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 Erik Woodring upgraded IBM (IBM) to Overweight from Equal Weight with a price target of $150, up from $147, as he assumed coverage of the stock. Amid growing macro risks, he views IBM as a "defensive play" given its negative correlation to PMIs and historical late cycle outperformance.
Barclays analyst Brandon Oglenski upgraded Delta Air Lines (DAL) to Overweight from Equal Weight with a price target of $60, up from $42, following first quarter results.
Bank of America analyst Heather Balsky upgraded Gartner (IT) to Buy from Neutral with a price target of $340, up from $305. The stock is not fully valuing the company's "robust" free cash flow and potential for sales and earnings upside, the analyst told investors in a research note.
Stifel analyst Matthew Sheerin upgraded CDW (CDW) to Buy from Hold with a price target of $210, up from $200, arguing that the recent pullback presents a "compelling entry point" with shares down about 17% year-to-date.
Cowen analyst Gautam Khanna upgraded Huntington Ingalls (HII) to Outperform from Market Perform with a price target of $270, up from $200. The analyst believes the defense sector is facing improved budget growth prospects given the Russia/Ukraine war and the prospect for further Russian/Chinese aggression.

Top 5 Downgrades:

Oppenheimer analyst Jason Helfstein downgraded Twitter (TWTR) to Perform from Outperform and suspended his prior $60 price target on the shares after Tesla (TSLA) CEO Elon Musk submitted an offer to acquire the remaining outstanding shares of Twitter at $54.20 per share.
Telsey Advisory analyst Cristina Fernandez downgraded Bed Bath & Beyond (BBBY) to Underperform from Market Perform with a price target of $15, down from $18, following fourth quarter results. The analyst views the stock's valuation as too high for a company with weakening financials amid a more challenging U.S. consumer backdrop and ongoing supply chain issues.
Susquehanna analyst Mehdi Hosseini downgraded Seagate (STX) to Negative from Neutral with a price target of $65, down from $93, citing increased prospects of a weaker demand in 2023, which he sees as concerning. The analyst also downgraded Western Digital (WDC) to Neutral from Positive with a price target of $50, down from $80.
Morgan Stanley analyst Joshua Pokrzywinski downgraded Grainger (GWW) to Underweight from Equal Weight with a price target of $480, down from $562. The analyst says three cyclical and distributor-specific factors will move from tailwinds to headwinds as the pace of price rises dips, PMI data points to slowing volumes and smaller competitors enter the market.
Barrington analyst Christopher Howe downgraded Cambium Networks (CMBM) to Market Perform from Outperform with no price target after the company announced preliminary first quarter results below expectations and also announced the departure of Stephen Cumming as CFO.

Top 5 Coverage Initiations:

Credit Suisse analyst Dan Levy initiated coverage of Luminar Technologies (LAZR) with an Outperform rating and $22 price target. The analyst is positive on Luminar, as he believes the company is the "best of breed in the rapidly growing" mobility LiDAR market.
DA Davidson analyst Linda Bolton Weiser initiated coverage of Usana (USNA) with a Neutral rating and $86 price target. The company is a growing, highly profitable direct seller with annual free cash flow of at least $100M and no debt, but because of COVID restrictions in Asia, its double-digit sales and earnings declines should persist through the first half of the year, the analyst told investors in a research note.
JPMorgan analyst Steven Alexopoulos reinstated coverage of M&T Bank (MTB) with a Neutral rating and $175 price target following a period of restriction. The analyst believes the newly merged bank is led by one of the strongest management teams in the industry, but says the task "remains a difficult and likely a lengthy one to integrate People's culture with M&T's."
Piper Sandler analyst Christopher Donat initiated coverage of Marqeta (MQ) with an Overweight rating and $13 price target. The analyst believes Marqeta should see growth accelerate as its customer base increases.
Raymond James analyst RJ Milligan initiated coverage of W.P. Carey (WPC) with an Outperform rating and $90 price target. With inflation running higher in the first quarter, there could be upward revisions to AFFO per share guidance with Q1 earnings, Milligan told investors in a research note.