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Check out today's top analyst calls from around Wall Street:

Top 5 Upgrades:

• Goldman Sachs upgraded Nvidia (NVDA) to Buy from Neutral with a price target of $275, up from $162, after the company "delivered an impressive quarter." [Read more]

• Morgan Stanley upgraded Intel (INTC) to Equal Weight from Underweight with a price target of $28, down from $29.50. Speculation about a dividend reduction "has been painful for the stock," but cutting the dividend is "the right thing to do," the firm says. [Read more]

• SVB Securities upgraded Teladoc (TDOC) to Outperform from Market Perform with a $34 price target. With Teladoc's bear case largely playing out over the past year and a half, the firm believes the valuation will fully reflect the downside scenario-effectively. [Read more]

• Wolfe Research upgraded DocuSign (DOCU) to Peer Perform from Underperform without a price target. The firm believes investors are underappreciating the "true margin potential" of the business and views consensus estimates as "relatively de-risked." [Read more]

• Piper Sandler upgraded Wix.com (WIX) to Neutral from Underweight with a price target of $99, up from $80. Piper still has "hesitations" around Wix's ability to fully reach its "Rule of 40" by the 2025 target, but says the stock's risk/reward is more balanced than it has been for several quarters. [Read more]

Top 5 Downgrades:

• Oppenheimer downgraded Unity (U) to Perform from Outperform after the company's fiscal 2023 revenue outlook fell short of estimates due to weaker in-game advertising market and macro factors. [Read more]

• UBS downgraded AppLovin (AAP) to Neutral from Buy with a price target of $16, down from $59. The firm believes AppLovin's software business is well positioned to benefit from growth in the app economy, but says macro uncertainty, measured advertising spend and lower visibility limits upside to the shares. [Read more]

• BofA downgraded Lucid Group (LCID) to Neutral from Buy with a price target of $10, down from $18, following the company's Q4 report and accompanying "light" 2023 outlook and lower than expected 2023 production forecast. [Read more]

• BTIG downgraded Wingstop (WING) to Neutral from Buy without a price target. The firm cites the 30% rally year-to-date and "sharply improved sentiment" following earnings for the downgrade. [Read more]

• JPMorgan downgraded Centene (CNC) to Neutral from Overweight with a price target of $90, down from $94. The firm cites valuation and also notes the near-term Medicare Advantage rate outlook is disappointing with the Centers for Medicare and Medicaid Services announcing a 2% preliminary rate cut next year versus the market's expectation for an increase in the range of 0%-2%. [Read more]

Top 5 Initiations:

• Loop Capital initiated coverage of Walgreens Boots Alliance (WBA) with a Buy rating and $45 price target. The company's new healthcare platform will "significantly enhance" the value of its stores to consumers by affording them more convenient access to healthcare services, the firm says. [Read more]

• Truist initiated coverage of CarMax (KMX) with a Hold rating and $66 price target. The firm notes that CarMax sales have declined for four straight quarters, and it expects trends to remain depressed due to sharply higher used vehicle prices and interest rates. [Read more]

• Needham initiated coverage of Clear Secure (YOU) with a Buy rating and $40 price target. The firm believes the company can grow its biometric identity platform "well beyond" its current enrollment of over 14M individuals and can sustain a 25%-plus compound annual revenue growth rate for the next several years. [Read more]

• Citi initiated coverage of ASM International (ASMIY) with a Buy rating and EUR 390 price target. The firm cites accelerating wafer starts, the company's "differentiated play" on the shift to 3D and epitaxy tailwinds for the positive rating. [Read more]

• Canaccord initiated coverage of mineral sands producer and rare earth developer Iluka Resources (ILKAY) with a Hold rating and A$11 price target. [Read more]

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