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 Humana (HUM) to Overweight from Equal Weight with a price target of $549, up from $494. The analyst estimates the company's 2023 Medicare Advantage "richness" could more than double its individual MA membership growth.
Truist analyst Patrick Scholes upgraded Norwegian Cruise Line (NCLH) to Buy from Hold with a price target of $19, up from $18. The analyst notes the luxury segment has seen bookings rise nearly 40%, and Norwegian Cruise Line looks to be best positioned to capture this outsized strength.
Redburn analyst Russell Quelch upgraded Morningstar (MORN) to Buy from Neutral with a $350 fair value estimate. The analyst sees the business being "well positioned to weather a downturn" given its heavy subscription-based revenue streams, strong pricing power and high levels of product innovation. He forecasts margins to trough in 2022 and argues that the valuation for the provider of Data & Analytics solutions to the financial services industry "looks attractive on a range of metrics."
UBS upgraded America Movil (AMX) to Buy from Neutral with a price target of $20.40, down from $20.50. After the 25% decline in the stock price from the May peak, the analyst sees "appealing combination" for the stock on sequentially better operating results and more shareholder distributions ahead, also stating that sequential improvements in America Movil results are set to continue.
Oddo BHF analyst Jerome Bodin upgraded WPP (WPP) to Outperform from Neutral.

Top 5 Downgrades:

Susquehanna analyst James Friedman downgraded PayPal (PYPL) to Neutral from Positive with a price target of $100, down from $115. Braintree is quickly gaining share within PayPal's total payment volume, "creating negative leverage from mix," Friedman told investors in a research note.
Barclays analyst Adrienne Yih downgraded Nike (NKE) to Equal Weight from Overweight with a price target of $110, down from $125. The analyst cited her "bearish" wholesale sector demand risk thesis, continued volatility in China, excess North America inventory bringing heightened operating risk and currency headwinds, primarily in Europe.
JPMorgan analyst Jeffrey Zekauskas downgraded Huntsman (HUN) to Underweight from Neutral with a $25 price target. The third quarter preannouncements from Dow (DOW), Eastman (EMN), and Huntsman show that volumes are contracting in Europe and that there is little, if any, demand growth from August to September in China, Zekauskas told investors in a research note.
Piper Sandler analyst Jessica Tassan downgraded Change Healthcare (CHNG) to Neutral from Overweight with a price target of $27.75, up from $26, after U.S. District Judge Carl Nichols approved the company's merger with UnitedHealth (UNH).
Deutsche Bank analyst Sidney Ho downgraded Western Digital (WDC) to Hold from Buy with a price target of $40, down from $56. The company's first quarter revenue is tracking below the low end of its prior guidance and the outlook for the second quarter looks "meaningfully below" the current consensus estimates, the analyst told investors in a research note.

Top 5 Initiations:

BofA analyst Curtis Nagle initiated coverage of Etsy (ETSY) with a Neutral rating and $120 price target. The analyst believes that the company can return to growing its revenue by high single digits in the second half of 2023, but in the near-term, he remains cautious on re-acceleration due to tough compares and high macro risk that could weigh on demand for Etsy's more "discretionary" products.
Macquarie analyst Tim Nollen initiated coverage of Getty Images (GETY) with a Neutral rating and $8.25 price target. The analyst likes the company's strong market position, stable growth, and high margin profile, but estimates Getty should have 430M fully diluted shares outstanding, which at the current price implies an enterprise value of $4.9B, which he sees as a multiple in-line with a broad peer group.
Jefferies analyst Anna Glaessgen initiated coverage of Vista Outdoor (VSTO) with a Hold rating and $26 price target. Lapping COVID comparisons presents a challenging near-term set-up across leisure equipment, particularly in entry-level product tiers that saw biggest the biggest pandemic boost, Glaessgen contended.
JPMorgan analyst Samik Chatterjee initiated coverage of Velodyne Lidar (VLDR) with an Underweight rating and no price target. The company is a diversified LiDAR supplier but has gained limited success in autos, Chatterjee noted.
JPMorgan analyst Samik Chatterjee initiated coverage of Luminar Technologies (LAZR) with an Overweight rating and $30 price target. The analyst forecasts Luminar will exit the decade with the strongest revenue amongst the peer group despite a smaller order book relative to Innoviz (INVZ) currently.