Institutional investors and professional traders rely on The Fly to learn which companies the best analysts on Wall Street are saying to buy and sell.

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 Ricky Goldwasser upgraded Cigna (CI) to Overweight from Equal Weight with a price target of $296, up from $283. Cigna stands to be the largest beneficiary from Humira biosimilars in the healthcare services sector, Goldwasser told investors in a research note.
BMO Capital analyst Kenneth Zaslow upgraded Kraft Heinz (KHC) to Outperform from Market Perform with an unchanged price target of $46, which offers 25% upside from current levels. The company's "strategic evolution" continues to be overlooked by the market, which creates a "compelling investment opportunity," Zaslow argued.
JPMorgan analyst Michael Mueller upgraded Extra Space Storage (EXR) to Overweight from Neutral with a price target of $193, down from $224. The upgrade is reflective of both a more positive view of the self-storage sector and Extra Space's positioning within it, Mueller told investors in a research note.
Wolfe Research analyst Rod Lache upgraded Sensata (ST) to Outperform from Peer Perform with a $55 price target as he believes Sensata has the most attractive relative risk/reward profile any supplier within his coverage universe.
RBC Capital analyst Mike Dahl upgraded SiteOne Landscape Supply (SITE) to Sector Perform from Underperform with a price target of $118, down from $128. With SiteOne shares down 54% year-to-date, the company's multiple compression better reflects concerns, Dahl told investors in a research note.

Top 5 Downgrades:

JMP Securities analyst Nicholas Jones downgraded Airbnb (ABNB) to Market Perform from Outperform without a price target after taking over coverage of the name. The company has seen a benefit from alternative accommodations being normalized within consumers' selections set, but the stock's current valuation reflects its market position, Jones told investors in a research note.
Seaport Global analyst Mitch Kummetz downgraded Nike (NKE) to Neutral from Buy with no price target, citing his view that the current multiple is not justified given how the company is set up compared to the sector.
Bernstein analyst Trevor Stirling downgraded Boston Beer (SAM) to Market Perform from Outperform with a price target of $340, down from $565. The analyst noted that Twisted Tea continues to go from strength to strength and has become the real growth driver for Boston Beer, but Truly just hasn't performed as he anticipated, and a cut to 2022 guidance is highly likely.
Morgan Stanley analyst Ricky Goldwasser downgraded Anthem (ANTM) to Equal Weight from Overweight with a price target of $533, down from $607. The analyst acknowledged that the company has navigated the uncertainty of the last two years "extremely well," but as he looks into the next couple of years, Goldwasser does not see the same upside earnings optionality.
Credit Suisse analyst John Roberts downgraded Dow Inc. (DOW) to Underperform from Neutral with a price target of $49, down from $67. The analyst remains concerned that U.S. basic chemical producers are "overearning," just as there appears to be a consumer shift away from goods to services.

Top 5 Coverage Initiations:

Morgan Stanley analyst Joseph Moore resumed coverage of AMD (AMD) with an Overweight rating and $103 price target. While a "digestion phase" in PCs and consoles appears likely, strength in server with further market share gains should allow the company to keep posting solid growth at a "now reasonable" valuation, Moore told investors in a research note.
Daiwa initiated coverage of Johnson & Johnson (JNJ) with an Outperform rating and $180 price target.
Lake Street analyst Kyle Bauser initiated coverage of UFP Technologies (UFPT) with a Buy rating and $110 price target. The analyst estimates the company can grow in the high single-digit to low double-digits percentage range organically, with upside from acquisitions.
Jefferies analyst Nalin Tejavibulya initiated coverage of 4D Molecular (FDMT) with a Buy rating and $22 price target. Incremental updates over the next 12-24 months could further support platform differentiation and Tejavibulya views the risk/reward balance to be "highly attractive" given the broad applicability of its potential treatments across modalities and tissue types
Bank of America analyst Alexander Perry initiated coverage of Holley (HLLY) with a Buy rating and $13 price target. Holley is a designer and manufacturer of high-performance automotive aftermarket products that he sees deserving a "slight premium" to other leisure brands and retailers given whitespace in the large and growing performance automotive aftermarket, the potential for acquisition-driven upside, strong new product development, a flexible sourcing model and a "strong ability to take price."