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 Richard Ramsden upgraded Wells Fargo (WFC) to Buy from Neutral with a price target of $48, up from $46, implying 22% total return potential, inclusive of a 3% dividend yield. The analyst sees Wells as an "underappreciated earnings growth story," given its "best-in-class" revenue upside and efficiency improvement from interest rates and loan growth-driven net interest income.
• Morgan Stanley analyst Josh Baer upgraded Box (BOX) to Overweight from Equal Weight with a price target of $34, up from $32. Recent results demonstrating higher net retention, lower churn and "strong large deal momentum" suggest Box's Suite selling and expanding product capabilities are allowing customers to more easily realize the value of the full Box platform, Baer told investors in a research note.
• RBC Capital analyst Andrew Wong upgraded CF Industries (CF) to Outperform from Sector Perform with a price target of $135, up from $110. The analyst believes CF should benefit from a favorable nitrogen market outlook and attractive energy spreads between the U.S. and international markets "that may persist long-term."
• Truist analyst Neal Dingmann upgraded Southwestern Energy (SWN) to Buy from Hold with a price target of $11, up from $7. The company's "ample takeaway capacity, positive upcoming financials, and efficient operations" are set to drive the stock to take advantage of the continued strong natural gas prices that he expects, the analyst told investors in a research note.
• Oppenheimer analyst Francois Brisebois upgraded Sensei Biotherapeutics (SNSE) to Outperform from Perform with a $5 price target. Sensei recently presented preclinical data at CRI-ENCI-AACR, and the analyst comes away "encouraged" by the potential of SNS-101's differentiated pH-dependent approach.

Top 5 Downgrades:

• Argus analyst John Staszak downgraded Nike (NKE) to Hold from Buy. The analyst cited the company's high inventory levels reported with first quarter results as it rose 44%, stating that its margins and earnings will be impacted as Nike cuts prices to clear this inventory.
• Morgan Stanley analyst Josh Baer downgraded DocuSign (DOCU) to Underweight from Equal Weight with a price target of $47, down from $73. The analyst believes increasing competition, e-signature commoditization and pricing pressures create incremental downside risk for the shares.
• JPMorgan analyst Mark Murphy downgraded Intuit (INTU) to Neutral from Overweight with a $360 price target after assuming coverage of the name. The analyst is "quite positive" on the company's longer-term fundamentals but expects its earnings growth to be offset by multiple contraction as he does not think 10%-15% organic growth will continue to carry a mid-20s-plus price-to-earnings multiple in a rising interest rate and recessionary environment.
• Stephens analyst Daniel Imbro downgraded CarMax (KMX) to Equal Weight from Overweight with a price target of $64, down from $105, as he lowered his 2023 and 2024 adjusted EPS estimates following last week's update that shows used vehicle demand trends have been softening.
• BofA analyst Matthew DeYoe downgraded Livent (LTHM) to Underperform from Neutral with a price target of $27, down from $31. While he had previously used a discounted cash flow analysis for his lithium coverage, he now thinks looking at value through the cycle is more prudent.

Top 5 Initiations:

• MoffettNathanson analyst Clay Griffin initiated coverage of Roblox (RBLX) with an Underperform rating and $19 price target. While calling Roblox an "undeniably powerful interactive entertainment platform," Griffin contended that its experiences are "also lightweight and derivative of concepts already well-developed on other platforms."
• JPMorgan analyst Calvin Sternick initiated coverage of Molina Healthcare (MOH) with an Overweight rating and $360 price target. The analyst likes management's focus on lower income demographics, cost management, and synergistic product lines, which he believes should enable Molina to sustain its "industry-leading" margin profile.
• JPMorgan analyst Pinjalim Bora reinstated coverage of JFrog (FROG) with an Overweight rating and $29 price target. The analyst has a "strong fundamental positive bias" toward JFrog saying it is capitalizing on its leadership position in artifacts management and will broaden its portfolio across other areas in the DevSecOps lifecycle.
• JPMorgan analyst Pinjalim Bora reinstated coverage of Dynatrace (DT) with an Overweight rating and $46 price target. The analyst has a "strong fundamental positive bias toward Dynatrace as a bona fide leader, with a highly differentiated software platform, in a large market whose significance continues to grow with digital transformation."
• Roth Capital analyst Scott Searle initiated coverage of Calix (CALX) with a Buy rating and $73 price target. Calix is often perceived as a "traditional" next-gen optical access provider, but the company is "truly a pioneering disruptor of network intelligence and value-added services" that enables Broadband-as-a-Service, translating to lower costs, higher user satisfaction and expanding revenue streams, Searle told investors.