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:

• Goldman Sachs analyst Jared Garber double upgraded Yum! Brands (YUM) to Buy from Sell with a price target of $135, up from $125. The company's "highly-franchised model provides relative insulation" from the macro volatility, Garber told investors in a research note.
• Berenberg analyst Peter Richardson upgraded JPMorgan (JPM) to Hold from Sell with an unchanged price target of $120. JPMorgan is operating in a difficult environment but its shares are now trading at a 20% discount to their long-run average, Richardson argued.
• Deutsche Bank analyst Emmanuel Rosner upgraded BorgWarner (BWA) to Buy from Hold with a price target of $48, up from $43. The analyst expects U.S. auto suppliers to report "soft" second quarter results but generally maintain their outlooks calling for solid improvement in the second half of the year.
• Morgan Stanley analyst Manan Gosalia upgraded Houlihan Lokey (HLI) to Equal Weight from Underweight with a price target of $82, down from $95. Houlihan Lokey's multiple has held up better than peers during prior recession fears as a skew to the counter-cyclical restructuring business and less volatile Financial & Valuation Advisory business makes them a more defensive play, said Gosalia, who expects "this time should be no different."
• Bank of America analyst Koji Ikeda upgraded Expensify (EXFY) to Buy from Neutral with a price target of $25, up from $20. The company's "lean business model" should enable the business to pivot quickly from higher revenue growth to higher EBITDA margins, Ikeda told investors in a research note.

Top 5 Downgrades:   

• Deutsche Bank analyst Emmanuel Rosner downgraded General Motors (GM) to Hold from Buy with a price target of $36, down from $57, on growing earnings risk. The analyst also downgraded Goodyear Tire (GT) to Hold from Buy with a price target of $15, down from $19.
• Morgan Stanley analyst Benjamin Swinburne downgraded Paramount (PARA) to Underweight from Equal Weight with a price target of $22, down from $32. The analyst is "incrementally cautious" on the TV/streaming group saying the pivot to streaming "is about to get more difficult." Swinburne also downgraded Fox Corp. (FOXA) to Equal Weight from Overweight with a price target of $38, down from $45.
• Goldman Sachs analyst Jared Garber downgraded Brinker (EAT) to Neutral from Buy with a price target of $28, down from $46. The analyst sees see greater risk for same-store-sales trends at both Chili's and Maggiano's to decelerate as the macro environment deteriorates. Garber also removed Chipotle (CMG) from the firm’s Conviction List but kept a Buy rating on the shares with a price target of $1,720, down from $1,995.
• Morgan Stanley analyst Manan Gosalia downgraded Moelis (MC) to Underweight from Equal Weight with a price target of $36, down from $53. Public deal data for Moelis suggests fewer deal completions in the second and third quarters, indicating a material slowdown in revenues, noted Gosalia, who expects a weaker pipeline could weigh on the stock given that the time taken to close deals has been extending and deal announcements are declining across the industry.
• Bank of America analyst Koji Ikeda downgraded BlackLine (BL) to Underperform from Neutral with a price target of $64, down from $75. While he thinks that BlackLine has the long-term potential to disrupt the office of the CFO digital transformation opportunity, Ikeda believes the stock's premium valuation is "pricing in all of the potential good news" over the next twelve months, including some potential M&A premium.

Top 5 Initiations:

• Mizuho analyst John Baumgartner initiated coverage of Kraft Heinz (KHC) with a Buy rating and $48 price target. The analyst believes the Street continues to underestimate and undervalue the company's growth potential.
• RBC Capital analyst Brandon Henry initiated coverage of Penumbra (PEN) with an Outperform rating and $195 price target. The analyst is positive on the company's position in an "attractive, high-growth, under-penetrated" neuro and vascular end-markets.
• H.C. Wainwright analyst Emily Bodnar initiated coverage of Dice Therapeutics (DICE) with a Buy rating and $40 price target. Dice's DELSCAPE technology platform is meant to enable the company to create oral small molecules against historically difficult to target protein-protein interactions. The analyst sees "significant upside potential" if efficacy and safety data are positive in the third quarter data update.
• Craig-Hallum analyst Alexander Nowak initiated coverage of CVRx (CVRX) with a Buy rating and $15 price target. With a good product, excellent data and established commercial infrastructure, the analyst expects increasing levels of Barostim adoption for the next 5-10 years and a stock that moves materially higher as CVRx sets itself apart from the many recent IPOs that have struggled.
• H.C. Wainwright analyst Matthew Caufield initiated coverage of Oyster Point Pharma (OYST) with a Buy rating and $20 price target. The analyst believes the dry eye disease and neurotrophic keratopathy nasal spray programs can benefit from readthrough based on trigeminal parasympathetic pathway activation for increased basal tear film production.