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:

• Jefferies analyst Stephanie Wissink upgraded Ulta Beauty (ULTA) to Buy from Hold with a price target of $475, up from $400. With about 45% of Ulta's business tied to make-up, she had been waiting on the "all clear" suggesting demand had returned to pre-pandemic levels with improving and sustained momentum and the earnings report last night gave her the "signal we'd been waiting for," Wissink tells investors.
  
• Bernstein analyst Lance Wilkes upgraded HCA Healthcare (HCA) to Outperform from Market Perform with a price target of $271, down from $273 as part of a broader research note on U.S. Healthcare Services. For HCA Healthcare, Wilkes is positive on the company's ability to pass through labor costs and resulting earnings recovery, coupled with lowered earnings expectations and compressed valuation.
• Morgan Stanley analyst Kimberly Greenberger upgraded Macy's (M) to Equal Weight from Underweight with a price target of $22, up from $20. Compared to peers, Macy's 2022 guidance "appears prudently conservative" and embeds uncertain macro and industry headwinds, Greenberger tells investors in a research note.
• Baird analyst Jonathan Komp upgraded Boot Barn (BOOT) to Outperform from Neutral with an unchanged price target of $115. Boot Barn has driven "impressive" results and his recent meetings with management reinforced his confidence in the company's ability to deliver strong results again in FY23 by sustaining structurally higher sales and profits, Komp tells investors.
• Citi analyst Alicia Yap upgraded iQIYI (IQ) to Buy from Neutral with a price target of $5.60, up from $4.50, post the Q1 results. Due to continued cost optimization efforts, iQIYI turned profitable a quarter ahead of expectations, Yap tells investors in a research note. Benchmark analyst Fawne Jiang also upgraded iQIYI to Buy from Hold with a $7 price target following the Q1 report.
  
  
  

Top 5 Downgrades:

• Morgan Stanley analyst Kimberly Greenberger downgraded Gap (GPS) to Underweight from Equal Weight with a price target of $8, down from $13, following the Q1 miss. "Consistent mis-execution" and a likely decelerating macro environment leaves room for further negative revisions, Greenberger tells investors in a research note. JPMorgan analyst Matthew Boss also downgraded Gap to Underweight from Neutral with a $9 price target.
• Bernstein analyst Lance Wilkes downgraded UnitedHealth (UNH) to Market Perform from Outperform with a price target of $561, down from $566, as part of a broader research note on U.S. Healthcare Services. For UnitedHealth, Wilkes says that while the company remains the leading government MCO and the leading value-based care delivery company, his new rating reflects the stock's strong performance and increases in its relative earnings multiple.
• JPMorgan analyst Matthew Boss downgraded American Eagle (AEO) to Neutral from Overweight with a price target of $15, down from $20, following the Q1 report. The analyst sees the recent moderating in sales and profitability across both American Eagle and Aerie as a "driver of inconsistent results and execution risk."
• KeyBanc analyst Thomas Blakey downgraded VMware (VMW) to Sector Weight from Overweight without a price target following the Q1 miss and takeover offer from Broadcom (AVGO). Blakey views Broadcom's longstanding vision to be a strategic infrastructure IT partner for enterprises globally as a logical fit, and does not expect a better offer to emerge. RBC Capital analyst Matthew Hedberg also downgraded VMware to Sector Perform from Outperform with a price target of $142.50, up from $140.
• Needham analyst Mike Matson downgraded Medtronic (MDT) to Hold from Buy. The company's Q4 missed expectations while its FY23 outlook was below consensus, the analyst tells investors in a research note.
  
  

Top 5 Initiations:

• Bernstein analyst Lance Wilkes resumed coverage of Centene (CNC) with an Outperform rating with a price target of $108, down from $111, as part of a broader research note on U.S. Healthcare Services. For Centene, Wilkes sees that company as well positioned for the mega-trend of shift to government programs as the share leader in safety net programs.
• Cantor Fitzgerald analyst Ross Osborn assumed coverage of Aziyo Biologics (AZYO) with an Outperform rating and a price target of $20, up from $12. The revised price target reflects updated assumptions that take into account 4Q21 and 1Q22 reported results and CY22 guidance, Osborn tells investors in a research note.
• Cowen analyst Krish Sankar initiated coverage of Rigetti Computing (RGTI) with an Outperform rating and no price target. The analyst views the company's proprietary quantum computing technology as a "compelling model to penetrate" a $19B total addressable market by 2030.
• Stifel analyst Craig Jones initiated coverage of Oak Street Health (OSH) with a Buy rating and $25 price target. Oak Street Health is a fully at-risk primary care provider network serving the Medicare market, meaning that it is in charge of providing a member primary care and is also financially at risk for a patient's health insurance, Jones tells investors.
• Ladenburg analyst Aydin Huseynov initiated coverage of Allarity (ALLR) with a Buy rating and $8 price target. Allarity Therapeutics has a proprietary genomic platform that allows pre-selection of patients who are more likely to respond to a particular treatment and its lead drug candidate, dovitinib, is a Phase3-ready tyrosine kinase inhibitor with a target indication of renal cancer, said Huseynov.