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:

• Wedbush analyst Seth Basham upgraded Chewy (CHWY) to Outperform from Neutral with a price target of $35, up from $30. The analyst sees "little downside risk" to consensus estimates given Chewy's customer retention and spending.
• Wells Fargo analyst Chris Carey upgraded Church & Dwight (CHD) to Overweight from Equal Weight with a $95 price target. The stock is well off highs, the prospects of a recession look increasingly base case, meaning Church & Dwight's defensive qualities shine even brighter, the analyst noted.
• Credit Suisse analyst Manav Gupta upgraded Exxon Mobil (XOM) to Outperform from Neutral with a price target of $125, up from $115. Exxon has continued to invest in some of the most attractive oil and gas projects while many global majors significantly cut back on investments globally, Gupta told investors in a research note.
• Bank of America analyst Jeffrey Spector upgraded CubeSmart (CUBE) to Buy from Neutral with an unchanged price target of $53, citing strong operational updates from his NYC tour, during which the company reported acceleration of move-ins and Street rates into May.
• Bank of America analyst Steve Byrne double-upgraded FMC Corporation (FMC) to Buy from Underperform with an unchanged $127 price target as part of a broader research note on Agricultural Chemicals. The analyst stated that FMC had been the worst performer in his coverage on a 3-month basis, making its valuation more attractive.

Top 5 Downgrades:   

• Morgan Stanley analyst Keith Weiss downgraded Adobe (ADBE) to Equal Weight from Overweight with a price target of $362, down from $591. The analyst fears the company's growth going forward will be "materially slower" as he forecasts 12% annual revenue and earnings growth through fiscal 2024.
• Cowen analyst John Kernan downgraded Under Armour (UAA) to Market Perform from Outperform with a price target of $10, down from $13. Under Armour's brand momentum has waned relative to peers and the expectation for a re-acceleration in growth into an uncertain macro environment could be challenged, the analyst contended.
• Exane BNP Paribas analyst Steve McManus downgraded Wayfair (W) to Neutral from Outperform with a $52 price target.
• UBS analyst Peter Grom downgraded Boston Beer (SAM), Keurig Dr Pepper (KDP) and Molson Coors (TAP) to Neutral from Buy as part of a broader research note on U.S. beverages. The analyst believes that the group will still deliver sustainable organic revenue outperformance over the longer-term, but also sees a normalization on the horizon as reopening catalysts dissipate.
• JPMorgan analyst Bill Peterson downgraded Hyliion Holdings (HYLN) to Underweight from Neutral without a price target, citing an "increasingly competitive environment" within zero- and low-emission vehicles coming to market with a limited growth opportunity for natural gas vehicles in the long-term.

Top 5 Coverage Initiations:

• Wells Fargo analyst Matthew Akers initiated coverage of Virgin Galactic (SPCE) with an Underweight rating and $4 price target. The analyst sees further risk in the shares as he's doubtful the company can develop its new Delta spacecraft and continue to fund operations without a capital raise.
• Bank of America analyst Travis Steed initiated coverage of Embecta (EMBC) with an Underperform rating and $25 price target. The recent spin out from Becton Dickinson (BDX) is the market leader in insulin pen needles and syringes, but these markets are mature and he sees a lack of upside growth catalysts until Embecta diversifies, Steed told investors.
• Wells Fargo analyst Matthew Akers initiated coverage of Maxar Technologies (MAXR) with an Overweight rating and $39 price target. The analyst thinks Maxar's recent EOCL contract win de-risks its earth observation outlook, while its upcoming Legion satellite launches provide a catalyst and further expand its lead in high-resolution imaging. Akers also started coverage of Rocket Lab (RKLB) with an Equal Weight rating and $5 price target.
• Bank of America analyst Mariana Perez Mora initiated coverage of Palantir Technologies (PLTR) with a Buy rating and $13 price target. The analyst sees the company as a beneficiary of "rapidly growing demand" for acritical intelligence platforms in both commercial and government end markets.
  Goldman Sachs analyst Eric Sheridan reinstated coverage of DoorDash (DASH) with a Neutral rating and $67 price target following the closing of the Wolt acquisition.