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:

• Raymond James analyst Andrew Marok upgraded Activision Blizzard (ATVI) to Outperform from Market Perform with a $95 price target. Trends in Activision's core business have improved significantly, making a price drop on a deal break "less precipitous for a standalone ATVI share price," the analyst said.
• Gordon Haskett analyst Chuck Grom upgraded TJX (TJX) to Buy from Hold with an $80 price target ahead of the Q3 EPS prints for the off-price retailers.
• Loop Capital analyst Yum Kim upgraded Palo Alto Networks (PANW) to Buy from Hold with a price target of $200, up from $183. The analyst states that industry checks suggest that the enterprise business is showing signs of accelerating momentum driven by an increase in large deal activity.
• Raymond James analyst Brian Gesuale upgraded AeroVironment (AVAV) to Outperform from Market Perform with a $100 price target. Gesuale sees an acceleration of orders since August that de-risks the consensus forecast and enables record backlog to persistently hover above $300M.
• Credit Suisse analyst Maheep Mandloi upgraded SunPower (SPWR)to Neutral from Underperform with a price target of $17, down from $21. The analyst cites valuation for the upgrade with the stock trading in line with the revised price target.

Top 5 Downgrades:

• JPMorgan analyst David Karnovsky downgraded Roblox (RBLX) to Neutral from Overweight with a price target of $35, down from $53, post Q3 results. Though the company did see a better trend over the prior three months, the overall result was below forecast and more variable than anticipated, Karnovsky tells investors in a research note.
• BofA analyst Nat Schindler downgraded Upstart (UPST) to Underperform from Neutral with a price target of $15, down from $34. Though the analyst acknowledges Upstart's model has shown tremendous growth in a benign credit environment, he is concerned about the company's ability to perform in an environment of rising rates and defaults following the company's Q3 miss and Q4 guidance.
• JPMorgan analyst Anupam Rama double downgraded CytomX Therapeutics (CTMX) to Underweight from Overweight without a price target. Sentiment on the shares has shifted to a "show-me-story," post multiple clinical setbacks over the last 12 months for key assets, Rama tells investors in a research note.
• Oppenheimer analyst Brian Nagel downgraded Shift Technologies (SFT) to Perform from Outperform without a price target. The analyst is increasingly concerned that "rather meaningful repositioning efforts" occurring at Shift will undermine its "already-weak, sub-scale fundamentals," particularly as macro conditions for the used car space turn more challenging.
• Craig-Hallum analyst Jason Kreyer downgraded TechTarget (TTGT) to Hold from Buy with a price target of $50, down from $85. The analyst notes business trends deteriorated rapidly over Q3, driving the company's first revenue and earnings miss in 12 years. Deutsche Bank analyst Bhavin Shah also downgraded TechTarget to Hold from Buy with a price target of $45, down from $85.

Top 5 Initiations:

• Guggenheim analyst Joseph Osha initiated coverage of SunPower (SPWR) with a Neutral rating and no price target. While he thinks the company's efforts to reposition itself purely as a residential solar competitor are "bearing fruit" and believes the new management team has "the right focus," Osha views the stock as fairly valued given the current valuation and the company's "minimal free cash flow."
• Goldman Sachs analyst Gabriela Borges initiated coverage of Tyler Technologies (TYL) with a Neutral rating and $322 price target. While the analyst views Tyler as well positioned to deliver on consistent 10% revenue growth over the long term, he looks for visibility into the health of the government end market, saying budgets could fade post stimulus, as well as Tyler's longer-term financial profile post the transition to cloud.
• Stifel analyst Brad Reback initiated coverage of ZeroFox (ZFOX) with a Buy rating and $6 price target. The analyst notes the company has prospects for growth stemming from volume and complexity of external threats, the opportunity to land and expand as well as its differentiation as a pure-play platform approach on external cybersecurity.
• Morgan Stanley analyst Vikram Purohit initiated coverage of ProKidney (PROK) with an Equal Weight rating and $13 price target. The company's cell therapy, named REACT, to treat patients with chronic kidney disease associated with Type 2 Diabetes has generated "encouraging early clinical data," but he believes current levels imply appropriate value as he awaits further clinical data updates.
• Wolfe Research analyst Scott Group initiated coverage of RXO Inc. (RXO) with a Peer Perform rating without a price target. The analyst believes RXO will continue to gain share next year and potentially grow brokerage volumes in a recession, but still expects lower earnings for all truck brokers in 2023.