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:

Bernstein analyst Aaron Gal upgraded Teva (TEVA) to Outperform from Market Perform with an $11 price target. Over the past few years, the company has paid down $9B in debt and stabilized its earnings with free cash flow of $2B, Gal tells investors in a research note. The analyst now sees a "confluence of positive news," including gains from the biosimilar launch of interchangeable Humira and Stelara, launching Risperidone and the Revlimid settlement.
Societe Generale analyst Abhinav Sinha upgraded Farfetch (FTCH) to Buy from Hold with a $22 price target. The analyst cites the stock's low valuation and the company's medium term sales and gross merchandise value growth potential for the upgrade.
Baird analyst Jonathan Komp upgraded Adidas (ADDYY) to Outperform from Neutral with a EUR 280 price target. The analyst is more positive following a visit this week to the Adidas World of Sports.
UBS analyst Myles Allsop upgraded Rio Tinto (RIO) to Neutral from Sell with a price target of 5,200 GBp, up from 4,200 GBp. The stock's near-term risk/reward has improved with iron ore and steel exports from Ukraine and Russia disrupted and China stepping up stimulus, Allsop tells investors in a research note.
Capital One analyst Kyle May upgraded Aris Water Solutions (ARIS) to Overweight from Equalweight with a price target of $22, up from $15.

Top 5 Downgrades:

Jefferies analyst Stephanie Wissink downgraded Honest Company (HNST) to Hold from Buy with a price target of $5, down from $11. While the business has "promising potential," the model has "only moved down" since the company's IPO and the company's guidance for "flat" growth in 2022 is "a letdown for a growth stock," Wissink tells investors. Guggenheim analyst Laurent Grandet also downgraded Honest Company to Neutral from Buy.
Wells Fargo analyst Eric Luebchow downgraded Switch (SWCH) to Equal Weight from Overweight with a price target of $31, up from $28. While Luebchow views an acquisition of Switch as a reasonable outcome to its strategic exploration process, the analyst struggles to see a take-private above a $32-$34/share range, the analyst tells investors in a research note.
BofA analyst Tal Liani downgraded Fortinet (FTNT) to Neutral from Buy with a price target of $355, down from $385. The company is performing well, with Q4 billings up 36% y/y and billings growth guidance for Q1 at 26%, but the stock's valuation already reflects the strong results, the analyst tells investors in a research note.
Argus analyst John Staszak downgraded Carnival (CCL) to Hold from Buy without a price target. The company's prospects have "deteriorated" given the slow recovery from the omicron surge and rapidly rising fuel costs, Staszak tells investors in a research note.
Jefferies analyst Chris Howerton downgraded MEI Pharma (MEIP) to Hold from Buy with a price target of $1, down from $4. After the company recently met with the FDA on accelerated approval for its lead candidate Zandelisib, a PI3K inhibitor, as 3L+ monotherapy for r/r FL/MZL patients, the update offered "clearly articulates a shift in FDA's thinking on PI3K inhibitors," said Howerton, who now sees accelerated approval being "off the table." MEI Pharma was also downgraded at Stifel and Wells Fargo.

Top 5 Coverage Initiations:

RBC Capital analyst Shagun Singh initiated coverage of Intuitive Surgical (ISRG) with an Outperform rating and $340 price target. The analyst is positive on the company's leading position in the $6B robotic-assisted surgery market, which he sees as being "among the least penetrated and fastest growing" medical device sub-markets.
Truist analyst Michael Roxland initiated coverage of Avery Dennison (AVY) with a Buy rating and $227 price target. The company produces pressure-sensitive materials and also manufactures and sells a variety of other converted products including fasteners, tickets, tags, radio-frequency identification, or RFID, inlays and tags, said Roxland, who argues that the Street is underestimating growth in RFID and Intelligent Labels.
Stifel analyst Suthan Sukumar initiated coverage of Hive Blockchain (HIVE) with a Speculative Buy rating and $3.75 price target. The analyst views Hive as a leader in the industrial-scale cryptocurrency mining space given its "unique combination of established scale, next-generation hardware, and low-cost, 100% renewable power." Canaccord Genuity analyst Joseph Vafi also initiated coverage of Hive Blockchain with a Buy rating and $2.80 price target.
B. Riley analyst Lucas Pipes initiated coverage of TeraWulf (WULF) with a Buy rating and $24 price target. TeraWulf is a sustainable bitcoin miner that has two sites currently under development in Pennsylvania and New York, Pipes tells investors in a research note.
Wells Fargo analyst Lawrence Biegelsen initiated coverage of Ree Automotive (REE) with an Underweight rating and $1 price target. Biegelsen sees core challenges, including the total addressable market by 2030 as much smaller than the $700B the company estimates, and feels Ree will burn through half of its cash in 2022, and is skeptical it will be able to slow the cash burn materially in 2023, the analyst tells investors in a research note.