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:

Cowen analyst Helane Becker upgraded Delta Air Lines (DAL) to Outperform from Market Perform with an unchanged price target of $54 after the company generated "record quarterly revenue" in Q3 and said its business travel is about 80%-85% recovered in terms of revenue and 70%-75% recovered in volume. The mix of air traffic passengers is shifting, with higher yielding business and international passengers making up a greater share, and Q4 "looks strong as business and international traffic return," Becker tells investors the upgrade note.
BofA analyst Jason Gerberry upgraded Alkermes (ALKS) to Neutral from Underperform with a price target of $25, down from $27. He continues to see its key new product, Lybalvi for mood disorders, as about a $650M peak sales drug and believes buyside expectations have moderated from "prior blockbuster sales expectations" due to script trends, improving the risk/reward, Gerberry tells investors.
Jefferies analyst Chris Howerton upgraded Harmony Biosciences (HRMY) to Buy from Hold with a price target of $61, up from $57. With an estimated 34% annualized revenue growth rate, which Howerton calls out as "the highest among biotech stocks with positive net income," the shares are "undervalued."
Credit Suisse analyst Daniel Oppenheim upgraded Carlisle (CSL) to Outperform from Neutral with a $363 price target. Oppenheim expects Carlisle to continue to benefit from the positive secular trend of greater building efficiency, which should spur further demand for its commercial roofing and waterproofing offerings, the analyst tells investors in a research note.
UBS analyst Elizabeth Garcia upgraded QuidelOrtho (QDEL) to Neutral from Sell with an unchanged $86 price target. The analyst cites the company's positive Q3 pre-announcement that was driven by a one-time government order of COVID-19 tests, stating that the COVID-19 testing will drive higher than previously anticipated margins in the quarter.

Top 5 Downgrades:

JPMorgan analyst Seth Seifman downgraded Northrop Grumman (NOC) to Neutral from Overweight with a $490 price target. The stock has outperformed both the market and peers year-to-date, Seifman tells investors in a research note. The defense backdrop is "highly favorable in absolute terms," with budgets rising for the U.S. and allies in a tense geopolitical environment, but the sector will "get left behind rather quickly whenever the market gets more optimistic on the macro front," says the analyst.
Goldman Sachs analyst Bruce Lu downgraded TSMC (TSM) to Buy from Conviction Buy with a price target of $89, down from $126. The analyst notes that the tone of the company's management at its analyst meting has turned "more conservative," as it has acknowledged that it sees an impact from demand weakness, especially for its N7 nodes.
Credit Suisse analyst Daniel Oppenheim downgraded Fortune Brands (FBHS) to Neutral from Outperform with a price target of $62, down from $90. Oppenheim expects a sharp slowing of housing turnover and a reduction in home improvement spending in 2023 based on this lower turnover, the analyst tells investors in a research note.
Baird analyst David Manthey downgraded Beacon (BECN) to Neutral from Outperform with a price target of $65, down from $77. The stock has "nicely outperformed" year-to-date, but the firm's recent roofing survey indicates "competitive pricing behavior may be reemerging as demand slows," said Manthey, who recommends investors scale back exposure.
BofA analyst Craig Siegenthaler downgraded Nasdaq (NDAQ) to Underperform from Buy with a price target of $58, down from $65. The stock, and the exchange industry more generally, have become less attractive given their all-time high relative valuations, crowded investor positioning, and a more challenging setup for growth.

Top 5 Initiations:

Piper Sandler analyst Sumeet Mody initiated coverage of Blue Owl Capital (OWL) with an Overweight rating and $16 price target. The analyst says the company is well positioned to benefit from long-term industry tailwinds. Blue Owl's differentiated model should result in a best-in-class fee-related earnings growth trajectory and the shares are trading at a "very attractive" entry point, Mody tells investors in a research note.
Wedbush analyst Nick McKay initiated coverage of AppLovin (APP) with an Outperform rating and $26 price target. The stock's valuation multiple of 3-times expected forward revenue is warranted given the company's strong revenue and profit growth, though potential partially offset by concerns around macroeconomic pressure and guidance, the analyst tells investors in a research note.
Craig-Hallum analyst Jeremy Hamblin initiated coverage of Wag! Group (PET) with a Buy rating and $10 price target. He sees "potential for PET to become a 10-bagger" as the company scales and gains earnings leverage, said Hamblin, who sees the company being on track to become EBITDA profitable before the end of FY23.
Oppenheimer analyst Colin Rusch initiated coverage of Amprius Technologies (AMPX) with an Outperform rating and $14 price target. The "process technology-driven company" is pioneering new anode materials to enable next-generation energy storage solutions and given management's track record and qualification with 30 customers, he believes Amprius is well positioned to take "outsized share" in the growing markets for lightweight, fast-charging batteries, Rusch tells investors.
Citi analyst Timothy Thein resumed coverage of Parker-Hannifin (PH) with a Neutral rating and $285 price target, suggesting 12% total return potential. The analyst expects less earnings volatility than in past cycles, but says it is likely to take some time for Parker-Hannifin to prove this to the market.