The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

• Loop Capital upgraded Paramount (PARA) to Hold from Sell with an unchanged $14 price target. The analyst cites the Redstones' National Amusements - the controlling shareholder of the company - having reportedly raised $125M in the form of preferred equity from BDT and MSD Partners. [read more]
• Needham upgraded RingCentral (RNG) to Buy from Hold with a $42 price target. The analyst cites the company's "surgical" cost cuts and "stabilized" growth for the upgrade. [read more]
  
• RBC Capital upgraded New Relic (NEWR) to Outperform from Sector Perform with a price target of $95, up from $75, following the "upbeat" analyst day. [read more]
• Oppenheimer upgraded Hamilton Lane (HLNE) to Outperform from Perform with an $87 price target. The stock is back to where it was in early 2020, right before COVID hit, even though the company's fee paying assets under managements have grown 58% since 2019, the analyst tells investors in a research note. [read more]
• Raymond James upgraded Centerspace (CSR) to Market Perform from Underperform without a price target. The analyst cites stronger than expected spring leasing demand in the company's core markets of Denver and Minneapolis, as well as its "encouraging focus shift" to internal operations with the appointment of a new CEO for the upgrade. [read more]
  
  

Top 5 Downgrades:

• Wolfe Research downgraded Snowflake (SNOW) to Peer Perform from Outperform without a price target. The analyst says another downward guidance revision leaves the firm with less conviction in Snowflake's near and long term growth. [read more]
• Raymond James downgraded Equity Residential (EQR) to Underperform from Market Perform without a price target. The analyst has concerns that Equity's coastal gateway urban core properties have likely already seen the peak benefit of any return-to-office momentum in its submarkets. [read more]
• Guggenheim downgraded MongoDB (MDB) to Sell from Neutral with a price target of $210, up from $205. The firm has concerns over valuation and growth, arguing that "if the macro backdrop continues to deteriorate and ramps of existing customers slow further" the company could see flat new annual recurring revenue, or ARR, in FY24. [read more]
• BofA downgraded Annexon (ANNX) to Neutral from Buy with a price target of $3, down from $8, after the ARCHER trial of ANX007 in patients with geographic atrophy, or GA, did not reach statistical significance on its endpoint. While the firm views the data overall as "mixed," it still thinks there is a potential path forward for ANX007 and it believes the large GA market could support multiple drugs. [read more]
• Oddo BHF last night downgraded Linde (LIN) to Underperform from Outperform with a price target of $339, down from $369. The analyst expects the company's energy transition to weigh on its capital expenditure, free cash flow and earnings growth. [read more]
  

Top 5 Initiations:

• Piper Sandler initiated coverage of CVS Health (CVS) with an Overweight rating and $85 price target. CVS is "a market leader" across its healthcare financing, PBM, and retail drug store businesses and its $18B of strategic M&A earlier this year "adds value-based care delivery to the mix," the analyst tells investors. [read more]
• JMP Securities initiated coverage of Physicians Realty Trust (DOC) with an Outperform rating and $15.50 price target. The analyst believes the company is positioned better than peers in this environment given its strong tenant profiles, outsized net operating income growth potential from lease renewals, an underleveraged balance sheet, and a declining dividend payout ratio. [read more]
• Goldman Sachs initiated coverage of MSG Entertainment (MSGE) with a Neutral rating and $40 price target. While the company's recent spin has created a "unique opportunity" for investors to gain pure-play exposure to a live entertainment venues business, the stock's valuation at current levels is appropriate, the analyst tells investors. [read more] Morgan Stanley also initiated coverage of MSG Entertainment with an Equal Weight rating and $40 price target. [read more]
• Wells Fargo initiated coverage of Integer (ITGR) with an Equal Weight rating and $87 price target. The company benefits from the trend of increased outsourcing, but customer attrition and increased competition are risks, the analyst tells investors in a research note. [read more]
• Piper Sandler initiated coverage of UnitedHealth (UNH) with an Overweight rating and $580 price target. The diversified healthcare organization provides healthcare benefits and integrated medical, behavioral and pharmacy care services, notes the firm. [read more]