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:

Wells Fargo analyst Ike Boruchow upgraded Ross Stores (ROST) to Overweight from Equal Weight with a price target of $110, up from $90. The analyst is gaining optimism on the setup for off-price retail into 2023 and beyond.
Piper Sandler analyst Peter Keith upgraded Planet Fitness (PLNT) to Overweight from Neutral with a price target of $70, down from $73. The analyst sees a "number of drivers" that suggest 2023 estimates look too low.
BofA analyst Alexander Perry upgraded Hibbett (HIBB) to Buy from Neutral with a price target of $75, up from $66. He sees the potential for same-store sales upside in the fiscal second half given better availability of "high heat" classic footwear from Nike (NKE) than last year, a better launch calendar, delayed back-to-school and on time receipt of holiday inventory.
Wells Fargo analyst Chris Carey upgraded Weber (WEBR) to Equal Weight from Underweight with a price target of $6.25, up from $4 and equal to the proposed bid price from BDT for the unowned Class A stock.
Piper Sandler analyst Brendan Nosal upgraded Isabella Bank (ISBA) to Overweight from Neutral with a price target of $25, up from $24, following third quarter results.

Top 5 Downgrades:

Credit Suisse analyst Sami Badri downgraded Arista Networks (ANET) to Neutral from Outperform with a price target of $110, down from $185. The analyst believes the company will struggle to meet revenue growth expectations in 2023.
Compass Point analyst Chase White downgraded Argo Blockchain (ARBK) to Neutral from Buy with a price target of $4.50, down from $11, after updating his estimates for his crypto miner coverage ahead of third quarter earnings from the group.
Jefferies analyst Stephanie Moore downgraded HireRight (HRT) to Hold from Buy with a price target of $14, down from $18, after assuming coverage of the name. The shift "from a positive macro to a grimmer picture" with unemployment likely to rise, job openings to slow and quit rates to return to more normal levels should disproportionately hurt the company, Moore told investors in a research note. The analyst also downgraded First Advantage (FA) to Hold from Buy with a price target of $13, down from $19.
RBC Capital analyst Sean Dodge downgraded Health Catalyst (HCAT) to Sector Perform from Outperform with a price target of $9, down from $19. While the analyst remains positive on the company's long-term structural tailwinds and its competitive position in the market, he says the second quarter guidance and commentary point to slower near-term revenue growth with little visibility on timing of reacceleration and a potentially longer path to sustainable profitability.
Stifel analyst Derrick Whitfield downgraded Brigham Minerals (MNRL) to Hold from Buy with a price target of $27, down from $31, following the announcement of an all-stock merger with Sitio Royalties (STR) on September 6.

Top 5 Initiations:

Piper Sandler analyst Abbie Zvejnieks initiated coverage of Deckers Brands (DECK) with an Overweight rating and $440 price target. The analyst remains bullish on innovation-driven athletic footwear, which includes HOKA.
Mizuho analyst Dan Dolev initiated coverage of Upstart (UPST) with an Underperform rating and $17 price target. The analyst expects "more pain in coming quarters."
Capital One analyst Zegbeh Jallah initiated coverage of Arvinas (ARVN) with an Overweight rating and $88 price target. The potential of protein degraders, and the value of Arvinas' platform and intellectual property, can be viewed through the lens of the growing interest of large-cap and smid-cap biopharma in degraders, Jallah said.
UBS analyst Jon Windham initiated coverage of Stem (STEM) with a Buy rating and $19 price target. The analyst expects its high operating leverage business model to serve as a key beneficiary of the 30% stand-alone storage tax credit in the Inflation Reduction Act.
UBS analyst Jon Windham initiated coverage of Altus Power (AMPS) with a Buy rating and $14 price target. Altus is a market leader in U.S. commercial solar and its new strategic partnerships and Inflation Reduction Act-driven demand will accelerate its capacity and earnings growth, Windham told investors in a research note.