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:

Jefferies upgraded General Electric (GE) to Buy from Hold with a price target of $120, up from $90. The firm sees a pathway for aerospace profit margins to ramp toward 20% by mid-decade from 18.3% in 2022. [Read more]
Stephens upgraded Shift4 Payments (FOUR) to Overweight from Equal Weight with an unchanged price target of $80. The firm sees "minimal validity" to the Blue Orca short report issued on Wednesday, which it instead contends has "created an attractive entry point for shares" given the pullback. [Read more]
Wolfe Research upgraded Western Union (WU) to Peer Perform from Underperform without a price target. The upgrade is based on better than expected transaction activity coupled with the recent decline in the share price. [Read more]
Morgan Stanley upgraded Fastly (FSLY) to Equal Weight from Underweight with a price target of $18, up from $12. While the durability of the company's long-term growth remains a question, Fastly management is executing on key priorities, including improving gross margins, prioritizing investment in security to support long-term growth, and finding areas of leverage in operating expenditures, the firm says. [Read more]
Barclays upgraded Elanco Animal Health (ELAN) to Overweight from Equal Weight with an unchanged price target of $14. The key overhang on the shares is Seresto, and a worst-case scenario is largely built into the shares, the firm says. [Read more]

Top 5 Downgrades:

Piper Sandler downgraded Bath & Body Works (BBWI) to Neutral from Overweight with a price target of $37, down from $48. Even though the stock's valuation remains relatively low, current estimates are "simply just too high," and there is little upside potential to current share levels from here, contends the firm. [Read more]
Truist downgraded TripAdvisor (TRIP) to Hold from Buy with a price target of $21, down from $40. Similar to the past year in lodging and most stocks, the firm continues to see "macro over micro" at the moment. [Read more]
Jefferies downgraded Raytheon Technologies (RTX) to Hold from Buy with a price target of $110, down from $115. The firm sees a lack of visibility on Defense growth drivers with acceleration already in estimates, and sees near-term profit headwinds in the Pratt & Whitney business. [Read more]
Barclays downgraded F5 Networks (FFIV) to Equal Weight from Overweight with a price target of $140, down from $166. The company's March quarter results were in-line overall, but the "meaningful misses in software continue," the firm notes. [Read more]
Deutsche Bank downgraded Acadia Healthcare (ACHC) to Sell from Hold with a price target of $63, down from $75. The firm is concerned that the methadone clinics CTC business could potentially shift from a 10% grower into a slower growth category or potentially a headwind with declining opioid patients. [Read more]

Top 5 Initiations:

Evercore ISI initiated coverage of Sprouts Farmers Market (SFM) with an Underperform rating and $29 price target. The firm believes the company is likely to cede market share due to its "outsized" West Coast exposure, relatively high price perception, and increased competition. [Read more]
FBN Securities initiated coverage of Freshworks (FRSH) with an Outperform rating and $20 price target. The company has built an "elegant platform" to provide three key services to customers, namely customer experience through its Freshdesk service, ITSM through its Freshservice service and sales and marketing through its Freshsales service, the firm says. [Read more]
Morgan Stanley initiated coverage of Six Flags (SIX) with an Equal Weight rating and $29 price target. While the firm sees upside potential at Six Flags, it also contends that the company's recent strategic reset creates both opportunity and risks. [Read more]
Morgan Stanley initiated coverage of SeaWorld (SEAS) with an Overweight rating and $70 price target. The firm's bullish industry view is based on unique brands, high barriers to entry, and complementary footprints.
[Read more] Morgan Stanley initiated coverage of Cedar Fair (FUN) with an Overweight rating and $53 price target. [Read more]
Morgan Stanley initiated coverage of Intra-Cellular (ITCI) with an Overweight rating and $80 price target. The firm believes Caplyta sales will remain strong in 2023 ahead of the Phase 3 data in major depressive disorder adjunctive therapy. [Read more]