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:

• Macquarie analyst Tim Nollen upgraded Netflix (NFLX) to Neutral from Underperform with a price target of $230, up from $170. The analyst is now more confident in the company's longer-term upside potential.
• Wolfe Research analyst Deepak Mathivanan upgraded Pinterest (PINS) to Outperform from Peer Perform with a $28 price target. The analyst believes the company has "significant runway" on both user growth and monetization over the long-term.
• Truist analyst Patrick Scholes upgraded Ryman Hospitality (RHP) to Buy from Hold with a price target of $103, up from $95, as part of a broader research note on Lodging REITs. With 75% of its business coming from groups and conventions, Ryman has the greatest exposure to this customer segment, the analyst told investors in a research note.
• JPMorgan analyst Daniel Chen upgraded Bilibili (BILI) to Overweight from Neutral rating with a $35 price target on the U.S.-listed shares after assuming coverage of the name. He expects top-line acceleration and margin improvement in the second half from Bilibili, driven by Story Mode and new licensed game launches.
• Kepler Cheuvreux analyst David Evans upgraded Novartis (NVS) to Buy from Hold with a CHF 90 price target.

Top 5 Downgrades:

• MKM Partners analyst Eric Handler downgraded Electronic Arts (EA) to Neutral from Buy with a price target of $131, down from $149. While the depth of EA's development pipeline remains sizable, a meaningful acceleration in releases will not occur as previously anticipated in fiscal 2024 but rather in 2025, the analyst told investors in a research note.
• JPMorgan analyst Daniel Chen downgraded NetEase (NTES) to Neutral from Overweight with a price target of $90, down from $120, after assuming coverage of the name. The analyst remains positive on the company's long-term growth in global game markets, but views second half of 2022 and 2023 consensus estimates on its online gaming growth as "too optimistic."
• KeyBanc analyst Michael Turits downgraded UiPath (PATH) to Sector Weight from Overweight without a price target following second quarter results. The analyst sees increased risk and decreased visibility with the resurgence of macro impacts, the company's high international exposure, and uncertainty around its sales leadership change, repositioning, and restructuring. Mizuho and Morgan Stanley also downgraded UiPath to Neutral-equivalent ratings.
• Truist analyst Keith Hughes downgraded GMS Inc. (GMS) to Hold from Buy with a price target of $46, down from $50. The analyst warned that the residential construction downturn will put pressure on wallboard prices in 2023, which will compress margins at both the manufacturer and the distributor level.
• Stephens analyst Matt Olney downgraded Veritex (VBTX) to Equal Weight from Overweight with a price target of $32, down from $36. While the analyst argued that the termination of the interLINK deal will result in a more attractive franchise longer term, he also thinks Veritex is already committed to its organic growth strategy and pivoting away from this could "prove costly" and that the termination puts the bank in a "difficult position."

Top 5 Initiations:

• Truist analyst Jailendra Singh initiated coverage of Teladoc (TDOC) with a Hold rating and $35 price target. Teladoc has the scale and depth to take advantage of various growth opportunities across the healthcare continuum, but its chronic care pipeline has developed more slowly than anticipated and the yield on advertising spend in its DTC mental health business has also fallen short of expectations, making 2023 revenue growth visibility low at this point, the analyst argued.
• Truist analyst Jailendra Singh initiated coverage of GoodRx (GRX) with a Hold rating and $6.50 price target. While the analyst is positive on the competitive positioning of GoodRX, he believes the stock may see some near-term "overhang" from uncertainties around increased competition and implications of partnership restructuring with one of the company's largest grocers. Singh also started coverage of Doximity (DOCS) with a Hold rating and $35 price target.
• Credit Suisse analyst Maheep Mandloi initiated coverage of ChargePoint (CHPT) with an Outperform rating and $22 price target. The analyst is "positive on ChargePoint," as he believes it benefits from a capital-light growth model, first-mover advantage with integrated solutions, and an attractive valuation. Mandloi also started coverage of Wallbox (WBX) with an Outperform rating and $14 price target.
• UBS analyst John Sourbeer initiated coverage of Medpace (MEDP) with a Sell rating and $142 price target. The analyst models 5% downside to current 2023 consensus revenue estimates given the company's "outsized EBP exposure at 85% of revenues and pressures from the current funding environment."
• UBS analyst John Sourbeer initiated coverage of Icon (ICLR) with a Buy rating and $270 price target. The analyst believes Icon presents an attractive high single digit revenue growth profile with outsized earnings growth.