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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:

Morgan Stanley analyst Stephen Byrd upgraded First Solar (FSLR) to Equal Weight from Underweight with a price target of $136, up from $54. The large price target increase is driven primarily by the benefits to the company from the Inflation Reduction Act, which includes a significant subsidy for domestic solar panel manufacturing, Byrd told investors in a research note.
Piper Sandler analyst Stephen Scouten upgraded First Bancorp (FBNC) to Overweight from Neutral with a price target of $47, down from $49. The company has an attractive profitability profile and the year-to-date weakness in the shares is overdone, Scouten argued.
HSBC analyst Varity Mitchell upgraded Essential Utilities (WTRG) to Buy from Hold with a price target of $57, up from $53. The Bucks County deal is "another significant opportunity" for the company and will accelerate its wastewater growth, Mitchell told investors in a research note.
Goldman Sachs analyst Carly Davenport upgraded Calumet Specialty Products (CLMT) to Buy from Neutral with a price target of $23, up from $14. The analyst raised estimates on the back of the announced transactions at the company's Montana Renewables LLC segment.
Bank of America analyst Mihir Bhatia upgraded Radian Group (RDN) to Neutral from Underperform with a price target of $24, up from $22.50. The company's capital return in the second quarter "was impressive" and while it still has execution risk for the homegenius segment, at current prices the shares offer 3% upside potential and 8% total return, Bhatia contended.

Top 5 Downgrades:

Wedbush analyst Seth Basham downgraded Bed Bath & Beyond (BBWI) to Underperform from Neutral with an unchanged price target of $5. A "key support leg" for the shares has been removed with activist investor Ryan Cohen signaling his intent to liquidate the entirety of his 11.8% beneficial ownership in Bed Bath & Beyond, Basham contended.
Bernstein analyst Chad Dillard downgraded United Rentals (URI) to Underperform from Market Perform with a price target of $269, down from $307, implying 19% potential downside to the current price. The company's organic growth is about to turn negative in the next 12 months, Dillard told investors in a research note.
Evercore ISI analyst David Palmer downgraded Krispy Kreme (DNUT) to In Line from Outperform with a price target of $15, down from $20. The company is dealing with consumer spending headwinds in the U.K., which represents 11% of its sales, and, to a lesser degree, the U.S., the analyst noted.
Needham analyst Quinn Bolton downgraded Analog Devices (ADI) to Hold from Buy after its third quarter results.
DA Davidson analyst Peter Heckmann downgraded Jack Henry (JKHY) to Neutral from Buy with an unchanged $210 price target. The analyst cited the company's initial below-consensus guidance for 2023 earnings, noting that he is now assuming lower margins and modestly higher tax rates in 2023 and 2024.

Top 5 Initiations:

Argus analyst Taylor Conrad initiated coverage of Carvana (CVNA) with a Hold rating. The stock is down sharply from its 52-week highs, reflecting both the recent rotation away from growth stocks and the company's inconsistent results, and while the company offers competitive advantages over traditional dealerships in vehicle selection, price, quality, and user experience, it is not yet profitable, the analyst noted.
Bank of America analyst Jason Haas reinstated coverage of Hasbro (HAS) with a Buy rating and $96 price target. The company has one of its best ever content lineups ahead with Black Panther this holiday season, followed by Ant-Man, Dungeons & Dragons, Guardians of the Galaxy, Spider-Man, Transformers and Star Wars next year, Haas told investors in a research note. The analyst also started Mattel (MAT) with a Buy rating and a price target of $31.
Piper Sandler analyst Michael Lavery initiated coverage of Freshpet (FRPT) with an Overweight rating and $69 price target. The analyst believes Freshpet's brand equity and product differentiation "set it apart in the pet food space."
JPMorgan analyst Tami Zakaria reinstated coverage of Cummins (CMI) with a Neutral rating and price target of $245, down from $264, following a period of restriction. While the Meritor acquisition brings complementary strengths in axles, brakes, and electric powertrains, Cummins will be in investment mode over the near and medium term as it develops zero emission solutions for commercial vehicles, Zakaria told investors in a research note.
Raymond James analyst Felix Boeschen initiated coverage of Wabtec (WAB) with an Outperform rating and $103 price target. The analyst believes the company's "multi-year growth algorithm is underappreciated," owing to accelerating secular tailwinds including "substantial runway" for locomotive fleet renewal needs and global decarbonization benefits.