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:

• Citi analyst Itay Michaeli upgraded Tesla (TSLA) to Neutral from Sell with a price target of $176, up from $141.33. The year-to-date pullback in the shares has "balanced out" the near-term risk/reward, Michaeli tells investors in a research note.
• Argus analyst John Staszak upgraded Yum! Brands (YUM) to Buy from Hold with a $142 price target. The analyst expects consumers to opt for the company's relatively inexpensive menu items, looking for Yum! Brands to grow at a "solid pace."
• Wells Fargo analyst Larry Biegelsen upgraded Zimmer Biomet (ZBH) to Equal Weight from Underweight with a price target of $124, up from $116. The analyst cites consistent execution in 2022; the company's Hips and Knees growing in line with the ortho market this year; strong Q4 ortho trends based on his channel checks that imply upside to Street estimates; and realistic 2023 targets.
• BofA analyst Jessica Reif Ehrlich upgraded Warner Music (WMG) to Neutral from Underperform with a price target of $33, up from $23, after the company reported what she called a "strong end" to the fiscal year.
• Deutsche Bank analyst Liam Fitzpatrick upgraded Vale (VALE) to Buy from Hold with a price target of $20, up from $19. The analyst names Vale his top pick among the iron ore majors. The 30% pullback from the year-to-date high is an opportunity to buy a company "with sector leading shareholder returns, medium-term growth optionality and low reinvestment needs," Fitzpatrick tells investors in a research note.

Top 5 Downgrades:

• Mizuho analyst Matthew Broome downgraded Autodesk (ADSK) to Neutral from Buy with a price target of $210, down from $260. The company reported a weaker-than-expected Q3 as growing macro uncertainty impacted contracts with multi-year up-front terms, with customers moving to conserve cash, Broome tells investors in a research note.
• Oppenheimer analyst Steven Lichtman downgraded Medtronic (MDT) to Perform from Outperform with a price target of $85, down from $106. On Tuesday's Q2 call, management noted supply chain issues took longer than expected to resolve in Q2, impacting the second half of the year ramp, the analyst says. Citi analyst Joanne Wuensch also downgraded Medtronic to Neutral from Buy with a price target of $85, down from $108.
• Citi analyst Itay Michaeli downgraded Magna (MGA) to Neutral from Buy with an unchanged price target of $62. The risk/reward has "balanced out" with the stock reaching the price target, Michaeli tells investors in a research note.
• Raymond James analyst Wilma Burdis downgraded Prudential Financial (PRU) to Market Perform from Strong Buy without a price target. After meeting with Prudential Chairman and CEO Charles Lowrey, Burdis notes the company does not believe its path forward is linear, as its diverse businesses have growth opportunities in multiple markets.
• Deutsche Bank analyst Abhi Agarwal downgraded Southern Copper (SCCO) to Sell from Hold with a $45 price target. Southern Copper's updated guidance for 2023 onwards reflects that the company "is struggling to get its operations on track" after the COVID-related disruptions, the analyst notes.

Top 5 Initiations:

• Morgan Stanley analyst Erin Wright assumed coverage of UnitedHealth (UNH) with an Overweight rating with an unchanged price target of $587. In health insurance, "scale is king" and UnitedHealth is the largest national insurer with a top three position in almost all insurance end markets, Wright tells investors.  The analyst also assumed coverage of Cigna (CI) with an Overweight rating.
• Morgan Stanley analyst Erin Wright assumed coverage of CVS Health (CVS) with an Overweight rating with a price target of $119, down from $124. The CVS "story has been more complicated of late," said Wright, citing "notable setbacks" in the surprising decline in MA Star Rating and a PBM contract loss to Centene (CNC), but she remains constructive on the longer-term earnings prospects.
• Morgan Stanley analyst Erin Wright assumed coverage of Walgreens Boots Alliance (WBA) with an Underweight rating with an unchanged price target of $39. While she is forecasting improved profitability in fiscal 2023, she remains concerned on macroeconomic challenges, European headwinds, and potential integration headwinds after VillageMD announced the definitive agreement to acquire Summit Health-CityMD for $8.9B in conjunction with Cigna (CI).
• Benchmark analyst John Lawrence initiated coverage of TravelCenters (TA) with a Buy rating and $65 price target. New management has made significant improvements to the operation since 2020 that have resulted in a stronger growth profile and expanding EBITDA margins, said Lawrence, who sees TravelCenters being set up to deliver modest revenue growth and expanding adjusted EBITDA margins over the intermediate term.
• Morgan Stanley analyst Alex Straton assumed coverage of Burlington Stores (BURL) with an Overweight rating with a price target of $219, up from $175, following the company's Q3 report.