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:

• UBS analyst Patrick Hummel upgraded Tesla (TSLA) to Buy from Neutral with an unchanged price target of $1,100. The shares are down 35% year-to-date but the company's outlook is "stronger than ever before," Hummel tells investors in a research note.
• JPMorgan analyst David Karnovsky upgraded Take-Two Interactive (TTWO) to Overweight from Neutral with a price target of $175, down from $205, following a period of restriction. With the close of the Zynga acquisition, Take-Two now offers a scaled portfolio of mobile games, in addition to leading PC/console intellectual property and a pipeline of content set to "ramp significantly," Karnovsky tells investors in a research note.
• Credit Suisse analyst Curt Woodworth upgraded Freeport McMoRan (FCX) to Neutral from Underperform with a price target of $38, up from $32. Freeport shares are highly correlated to the LME copper price and under an "inflation centric thesis," copper prices should remain well supported in the medium term, Woodworth tells investors in a research note.
• RBC Capital analyst Steven Shemesh upgraded Ollie's Bargain Outlet (OLLI) to Outperform from Sector Perform with a price target of $65, up from $47. The company posted another tough quarter, but between the easing of supply chain pressures and contracted freight rates, its fundamentals will sequentially improve in the back half of the year and beyond, Shemesh tells investors in a research note.
• Keefe Bruyette analyst Bose George upgraded agency mortgage backed securities real estate investment trusts Annaly Capital (NLY), AGNC Investment (AGNC) and Dynex Capital (DX) to Outperform from Market Perform with price targets of $6.75, $13.25 and $18.75, respectively. The levered return on equities are now in the low- to mid-teens, George tells investors in a research note.
  
  

Top 5 Downgrades:

• JPMorgan analyst Jeffrey Zekauskas downgraded Scotts Miracle-Gro (SMG) to Neutral from Overweight with a price target of $95, down from $130. The company's earnings for fiscal 2022 are likely to be lower than expected as the higher margin Scotts products, grass seeds and fertilizers, are "struggling in a generally wet operating environment," Zekauskas tells investors in a research note.
• Citi analyst Joanne Wuensch downgraded iRhythm Technologies (IRTC) to Neutral from Buy with a price target of $155, down from $180. The company is facing a potential Centers for Medicare and Medicaid Services National Coverage Decision for its Zio XT patch, Wuensch tells investors in a research note.
• Loop Capital analyst Laura Champine downgraded Honest Company (HNST) to Hold from Buy with a price target of $3, down from $5. The analyst is citing the "concerning" reports from mass retailers, including Honest's largest distributor Target (TGT).
• Gordon Haskett analyst Chuck Grom downgraded Five Below (FIVE) to Accumulate from Buy with a $140 price target following a "disappointing" Q1 report and revision of its FY22 same-store sales and EPS guidance. Given the circumstances, he thinks a "more prudent posture on the guide would have been appropriate" and served as a "clearing event," but given that didn't happen he thinks the stock will likely stay range-bound in the near-term, Grom tells investors.
• Citi analyst Yigal Nochomovitz downgraded Rigel Pharmaceuticals (RIGL) to Neutral from Buy with a price target of 80c, down from $7. The analyst removed all warm autoimmune hemolytic anemia revenues from the model following yesterday's study failure, which drives the downgrade.
  
  

Top 5 Initiations:

• Credit Suisse analyst Amy Wong initiated coverage of Shell (SHEL) with an Outperform rating and 3,000 GBp price target. Shell is the analyst's top pick in the European integrated energy sector as she believes its strategic response to the energy transition is not reflected in the share price.
• Cowen analyst Matt Elkott initiated coverage of Deere (DE) with a Market Perform rating and $396 price target. The company's precision agriculture exposure is a "game-changing secular story," but there is still a cyclical and seasonal element to the business that warrants a neutral rating, Elkott tells investors in a research note.
• JMP Securities analyst Nicholas Jones assumed coverage of Zillow Group (ZG) with a Market Perform rating as part of a broader research note on Internet & Digital Media. The company's Flex Agent should drive incremental market share gains and Zillow also has a large opportunity to harvest more of its category-leading funnel, the analyst tells investors in a research note.
• Susquehanna analyst Christopher Stathoulopoulos initiated coverage of Royal Caribbean (RCL) with a Positive rating and $70 price target. The cruise industry, which has been one of the hardest hit travel industry sub-sectors during the pandemic, is on the mend and have a line of sight to profitability into 2023, said Stathoulopoulos.
• Scotiabank analyst Nick Altmann initiated coverage of Twilio (TWLO) with an Outperform rating and $215 price target. The Twilio story "may not be as clean as it has been in the past," but it remains one the fastest-growing companies of its size on an organic basis, Altmann tells investors.