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:

• MKM Partners analyst Eric Handler upgraded Activision Blizzard (ATVI) to Buy from Neutral with an unchanged $95 price target. The current stock price is "severely discounting" the company's fundamental improvements and its "strong growth potential" in 2023, the analyst tells investors in a research note.
• Argus analyst David Coleman upgraded Philip Morris (PM) to Buy from Hold with a $110 price target. The company is working to become a mostly smoke-free business by 2025 by phasing out cigarettes and replacing them with higher-margin alternatives such as HTP, the analyst tells investors in a research note.
• Loop Capital analyst Christopher Kapsch upgraded FMC Corporation (FMC) to Buy from Hold with a price target of $149, up from $132. The prior downgrade was based on his belief that the stock's valuation had gotten ahead of the story, but the company has executed well, which helped derisk its earnings progression, the analyst tells investors in a research note.
• Atlantic Equities analyst Simon Clinch upgraded Equifax (EFX) to Overweight from Neutral with a $230 price target following Q3 results. The "time is fast approaching" when investors can start valuing the stock on fiscal 2024 earnings, Clinch argues.
• Atlantic Equities analyst John Heagerty upgraded Chubb (CB) to Overweight from Neutral with a $240 price target. The analyst increased his fiscal 2023 earnings forecasts by a cumulative 12%, which he says makes the stock's current valuation "much more attractive."

Top 5 Downgrades:

• Oppenheimer analyst Brian Nagel downgraded Carvana (CVNA) to Perform from Outperform without a price target. The analyst notes that "significant nearer-term operational and financial risks" for Carvana have emerged and are likely to cloud the investment story for the foreseeable future.
• BofA analyst Mihir Bhatia downgraded Capital One (COF) to Neutral from Buy with a price target of $113, down from $124. Card charge-offs increased by 70 basis points month-over-month in October, which is about 50 basis points higher than typical seasonality, said the analyst, who points to the monthly data as evidence that credit normalization is picking up in pace.
• Loop Capital analyst Christopher Kapsch downgraded Corteva (CTVA) to Hold from Buy with a price target of $71, up from $70. The rating change is a "valuation call" as his positive thesis on the stock has now "played out."
• Raymond James analyst Ric Prentiss downgraded ViaSat (VSAT) to Market Perform from Outperform without a price target. Prentiss is still optimistic about the Viasat-3 launches leading to subscriber additions resuming in the U.S. as well as additional markets opened up worldwide, but the catalysts are pushed out slightly, with the first satellite now launching in early 2023 versus late 2022.
• Atlantic Equities analyst Richard Radbourne downgraded Grainger (GWW) to Neutral from Overweight with a $630 price target. The prospect of easing inflationary pressures may now be seen as removing an incremental driver of earnings upside for Grainger, Radbourne tells investors in a research note.

Top 5 Initiations:

• BofA analyst Jessica Reif Ehrlich reinstated coverage of Netflix (NFLX) with a Buy rating and $370 price target. Her valuation accounts for the company's leading position within the "still burgeoning" shift towards non-linear video viewing, a "strong runway" for subscriber growth outside the U.S. and upside from advertising video on demand.
• MoffettNathanson analyst Michael Morton initiated coverage of Amazon.com (AMZN) with an Outperform rating and $118 price target. He does not subscribe to the bear case of peak e-commerce penetration and believes e-commerce penetration growth will continue at the historical pace. Morton also started coverage of eBay (EBAY), Chewy (CHWY), Etsy (ETSY), and Shopify (SHOP) with Market Perform ratings, and Wayfair (W) with an Underperform.
• Exane BNP Paribas analyst Max Gumport initiated coverage of Hershey (HSY) with a Neutral rating and $235 price target. With a potential recession looming, Gumport notes that the U.S. packaged food group has historically outperformed the S&P 500 during downturns, but he tells investors its "important to separate the wheat from the chaff." The analyst also started coverage of Mondalez (MDLZ) and Kraft Heinz (KHC) with Neutral ratings; Conagra Brand (CAG), General Mills (GIS), and McCormick (MKC) with Outperforms; and Kellogg (K), Campbell Soup (CPB), and J.M. Smucker (SJM) with Underperform ratings.
• Baird analyst Luke Junk initiated coverage of Mobileye (MBLY) with an Outperform rating and $36 price target. As "the ADAS market leader," he is most focused on upside from the company's premium ADAS offerings, which also serve as the base for Mobileye's planned future consumer/commercial autonomous vehicle, or AV, offering, Junk tells investors.
• Jefferies analyst Anna Glaessgen initiated coverage of Harley-Davidson (HOG) with an Underperform rating and $39 price target. The analyst views the recent rally in the shares as overdone.