What has Wall Street been buzzing about this week? Here are the top 5 Buy calls and the top 5 Sell calls made by Wall Street’s best analysts during the week of May 1-May 5.

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Top 5 Buy Calls:

1. Craig-Hallum sees AMD as potential AI winner, upgrades stock to Buy

Craig-Hallum upgraded AMD (AMD) to Buy from Hold with a price target of $100, up from $76. AMD's Client PC business, which was down 65% year-over-year in Q1, is believed to have bottomed in the quarter, the firm says. Following a large industry inventory correction and weak macro environment this year, Craig-Hallum would expect to see the company's PC business return to double-digit growth again in 2024. More importantly, the company's Data Center business is expected to see significant strength in the second half of the year and drive double-digit full year topline growth, the firm notes. Further, Craig-Hallum sees AMD as one of the few companies of scale who it believes can potentially become a more material winner in the artificial intelligence space.

2. Morgan Stanley upgrades "oversold" General Motors to Overweight

Morgan Stanley upgraded General Motors (GM) to Overweight from Equal Weight with a price target of $38, up from $35. General Motors "may be over-earning, but the stock is oversold," contends the firm, which argues that the market has sufficiently discounted the challenges to making money in EVs while under-appreciating the slow-melting internal combustion engine vehicle free cash flows and GM's improved capital discipline. The firm, which also raised its bull case view to $60 from $50, sees a positive bull/bear skew and now identifies GM as in a "top 5" position among its U.S. autos coverage.

3. Susquehanna upgrades Uber on "large growth opportunities ahead"

Susquehanna upgraded Uber Technologies (UBER) to Positive from Neutral with a price target of $48, up from $40. The company posted "another nice quarter," as it is seeing continued solid sales traction while demonstrating discipline on the cost side, Susquehanna tells investors in a research note. The firm believes it is clear that Uber's positioning continues to strengthen, while simultaneously showing improving operating leverage. These factors, "along with a plethora of large growth opportunities ahead," warrants an upgrade, Susquehanna contends.

4. Qorvo upgraded to Buy from Hold at Summit Insights

Summit Insights upgraded Qorvo (QRVO) to Buy from Hold. Qorvo is now returning to topline growth, primarily due to content gains in a muted demand environment as the industry ends the inventory correction cycle, Summit tells investors. While the firm believes financial performance remains tied to the performance of its advanced cellular division, it likes Qorvo's diversification into high-performance analog and power management markets, Summit added.

5. Biogen upgraded to Buy at Guggenheim on potential for growth

Guggenheim upgraded Biogen (BIIB) to Buy from Neutral with a price target of $350, up from $270. With accelerated approval in hand for Leqembi in Alzheimer's and an AdCom meeting scheduled for June 9, the company is "optimistic for full approval" and the firm agrees as it expects Leqembi to receive full approval and broad CMS coverage. Guggenheim also argues that Zuranolone represents "a large commercial opportunity in the long run." The firm adds that the company's new CEO's "bold business development vision," and the company's strong cash position, bode well for new deals and expansion in "hot" therapeutic areas such as immunology.

Top 5 Sell Calls:

1. Allegiant Travel downgraded to Underperform from Neutral at BofA

BofA downgraded Allegiant Travel (ALGT) to Underperform from Neutral with a price target of $75, down from $95. Domestic booking volumes have softened, which creates revenue risk, while labor costs present further headwinds, BofA tells investors. The firm, which also sees 737 Max integrations posing operational challenges, argues that Allegiant trades at a "rich valuation" given the risks it faces.

2. Figs downgraded to Underweight at Barclays on inventory concerns

Barclays downgraded Figs (FIGS) to Underweight from Equal Weight with a price target of $4, down from $6. The firm's promotional tracker shows promos in Q1 are running similar to Q4 levels and suggest that "consumers across all income brackets are pulling back" on discretionary product spending. For Figs in particular, Barclays emains concerned about rising customer acquisition costs and excess inventory, citing a potential for sales growth to turn negative as demand wanes.

3. Shoals Technologies downgraded to Underweight at Barclays

Barclays downgraded Shoals Technologies (SHLS) to Underweight from Equal Weight with a price target of $19, down from $27. The firm sees risk in the company's 2023 guidance. The company's bookings in the last 12 months fall short of the $470M-$510M guide while a large portion of the backlog and awarded orders is likely tied to new products and new geographical regions, for which there is less visibility on, Barclays tells investors in a research note.

4. E2open double downgraded to Underperform at BofA after earnings

BofA double downgraded E2open (ETWO) to Underperform from Buy with a price target of $5, down from $8. Fiscal Q4 SaaS revenue growth decelerated to 6.6% year-over-year from 10.2% last quarter on a pro forma, constant currency basis, says the firm, which was "surprised by the cyclicality of bookings" in light of E2open's long-tenured client relationships. E2open's countermeasures - including greater sales training, additional sales headcount, and benefits from system integrator partnerships - will likely take a several quarters to impact "weak bookings," says BofA, which sees better opportunities elsewhere in its coverage in the near-term.

5. Enviva downgraded to Sell from Buy at Truist

Truist downgraded Enviva (EVA) to Sell from Buy with a price target of $10, down from $40. While the firm continues to see the long-term market for biomass as supportive, it believes that recent downtrends in Enviva's margin profile, coupled with continued production shortfalls and accounting complexities, "call into question" a longer-term ability to drive growth/returns. Truist sees shares revaluing toward commodity peers given the elimination of the dividend and heightened margin volatility,.