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:

• Nomura analyst Anindya Das upgraded Ford (F) to Neutral from Reduce with a $12.40 price target. Das cited Ford's year-to-date stock price correction, better-than-expected sales performance of the new Bronco and Bronco Sport, as well as easing raw material prices, especially for aluminum.
• Wells Fargo analyst Daniel Politzer upgraded Las Vegas Sands (LVS) to Overweight from Equal Weight with a price target of $45, up from $43. The analyst cited the "attractive momentum" in Singapore, Macau expectations that can't get much worse, and valuation.
• Goldman Sachs analyst Nathan Rich upgraded Idexx Laboratories (IDXX) to Buy from Neutral with a price target of $435, down from $530. The analyst sees an "opportunity to own a high-quality long-term earnings compounder" at a valuation that is now back below the stock's 2015-2019 average.
• Mizuho analyst Haendel St. Juste upgraded Brixmor (BRX) to Buy from Neutral with a price target of $24, down from $26. The stock offers an attractive risk/reward given the company's "diversified and defensive portfolio composition," strong balance sheet with no significant near-term debt maturities, and " rents supporting an internally-driven growth profile that isn't reliant on acquisitions, St. Juste told investors in a research note.
• Citi analyst Paul Diamond upgraded Southwestern Energy (SWN) to Buy from Neutral with an $8 price target after assuming coverage of the name. The analyst named Southwestern his top pick among the gas-centric exploration and production companies.

Top 5 Downgrades:   

• Piper Sandler analyst Rob Owens last night downgraded DocuSign (DOCU) to Underweight from Neutral with a price target of $54, down from $65. The current Marco environment along with the company's CEO transition elevate its risks, Owens told investors in a research note.
• Deutsche Bank analyst Pito Chickering downgraded Stryker (SYK) to Hold from Buy with a price target of $205, down from $285. Stryker is facing continued margin pressures due to higher inflation that continue to track higher than management originally anticipated, Chickering told investors in a research note.
• Raymond James analyst Andrew Cooper downgraded Invitae (NVTA) to Market Perform from Outperform without a price target after the company's "necessary but still painful" reset, including leadership changes, business line exits, and guidance that puts 2023 revenues around 37% below the pre-news consensus.
• Goldman Sachs analyst Brooke Roach downgraded PVH Corp. (PVH) to Neutral from Buy with a price target of $59, down from $95. A weaker macro and heavy industry inventory levels create a tougher setup into the second half of 2022 for branded consumer goods, Roach contended.
• Goldman Sachs analyst Nathan Rich downgraded Henry Schein (HSIC) to Neutral from Buy with a price target of $85, down from $93. The analyst lowered estimates in dental ahead of second quarter earnings reports to reflect a more cautious outlook on dental demand in the U.S. and Europe as well as changes in currency rates. Rich also downgraded Elanco (ELAN) to Sell from Buy and removed Zoetis (ZTS) from his firm’s Conviction List, while keeping a Buy rating on the name.

Top 5 Initiations:

• KeyBanc analyst Noah Zatzkin initiated coverage of Nordstrom (JWN) with an Overweight rating and $30 price target and took over coverage of 16 other stocks in the Global Brands & E-Commerce sector, dividing his coverage broadly into the three areas of e-commerce and marketplaces, apparel and e-commerce brands and luxury e-commerce. Among the group, Zatzkin has Overweight ratings on Revolve Group (RVLV), G-III Apparel (GIII), Lululemon (LULU), Lulu's Fashion Lounge (LVLU), Oxford Industries (OXM), Brilliant Earth (BRLT) and Farfetch (FTCH) in addition to Nordstrom.
• Baird analyst Peter Arment initiated coverage of CACI (CACI) with an Outperform rating and $335 price target. The Department of Defense's multi-year IT modernization push, coupled with recent technology deals, creates upside for growth and margins for CACI, said Arment, who points to a strong backlog, "solid" sales growth and healthy free cash flow as the "the cornerstone” of his bullish thesis.
• Roth Capital analyst Matt Koranda initiated coverage of American Outdoor Brands (AOUT) with a Buy rating and $11 price target. With shares hitting recent lows of less than $8, the analyst thinks investors have become overly-pessimistic.
• Raymond James analyst Brian Gesuale initiated coverage of Palantir Technologies (PLTR) with a Strong Buy rating and $20 price target. After falling 75% from its early 2021 peak, the stock's risk/reward is "compelling" for a software business with a 30% growth rate, gross margin structure in the 80% range with escalating contribution margins, and a balanced commercial and government customer mix, the analyst argued.
• JPMorgan analyst Tessa Romero initiated coverage of Xenon Pharmaceuticals (XENE) with an Overweight rating and $55 price target. Romero also added the shares to the firm's Analyst Focus List as a "Growth Idea."