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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:

BofA analyst Jason Kupferberg upgraded PayPal (PYPL) to Buy from Neutral with a price target of $114, up from $94. For the first time in about a year, the analyst sees upside potential to out-year consensus earnings estimates for PayPal, which he expects will be driven primarily by additional cost efficiencies and share buybacks.
UBS analyst Francois-Xavier Bouvignies upgraded ASML (ASML) to Buy from Neutral with a price target of EUR 665, up from EUR 630. ASML is among the "most attractive names" in the current uncertain macro environment, Bouvignies tells investors.
Cowen analyst Cai von Rumohr upgraded Rocket Lab (RKLB) to Outperform from Market Perform with a price target of $8, up from $6.50. The company has a record six successful launches year-to-date and brought its second New Zealand launch pad on stream with its first U.S. launch slated for Q4, von Rumohr tells investors.
KGI Securities analyst Jackson Chiang upgraded Cisco Systems (CSCO) to Outperform from Neutral with a $53 price target.
Bryan Garnier analyst Clement Genelot upgraded Ahold Delhaize (ADRNY) to Buy from Neutral with a price target of EUR 34, up from EUR 31.

Top 5 Downgrades:

Citi analyst Ronald Josey downgraded Snap (SNAP) to Neutral from Buy with a price target of $10, down from $16. The analyst expected Snap to take cost-cutting actions following its Q2 results but is surprised to see its Chief Business Officer, Jeremi Gorman, and its head of North America ad sales, Peter Naylor, leave to join Netflix (NFLX), as press reports suggest. The moves could prolong Snap's ad growth challenges and increase execution risk as the company builds improved measurement tools and monetization ramps at Spotlight, Camera, Shopping, and Maps, Josey tells investors.
Barclays analyst Benjamin Budish downgraded Robinhood (HOOD) to Underweight from Equal Weight with an unchanged price target of $10 after taking over coverage of the name. The company should benefit from improving markets, rising interest rates, and the upcoming product rollout cycle, Budish tells investors.
Summit Insights analyst Kinngai Chan downgraded Ambarella (AMBA) to Hold from Buy citing near-term risk for the company's core internet of things business. Ambarella's October quarter outlook reflected Summit's near-term concerns that as the supply chain eases, orders will normalize and pushouts will happen, Chan tells investors.
Susquehanna analyst James Friedman downgraded Paysafe (PSFE) to Neutral from Positive with a price target of $2, down from $5, after the company announced that Alex Gersh will be joining as CFO on October 3. While "encouraged" by Gersh's resume and "eager to hear his plans," change could take some time and he is concerned the company didn't reiterate its outlook when announcing the CFO transition following the "many downward revisions" to Paysafe's guidance.
BofA analyst Elizabeth Suzuki downgraded Joann (JOAN) to Underperform from Neutral with an unchanged price target of $8. Joann is facing tough competition and recent data suggests that arts & crafts demand is slowing, said Suzuki, citing proprietary credit & debit card data and the firm's survey of almost 600 crafters.

Top 5 Coverage Initiations:

Barclays analyst Benjamin Budish initiated coverage of Coinbase (COIN) with an Equal Weight rating and $80 price target. The analyst started the brokers, asset managers and exchange space with a Positive view. Budish sees the strongest secular trends in the alternative asset management space, where he thinks institutional and retail allocations remain low and the business models work well in all environments.
Piper Sandler analyst Matt O'Brien initiated coverage of Miromatrix Medical (MIRO) with an Overweight rating and $8 price target. The company has developed a proprietary perfusion technology platform for bioengineering organs, which aims to address the shortage of available human organs on the transplant market, O'Brien tells investors.
Ladenburg analyst Aydin Huseynov initiated coverage of Satsuma Pharmaceuticals (STSA) with a Buy rating and $16 price target. Satsuma is a Phase3-stage biopharma company developing a product candidate, STS101, to treat acute migraine attacks.
Jefferies analyst Sheila Kahyaoglu initiated coverage of Cadre Holdings (CDRE) with a Buy rating and $32 price target. The company offers "unique" law enforcement exposure and a stable revenue base amid rising police budgets, Kahyaoglu tells investors
BTIG analyst David Larsen initiated coverage of Signify Health (SGFY) with a Buy rating and $35 price target. The analyst believes Signify is "one of the fastest-growing, profitable, health-tech companies, that enables plans and providers to perform well in risk- and value-based care deals."