiquette told investors in a research note.
• Evercore ISI analyst Jonathan Chappell downgraded Union Pacific (UNP) to In Line from Outperform with a $245 price target, citing recent relative outperformance to U.S. rails, second quarter volume shortfalls, and what he sees as a likely-to-be lower guidance reset.
• Wolfe Research analyst Bill Carcache downgraded Huntington Bancshares (HBAN) to Underperform from Peer Perform with a price target of $11, down from $15. The analyst maintains a cautious stance on mid-cap banks and expects further multiple compression based on his view that a recession is likely.
• Bank of America analyst Kevin Fischbeck downgraded Centene (CNC) to Neutral from Buy with a price target of $90, down from $95. The analyst sees greater medical loss ratio uncertainty into 2023. The analyst also downgraded Nutanix (NTNX) and Oscar Health (OSCR) to Neutral from Buy, and Molina Healthcare (MOH) to Underperform from Neutral. 

Top 5 Coverage Initiations:

• Cowen analyst Stephen Glagola initiated coverage of Coinbase (COIN) with an Outperform rating and $85 price target in a note to investors partially titled "Built To Last." The analyst believes it can grow at a double-digit percentage compound annual growth rate for "the foreseeable future" and argues that its security infrastructure and regulatory adherence are a structural advantage over global competitors.
• Benchmark analyst Cody Acree assumed coverage of Nvidia (NVDA) with a Buy rating with a price target of $228, down from $365. The analyst remains positive on Nvidia given he sees its new software platforms augmenting growth of the underlying core business and anticipates "plenty of opportunity for growth throughout the compute and networking environment."
• Bank of America analyst Greg Harrison initiated coverage of Liquidia Technologies (LQDA) with a Buy rating and $12 price target. The approval of the company's "fully derisked" Yutrepia hinges on the outcome of the Hatch-Waxman trial evaluating infringement on United Therapeutics' (UTHR) process patents, with the decision expected in August, the analyst told investors in a research note.
• Jefferies analyst Suji Jeong initiated coverage of Inozyme (INZY) with a Hold rating and $5 price target. Lead product INZ-701 is being studied in Phase 1/2 trials for rare genetic mineralization conditions called ENPP1 and ABCC6 deficiencies where there is no approved therapy and encouraging initial biomarker data, Jeong said, adding that he's on the sidelines due to "highly heterogeneous" target patient populations, yet-to-be established clear clinical benefits to better define the market potential, and the expectation for clinical proof-of-concept data in patients not coming until 2023.
• Northland analyst Michael Latimore initiated coverage of Sangoma Technologies (SANG) with an Outperform rating and $18 price target. Sangoma has a full communications software-as-a-service suite and has a track record of profitable growth underpinned by organic and inorganic efforts, Latimore told investors.