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:

• Deutsche Bank analyst George Hill upgraded Walgreens Boots Alliance (WBA) to Buy from Hold with a price target of $50, up from $41.  The analyst came away from a meeting with management with increased faith in the company's ability to execute on its care delivery strategy, which he believes should lead to positive revisions and multiple expansion for Walgreens shares.
  
• UBS analyst Thomas Wadewitz upgraded trucking names Werner (WERN), Schneider National (SNDR), and Heartland Express (HTLD) as part of a broader research note on U.S. Truckload, or TL, space. TL stocks move slightly ahead of spot rates, and his analysis suggests that rates are close to a bottom, the analyst tells investors in a research note.
• BofA analyst Vivek Arya upgraded Coherent (COHR) to Buy from Neutral with a price target of $45, down from $63. The newly-combined Coherent and II-VI has greater revenue diversity and mix towards more profitable materials and lasers and away from a more competitive networking segment, argues Arya.
• Macquarie analyst Chad Beynon upgraded Light & Wonder (LNW) to Outperform from Neutral with a price target of $65, down from $69, after resuming coverage of the name. The company demonstrated strong momentum in the quarter and it believes it can gain share in each category, gaming, digital and SciPlay, Beynon tells investors in a research note.
• Janney Montgomery Scott analyst John Rowan upgraded Blackstone Secured Lending Fund (BXSL) to Buy from Neutral with a fair value estimate of $27, up from $26. The analyst cites the company's dividend increase for the upgrade.
  
  

Top 5 Downgrades:

• JPMorgan analyst Harlan Sur double downgraded Intel (INTC) to Underweight from Overweight with a price target of $32, down from $64, after resuming coverage following a period of restriction. The rating is a relative call versus the semiconductor group, for which the analyst sees a positive move over the next 12-18 months. Sur sees Intel participating, but at a slower pace due to a combination of competitive pressures, questions on the ability to execute, and macro headwinds. After several years of server CPU share loss to AMD (AMD) and continued product execution missteps, it will be "several years before Intel is able to reverse the tide to reclaim technology leadership in hopes of regaining market share," Sur tells investors.
• BofA analyst Ronald Epstein double downgraded Spirit AeroSystems (SPR) to Underperform from Buy with a price target of $26, down from $49. While stating that he appreciates the company's efforts to diversify away from Boeing (BA), Epstein calls Spirit "still mostly a 737 story" and argues that Boeing's strengthened focus on its own balance sheet and cash flow adds pressure to Spirit profitability.
  
• Goldman Sachs analyst Chris Shibutani downgraded EQRx (EQRX) to Neutral from Buy with a price target of $5, down from $8, following the company's "eventful" Q3 update. Timelines for the FDA filing in first-line EGFRm NSCLC are pushed out to 2027, as results from an interim readout of the ongoing Phase 3b trial comparing aumo monotherapy to aumo plus chemo and vs. standard of care will not be sufficient to meet the FDA's applicability concerns, the analyst noted.
  
• Raymond James analyst Steven Seedhouse downgraded Jounce Therapeutics (JNCE) to Outperform from Strong Buy with a price target of $3, down from $16. The analyst tempered expectations for the first time data for ILT inhibitor JTX-8064 based on details provided with Q3 earnings. Broad activity leading to rapid proof of concept has not been observed in the Phase 2 trial yet, Seedhouse tells investors in a research note.
• Piper Sandler analyst Ryan Todd downgraded Occidental Petroleum (OXY) to Neutral from Overweight with a price target of $76, down from $78. The analyst cites valuation for the downgrade post the stock's recent performance as he sees greater upside elsewhere.
  
• 
  

Top 5 Initiations:

• Wells Fargo analyst Gary Mobley initiated coverage of Monolithic Power (MPWR) with an Overweight rating and $435 price target. The power management market integrated circuit market is becoming increasingly profitable, driven by higher prices from more integrated solutions, something the market underappreciates, Mobley tells investors in a research note.
• JPMorgan analyst Alexei Gogolev initiated coverage of Wix.com (WIX) with a Neutral rating and $84 price target. The analyst thinks internet infrastructure companies could struggle to meet their growth targets in the medium term given potential strain to the consumer's wallet during times of macro uncertainty.
• Jefferies analyst Andrew Uerkwitz initiated coverage of Roku (ROKU) with a Hold rating and $45 price target. While he appreciates the Roku "flywheel" of OS, ad network, and its own channel and sees the market being in the early innings of linear ad dollars shifting to CTV, with macro uncertainty for the ad market and the competitive nature of the OS and consumer hardware space leads him to take "a more conservative view."
• Janney Montgomery Scott analyst Robert Farnam initiated coverage of The Hanover (THG) with a Buy rating and $164 fair value estimate. The Hanover has "evolved over the last 15 years" into a diversified super-regional insurer that writes a broad array of standard commercial, specialty, and personal lines coverages, Farnam tells investors.
• RBC Capital analyst Shagun Singh initiated coverage of Outset Medical (OM) with an Outperform rating and $23 price target. The stock is significantly undervalued given the opportunities with its first-of-its-kind technology designed to reduce cost and complexity of dialysis in a $11B U.S. market for the treatment of kidney failure, the analyst tells investors in a research note.