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:

Jefferies analyst Corey Tarlowe upgraded Target (TGT) to Buy from Hold with a price target of $185, up from $170, after taking over coverage of the name. Amid a "challenging macroeconomic backdrop," a "subdued" valuation and improvements in supply chain and inventory positioning support a bullish stance on Target, Tarlowe told investors in a research note.
Redburn analyst Alex Haissl upgraded MongoDB (MDB) to Neutral from Sell. With the stock trading 20% below 2020 valuation lows, he doesn't see further downside to justify a Sell rating, though he noted that his upgrade does not change his fundamental concerns.
Cowen analyst Joseph Giordano upgraded Xylem (XYL) to Outperform from Market Perform with a price target of $105, up from $85. Survey work suggests municipal budget expansion at least through fiscal 2023 and utility interviews highlight Xylem as well positioned to lead in smart infrastructure, where backlogs are significant and will pace 2023 revenue growth, Giordano told investors in a research note.
BofA analyst Rafe Jadrosich upgraded Owens Corning (OC) to Buy from Underperform with a price target of $95, up from $82, citing ongoing pricing tailwinds and what he sees as an "attractive valuation."
Barclays analyst Raimo Lenschow upgraded Jamf Holding (JAMF) to Overweight from Equal Weight with a price target of $28, up from $26. The analyst noted there are "several growth avenues available" that could enable growth acceleration and that the company's competitive headwinds "have dissipated somewhat."

Top 5 Downgrades:

Wedbush analyst Seth Basham downgraded Carvana (CVNA) to Neutral from Outperform with a price target of $15, down from $50. The analyst cites a further deterioration in market conditions, a bloated cost structure, and high cash burn.
Deutsche Bank analyst Kyle White downgraded International Paper (IP) and Packaging Corp. (PKG)
to Sell from Hold with price targets of $29 and $104, down from $44 and $144, respectively, driven by weakening containerboard supply and demand fundamentals that he anticipates will drive prices lower than the market is currently expecting.
BTIG analyst Matt VanVliet downgraded RingCentral (RNG) to Neutral from Buy without a price target. The analyst sees mounting pressure in the company's market from competition and potential macro headwinds, which is based on his recent round of fieldwork in the space.
BofA analyst Rafe Jadrosich downgraded Mohawk (MHK), Masco (MAS), and Hayward (HAYW) to Underperform from Neutral with price targets of $100, $46, and $8, down from $140, $58, and $14. His channel checks indicate that pro contractors are now seeing weakening orders for renovation projects and builders have cut the pace of starts after the spike in mortgage rates.
Barclays analyst Raimo Lenschow downgraded Pegasystems (PEGA) to Underweight from Equal Weight with a price target of $25, down from $50. The analyst believes the legal impact stemming from the verdict against Pega is mostly embedded in shares but he's taking "more of a contrarian view at this junction."

Top 5 Initiations:

Morgan Stanley analyst Matthew Cost initiated coverage of Trade Desk (TTD) with an Equal Weight rating and $60 price target. While calling Trade Desk "the premier independent DSP" with a leadership position in connected TV, or CTV, the analyst noted that valuation "seems full."
Evercore ISI analyst Javier Escalante initiated coverage of Clorox (CLX) with an Underperform rating and $131 price target. He looks for Clorox to underperform and would "be sellers into strength" as investors gravitate to the company's margin recovery's potential, Escalante said.
Evercore ISI analyst Javier Escalante initiated coverage of Church & Dwight (CHD) and Kimberly-Clark (KMB) with In Line ratings and price targets of $76 and $135, respectively. With Church & Dwight shares trading at a 23% premium to Staples and a "sizeable 50% premium" to the S&P 500, the risk-reward "isn't as attractive" compared to other Home and Personal Care names such as Reynolds Consumer (REYN) and Procter & Gamble (PG), Escalante told investors. Regarding Kimberly-Clark, his "key concern" is that it might have pushed Huggies' premiumization too far.
BofA analyst Rafe Jadrosich reinstated coverage of NVR (NVR) with a Buy rating and $4,900 price target. His price target is based on price-to-book multiple set at a "significant premium to peers," but at the low-end of NVR's recent history, noted Jadrosich, who argued that NVR's asset-light model can support ROE of 40%-plus through the cycle.
Barclays analyst Matt Miksic initiated coverage of medical device sector with a Positive view and put Overweight ratings on Abbott Laboratories (ABT), Baxter International (BAX), Edwards Lifesciences (EW), Globus Medical (GMED), Intuitive Surgical (ISRG), NuVasive (NUVA), Stryker (SYK) and Tandem Diabetes (TNDM). His Equal Weight rated names are Dexcom (DXCM), Johnson & Johnson (JNJ), Medtronic (MDT) and Insulet (PODD). Miksic put an Underweight rating on Zimmer Biomet (ZBH).