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:

• Wells Fargo analyst Larry Biegelsen upgraded Becton Dickinson (BDX) to Overweight from Equal Weight with an unchanged price target of $275. The company may be better positioned to weather the macro challenges versus some of its peers, Biegelsen tells investors in a research note.
• Morgan Stanley analyst Pamela Kaufman upgraded Altria Group (MO) to Equal Weight from Underweight with a price target of $43, down from $47. The analyst sees a balanced risk/reward following the recent underperformance of the shares.
• Cantor Fitzgerald analyst Pablo Zuanic upgraded Aurora Cannabis (ACB) to Overweight from Neutral with a price target of C$4.05, up from C$3.90. The analyst views Aurora as an attractively valued pure cannabis play. He expects Europe, and more specifically Germany, to be a "relevant potential catalyst and sentiment driver" for cannabis stocks over the next 12-18 months.
• Mizuho analyst Gabriel Moreen upgraded Sunoco LP (SUN) to Buy from Neutral with a price target of $44, down from $46. The shares have lagged peers year-to-date over concerns about how rising fuel prices could impact the company's wholesale margins, Moreen tells investors in a research note.
• Keefe Bruyette analyst Meyer Shields upgraded Progressive (PGR) to Market Perform from Underperform with a price target of $107, up from $96. Rapid rate increases and stabilizing used vehicle and rental car inflation rates imply year-over-year core loss ratio improvement "relatively soon," Shields tells investors in a research note.
  
  

Top 5 Downgrades:

• JPMorgan analyst Jeffrey Zekauskas downgraded H.B. Fuller (FUL) to Underweight from Neutral with a price target of $52, down from $70, following the Q2 results. Fuller is a smaller-capitalization materials company with above-average financial leverage at about 3.3 times net debt to EBITDA, Zekauskas tells investors in a research note.
• Wedbush analyst Nick Setyan downgraded Denny's (DENN) to Neutral from Outperform with a price target of $10, down from $19. The firm's Q2 checks indicate that same-store sales growth is below consensus, and Setyan expects margins to remain under pressure, the analyst tells investors in a research note.
• Wells Fargo analyst Larry Biegelsen downgraded Baxter (BAX) to Equal Weight from Overweight with a price target of $71, down from $90. Biegelsen sees potential downside to Q2 and 2022 sales and earnings, as well as possible downside risk to Street expectations for 2023, the analyst tells investors in a research note.
• Goldman Sachs analyst Alexander Blostein downgraded Ameriprise Financial (AMP) to Neutral from Buy with a price target of $270, down from $325, which implies 12% upside. The company will continue to benefit from strong organic growth in its Wealth Management business, but its earnings mix is relatively more exposed to market draw-downs, with risks to asset-based fees largely offsetting benefits from higher interest rates, Blostein tells investors in a research note.
• Piper Sandler analyst John Barnidge downgraded Assurant (AIZ) to Neutral from Overweight with a price target of $185, down from $205. The stock's outperformance in 2022 "will fade" as emerging cyclical headwinds more than offset counter-cyclical tailwinds, Barnidge tells investors in a research note.
  
  

Top 5 Initiations:

• Morgan Stanley analyst Keith Weiss resumed coverage of Shopify (SHOP) with an Equal Weight rating and $450 price target. While the company's "strong positioning against large longer-term opportunities" like Fulfillment is likely undervalued in the shares today, risks around the macro sensitivity of small business, a normalization of e-commerce spending and limited transparency from management "present near-term risks," Weiss tells investors in a research note.
• Barclays analyst Brendan Lynch initiated coverage of Iron Mountain (IRM) with an Overweight rating and $58 price target. The company combines short duration leases, which can reprice with inflation, with long term recurring revenue, Lynch tells investors in a research note.
• BMO Capital analyst Etzer Darout initiated coverage of Nuvalent (NUVL) with an Outperform rating and $28 price target. The clinical-stage oncology company is "a compelling opportunity" given its differentiated ROS1 and ALK kinase inhibitors, particularly in the wake of Bristol-Myers' (BMY) proposed acquisition of Turning Point Therapeutics (TPTX) for $4.1B, Darout tells investors.
• Raymond James analyst John Ransom initiated coverage of Cano Health (CANO) with an Outperform rating and $8 price target. Cano Health has traded poorly over the past six months, now down 70% from its all-time high, and Ransom thinks that the current price represents an attractive entry point, the analyst tells investors in a research note.
• Evercore ISI analyst Vijay Kumar initiated coverage of Bausch + Lomb (BLCO) with an Outperform rating and $21 price target, which represents about 35% upside potential. B + L "sets up as a great stock for a choppy tape," given the company's free cash flow conversion, current free cash flow yield, pricing power, relatively acyclical business and a "meaningful new product cycle phase," Kumar tells investors.