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:

• Atlantic Equities analyst Richard Radbourne upgraded Xylem (XYL) to Overweight from Neutral with a price target of $129, up from $110. Supply chain constraints weighed heavily on Xylem during 2022 but these are now easing and should allow the M&CS business to become an earnings tailwind during fiscal 2023, Radbourne tells investors in a research note.
• Benchmark analyst Fawne Jiang upgraded Tencent Music (TME) to Buy from Hold with a $7 price target post third quarter results. The analyst cites "structural" margin improvement of the music segment, the fundamental turnaround of its ad and digital album businesses, and its effective cost saving.
• Wells Fargo analyst Stephen Baxter upgraded Oscar Health (OSCR) to Overweight from Equal Weight with a price target of $4, down from $8.50. While the range of outcomes remains wide, the analyst believes risk/reward skews to the upside following significant year-to-date underperformance.
• Goldman Sachs analyst Alex Scott upgraded Lincoln National (LNC) to Buy from Neutral with a price target of $46, down from $50. The company should be able to rebuild its capital base and display its "relatively strong" underlying capital generation faster than investors are expecting, Scott tells investors in a research note.
• Daiwa analyst Carlton Lai upgraded Huya (HUYA) to Buy from Outperform with a price target of $3.60, down from $4 post third quarter results. Huya will report a large loss in Q4, but "things will improve in 2023," Lai tells investors in a research note.

Top 5 Downgrades:

• UBS analyst Michael Lasser downgraded Advance Auto Parts (AAP) to Neutral from Buy with a price target of $182, down from $230 after its Q3 earnings miss. It is becoming more difficult to defend the stock as the company is losing market share with another 0.7% decline in comps, the analyst tells investors in a research note.
• Credit Suisse analyst Chris Caso downgraded Texas Instruments (TXN) to Neutral from Outperform with a price target of $205, up from $185, after assuming coverage of the name. While all semis are likely to endure some degree of correction in 2023, Texas Instruments' large exposure to industrial makes it very challenging to identify the "real" level of demand, since the significant shortages that occurred over the last year gave customers every incentive to have built inventory where they could, Caso argues.
• Argus analyst Kevin Heal downgraded Rocket Companies (RKT) to Sell from Hold. The analyst cites the company's position as the second largest U.S. mortgage originator with approximately 5% of the overall market, noting that as mortgage rates have recently risen to 7%, origination volumes are expected to drop 50% from 2021 levels, with further declines expected in 2023.
• Deutsche Bank analyst Pito Chickering downgraded Medtronic (MDT) to Hold from Buy with a price target of $85, down from $121. The company has had a challenging 12 months, with several product issues in Q4 of 2021 followed by macro headwinds impacting earnings growth in fiscal 2023, Chickering tells investors in a research note.
• Citi analyst Brian Gong downgraded Huya to Sell from Neutral with a price target of $3, down from $4, after the company reported Q3 results. Though Huya is likely to continue to optimize costs to improve margin over the long-term, he has turned more cautious given that the eSports industry could face "a structurally more challenging growth outlook with limited headroom for user growth and monetization potential."

Top 5 Initiations:

• Credit Suisse analyst Chris Caso initiated coverage of Micron Technology (MU) with an Outperform rating and $78 price target, implying 25% upside potential from current levels. The analyst thinks long-term DRAM and NAND industry growth is intact.
• Credit Suisse analyst Chris Caso initiated coverage of Qualcomm (QCOM) with an Outperform rating and $150 price target. Qualcomm has more short-term security than others in the group since Android has already corrected and the company is shipping below consumption, Caso says.
• Credit Suisse analyst Chris Caso initiated coverage of Qorvo (QRVO) with an Outperform rating and $120 price target. Qorvo has cyclical exposure to handsets along with increasing diversification into non-handset businesses that will provide higher growth, Caso tells investors.
• Edward Jones analyst Logan Purk initiated coverage of Synopsys (SNPS) with a Hold rating. The company will benefit from growing demand for semiconductors used in autonomous driving, 5G and artificial intelligence, but the positive outlook is fairly captured in the current share price, Purk tells investors in a research note.
• Needham analyst Charles Shi initiated coverage of Altair Engineering (ALTR) with a Buy rating and $60 price target. The company's core simulation business, which is indexed to R&D spending across automotive, aerospace, financial services, and others, will help Altair prove resilient in a recessionary macroeconomic environment, the analyst tells investors in a research note.