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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.

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Top 5 Upgrades:

Credit Suisse upgraded Lockheed Martin (LMT) to Outperform from Underperform with a price target of $510, up from $427, based on the firm's updated sector outlook, improved confidence in Lockheed's growth inflection and alignment in the firm's out-year EBIT growth forecasts between Lockheed and Northrop Grumman (NOC), which Credit Suisse believes "argues for a relative multiple rerating."
Raymond James upgraded Kemper (KMPR) to Strong Buy from Outperform with a price target of $80, up from $60. Though the stock has outperformed the S&P 500 over the last three months, there could still be substantial upside as management continues to implement additional initiatives to improve financial results over the next 24 months, the firm tells investors in a research note.
H.C. Wainwright upgraded Cipher Mining (CIFR) to Buy from Neutral with a price target of $3, up from $1.50. H.C. Wainwright says strong execution alongside higher bitcoin prices has the firm more bullish on the story.
Daiwa upgraded Pfizer (PFE) to Outperform from Neutral with a $51 price target.
Stifel upgraded Virbac (VRBCF) to Buy from Hold with a price target of EUR 342, down from EUR 402. The firm says the current share price does not adequately reflect the company's "recovery story" that has materialized over the past five years, nor the COVID-19 boost or Sentinel sale that allowed for "drastic deleveraging and renewed investment capacity."

Top 5 Downgrades:

UBS downgraded ZoomInfo (ZI) to Neutral from Buy with a price target of $33, down from $34. Given the potential risks to the outlook combined with a belief that share catalysts are likely skewed to the second half of 2023, ZoomInfo could be range-bound in the near-term, the firm says.
KeyBanc downgraded Chegg (CHGG) to Sector Weight from Overweight without a price target following the company's weaker than expected 2023 guidance.
Goldman Sachs downgraded Tyson Foods (TSN) to Neutral from Buy with a price target of $66, down from $91. The company's Q1 results revealed a sharp deterioration in profitability across the organization, and its chicken margin turnaround was disappointing, the firm says.
Stifel downgraded Spire (SR) to Hold from Buy with a price target of $75, up from $73. The firm believes Spire's current valuation reflects the company’s performance, and that investors should wait for a better entry point.
Piper Sandler downgraded BigCommerce (BIGC) to Neutral from Overweight with a price target of $12, down from $16. The firm sees rising execution risks and tempered expectations on the stabilization in the company's Commercial segment.

Top 5 Initiations:

BTIG initiated coverage of Foot Locker (FL) with a Buy rating and $55 price target. The firm believes that the company's new CEO Mary Dillon could be a "catalyst for change" and comes at a critical juncture as Foot Locker accelerates its assortment diversification efforts to offset reduced allocations from Nike (NKE).
Wells Fargo initiated coverage of iRhythm (IRTC) with an Overweight rating and $150 price target. The firm expects the company can expand beyond its current 30% penetration of cardiologists and electrophysiologists and that primary care expansion will continue to be a meaningful driver of volume growth.
Loop Capital initiated coverage of Cloudflare (NET) with a Hold rating and $52 price target. Loop's recent checks highlight a broader slowdown in IT spending across end markets and geographies, especially in new digital IT transformation projects and cloud projects, which it believes present incremental risks to Cloudflare's growth outlook over the next 6 - 12 months. The firm also started coverage of Akamai (AKAM) with a Hold rating.
Loop Capital initiated coverage of Fortinet (FTNT) with a Buy rating and $66 price target. Loop Capital checks continue to highlight that spending on the on-prem networking security spending remains stable and a high priority for enterprises.
BTIG initiated coverage of Boot Barn (BOOT) with a Buy rating and $110 price target. The company offers a level of sales and margin consistency that should be afforded a premium in the current market, but the stock trades at a discount to historical ranges and its peer group, the firm says.