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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:

Goldman Sachs analyst Nathan Rich upgraded Humana (HUM) to Buy from Neutral with a price target of $652, up from $575. Humana's improved competitive positioning in Medicare Advantage has reaccelerated member growth for 2023 and could deliver multiple years of share gains as many peers face Stars headwinds in 2024, Rich tells investors.
Piper Sandler analyst Thomas Champion upgraded Pinterest (PINS) to Overweight from Neutral with a price target of $30, up from $25. The analyst sees "multiple tailwinds" for the company into 2023 after his advertising buyer survey pointed to an improved ad product and rising market rising.
Goldman Sachs analyst Chris Shibutani upgraded Pfizer (PFE) to Buy from Neutral with a price target of $60, up from $47. Positive updates from the company's pipeline, and the potential for outperformance from the commercial new product launch portfolio over the course of the coming year, can drive "meaningful upside" to the value ascribed to Pfizer's base business, Shibutani tells investors in a research note.
BofA analyst Kevin Fischbeck upgraded Molina Healthcare (MOH) to Neutral from Underperform with unchanged $388 price target. While Molina has done a "good job" in driving mid-to-high teen earnings growth by being able to identify "high visibility targets," the analyst remains somewhat cautious on Medicaid margins on risk that Medicaid redeterminations would "worsen the risk pool.”
Cowen analyst Michael Elias upgraded Equinix (EQIX) to Outperform from Market Perform with an $811 price target. The analyst also named Equinix among the firm's "best ideas for 2023" at Cowen. The company is well positioned to weather a tough economic outlook as it has a "defensible interconnection moat" and healthy balance sheet, Elias tells investors in a research note.

Top 5 Downgrades:

BofA analyst Mihir Bhatia double downgraded Discover (DFS) to Underperform from Buy. Capital One's (COF) recent mid-quarter update suggested weakening credit conditions among U.S. consumers and with unemployment likely to rise and rates still rising as well, Bhatia believes pressures will intensify over the next few quarters. The analyst also downgraded Synchrony (SYF) to Neutral from Buy.
BofA analyst Kevin Fischbeck downgraded Centene (CNC) to Underperform from Neutral with a price target of $85, down from $100, on what he sees as a worse risk/reward heading into redeterminations.
Raymond James analyst Brian Peterson downgraded Coupa Software (COUP) to Market Perform from Outperform after the company announced that it has entered into a definitive agreement to be acquired by Thoma Bravo for $8B, or $81 per share. Needham analyst Joshua Reilly downgraded Coupa Software to Hold from Buy.
BMO Capital analyst Gary Nachman downgraded Horizon Therapeutics (HZNP) to Market Perform from Outperform with a $117 price target. The company's acquisition by Amgen (AMGN) reflects a fair value for a "solid growth story" and he does not anticipate any major hurdles from the standpoint of the FTC, the analyst tells investors in a research note. Wells Fargo analyst Derek Archila downgraded Horizon Therapeutics to Equal Weight from Overweight with a price target of $116.50, down from $118.
Citi analyst Christopher Allen downgraded Robinhood (HOOD) to Neutral from Buy with a price target of $10, down from $11, after assuming coverage of the stock. The company has done much to "right the ship" by materially lowering the cost base and improving trader offerings, but the outlook from here is mixed due to upcoming SEC market structure proposals and amid a cautious equity market outlook, the analyst tells investors in a research note.

Top 5 Initiations:

Citi analyst Ygal Arounian initiated coverage of eBay (EBAY) with a Neutral rating and $47 price target. While the macro environment is likely to continue to pressure the consumer which has impacts across the internet group, share performance and downward estimate revisions already reflect a challenging macro, Arounian tells investors in a research note. The analyst also started coverage of Etsy (ETSY) and Wayfair (W) with Buy ratings and price targets of $161 and $50, respectively.
Citi analyst Ronald Josey initiated coverage of Zillow Group (ZG) with a Buy rating and $50 price target as he launched coverage of seven internet companies across his existing marketplaces space. Josey sees "multiple growth vectors" ahead across most every internet vertical but recognizes the macro uncertainty. The analyst also started coverage of Xometry (XMTR) and Fiverr (FVRR) with Buy ratings, and Carvana (CVNA), CarGurus (CARG), Lithia & Driveway (LAD), and Upwork (UPWK) with Neutral ratings.
UBS analyst David Vogt initiated coverage of Lumentum (LITE) with a Neutral rating and $50 price target. The analyst expects the company's growth over the medium-term to be solid but below its target of over 10%.
JPMorgan analyst Samik Chatterjee initiated coverage of Mobileye (MBLY) with an Overweight rating and $50 price target. The company is well positioned to deliver a "secure revenue and earnings ramp" on account of a ramp in advanced driver-assistance system revenue, Chatterjee tells investors in a research note.
Needham analyst Anna Andreeva initiated coverage of Williams-Sonoma (WSM) with a Hold rating and no price target. The analyst notes that the company's average sales per store are up 70% while its EBIT margins doubled, but assuming further deterioration in home furnishings demand next year and comments from RH (RH) about a hard landing, it is not clear where Williams-Sonoma profitability could trough.