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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: 

• Guggenheim analyst John DiFucci upgraded Salesforce (CRM) to Neutral from Sell with an unchanged price target of $150, noting that the stock is down 20% since he initiated coverage on August 11 while the S&P 500 is down 7% over the same time frame. While he maintains the view that Salesforce's new ACV has been "more modest than most investors realize" and that is has relied on M&A to "prop up revenue growth," he advises "don't overstay your welcome" in the title of his upgrade note.
• Guggenheim's DiFucci also upgraded Okta (OKTA) to Neutral from Sell with a price target of $65, down from $75. After the company gave an outlook that was seen as disappointing, shares fell 34% on Thursday and the stock is down more than 70% this year, noted DiFucci, who recognizes that he "might be early," but sees execution issues and bad news as "now priced in" given the move down in the stock. DiFucci says "execution clearly needs to improve," but he also contends that the "opportunity in front of the company is massive, and in some cases, untapped."
• Keefe Bruyette analyst Mike Rizvanovic upgraded Toronto-Dominion (TD) to Outperform from Market Perform with a price target of C$103, up from C$90. The company has a "compelling growth story" in its U.S. business that separates it from Canadian bank peers, Rizvanovic tells investors in a research note.
• Credit Suisse analyst Andrew Kuske upgraded Acadian Timber (ACAZF) to Neutral from Underperform with an unchanged price target of C$18.
• Goldman Sachs analyst Theodora Lee Joseph upgraded Chr. Hansen (CHYHY) to Conviction Buy from Neutral with a price target of DKK 570, up from DKK 520.

Top 5 Downgrades: 

• Daiwa analyst Louis Miscioscia downgraded Nvidia (NVDA) to Neutral from Outperform with a price target of $133, down from $215. The analyst questions why Nvidia "did not have a better understanding of the channel inventory level." Besides the unexpected "very weak" results, lower growth potential and China restrictions, "our next issue is high valuation, especially in this environment," Miscioscia tells investors in a research note. The analyst says Nvidia's top and bottom line growth is "being reduced materially" over the next twelve months.
• JPMorgan analyst Jeffrey Zekauskas downgraded Dow Inc. (DOW) to Neutral from Overweight with a price target of $47, down from $60. Petrochemicals companies are "probably not the best places to put new money to work," Zekauskas tells investors. The analyst says short-term commodity chemical price risk is skewed to the downside and that the market is likely to have difficultly gauging the impact a slowing global economy will have on earnings. Dividend yields are above-average but "probably hold less allure" for investors benefiting from rising bond returns, writes Zekauskas.
• Zekauskas also downgraded LyondellBasell (LYB) to Neutral from Overweight with a price target of $80, down from $115, citing similar rationale.
• Needham analyst Mike Cikos downgraded C3.ai (AI) to Hold from Buy and removed his prior $20 price target, calling the company's shift toward a consumption model that was announced alongside its earnings report "necessary but time-consuming." C3's "elephant-hunting" for up to $50M deals falls flat in the current macro environment, so the shift is needed, but a pivot in monetization is "challenging, time-consuming and requires a re-think throughout the entire organization," contends Cikos.
• Seaport Global analyst Mitch Kummetz downgraded Tilly's (TLYS) to Neutral from Buy without a price target. The company's Q2 fell short of Tilly's range and the shares are "no longer cheap" based on the reduced estimates, Kummetz tells investors.

Top 5 Coverage Initiations: 

• Evercore ISI analyst Jonathan Miller initiated coverage of ProKidney (PROK) with an Outperform rating. ProKidney is developing a cell therapy for the chronic kidney disease, or CKD, setting "and possibly beyond" that has received a "regenerative medicine advanced therapy," or RMAT, designation from the FDA, Miller noted. The Phase 3 outcomes trial data in 2025 will be more definitive and "if it all works out, upside can be quite substantial here," in part because ProKidney intends to follow a "cell-therapy-like pricing scheme for this chronic indication," Miller tells investors.
• Stifel analyst Bradley Canino initiated coverage of Relay Therapeutics (RLAY) with a Buy rating and $40 price target. Canino believes two data catalysts through the first half of 2023 will validate Relay's strategy of unlocking better efficacy and safety from validated precision oncology drug targets with a proprietary computer-aided drug design, the analyst tells investors.
• Wells Fargo analyst Nathan Treybeck initiated coverage of Procept BioRobotics (RPCT) with an Overweight rating and $49 price target. The company's AquaBeam Robotic System, an aquablation therapy for benign prostatic hyperplasia, has "compelling" clinical data that shows effective, safe, durable and reproducible results, Treybeck tells investors.
• Atlantic Equities analyst Peter Sazel initiated coverage of Fortinet (FTNT) with an Overweight rating and $76 price target. Fortinet is the second largest cyber security player with a "strong track record" of GAAP profitability and free cash flow per share growth, Sazel tells investors.
• Atlantic Equities' Sazel also initiated coverage of Crowdstrike (CRWD) and Palo Alto Networks (PANW) with Neutral ratings.