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:

• Barclays analyst Benjamin Theurer upgraded CF Industries (CF) to Overweight from Equal Weight with a price target of $120, up from $103. The company's low-cost U.S. ammonia production should allow it to fare better than European peers who are facing much higher input costs, Theurer told investors in a research note.
• Lake Street analyst Jaeson Schmidt upgraded ShotSpotter (SSTI) to Buy from Hold with a price target of $38, up from $29, after the company reported second quarter results and reiterated its 2022 revenue and AEBITDA margin guidance.
• Stifel analyst Bert Subin upgraded V2X (VVX) to Buy from Hold with a price target of $45, up from $42. Following second quarter earnings and after an updated analysis, the analyst now sees interest expense as manageable in the context of the company's free cash flow generation.
• Wells Fargo analyst Michael Blum upgraded Equitrans Midstream (ETRN) to Overweight from Equal Weight with a price target of $13, up from $9. The analyst now believes the probability that Mountain Valley Pipeline is placed into service has substantially increased.
• Berenberg analyst Saim Saeed double upgraded Cazoo (CZOO) to Buy from Sell with a price target of $2.33, up from 49c. When reporting first half results last week, management indicated a "significant pivot in strategy" by announcing a review of its European operations, which will likely lead to a full exit, Saeed told investors in a research note.

Top 5 Downgrades:

• MoffettNathanson analyst Michael Nathanson downgraded Roku (ROKU) to Underperform from Market Perform with an unchanged price target of $62. The analyst, whose long-term estimates are below consensus, sees Roku's competitive position as "challenged from all sides with investment spending a necessity to remain competitive."
• Argus analyst Jim Kelleher downgraded Twilio (TWLO) to Hold from Buy after the company delivered better-than-expected second quarter revenue but guided "conservatively" on Q3.
  Keefe Bruyette analyst Kyle Voigt downgraded Coinbase (COIN) to Underperform from Market Perform with an unchanged price target of $45 post second quarter results.
• DA Davidson analyst Rudy Kessinger downgraded Okta (OKTA) to Neutral from Buy with a price target of $105, down from $140, ahead of its second quarter results on August 31st. Field checks and the findings of his reseller survey are increasing his concerns around increased sales turnover and Auth0/Okta sales integration issues, the analyst told investors in a research note.
• Bank of America analyst Michael McGovern downgraded RealReal (REAL) to Underperform from Buy with a price target of $2.75, down from $7, after the company reported mixed second quarter results and gave guidance that missed expectations.
  

Top 5 Initiations:

• Lake Street analyst Ryan Meyers initiated coverage of Blue Apron (APRN) with a Buy rating and $9 price target. The analyst believes the changes Blue Apron has undertaken since CEO Linda Findley's arrival in 2019 have improved its competitive position and better positioned it for sustained growth.
• Barclays analyst Brandon Oglenski reinstated coverage of Frontier Group (ULCC) with an Overweight rating and $19 price target. Following an unsuccessful attempt to create a larger ultra-low-cost carrier in the U.S. through the prior proposed merger with Spirit (SAVE), Frontier Airlines will likely pursue an "aggressive organic growth strategy that should deliver meaningful shareholder upside," Oglenski noted.
• Macquarie analyst Danny Lee initiated coverage of Coupang (CPNG) with an Outperform rating and $26 price target. As Korea's leading e-commerce play with a strong logistics moat, Lee expects Coupang to gain more bargaining power over first-party suppliers as the company gains economies of scale.
• H.C. Wainwright analyst Emily Bodnar initiated coverage of MiNK Therapeutics (INKT) with a Buy rating and $7 price target. The current share price is undervaluing the company's platform potential, which consists of both untargeted and targeted iNKT cell therapies, Bodnar told investors.
• Cantor Fitzgerald analyst Josh Siegler assumed coverage of Porch Group (PRCH) with an Overweight rating with a price target of $8, down from $10. Siegler remains very constructive on Porch's business, and the lower price target reflects market re-rating and a more uncertain macro-outlook.