The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

UBS upgraded DraftKings (DKNG) to Buy from Neutral with a price target of $30, up from $19. The firm cites higher revenue growth and greater flow through to EBITDA for the upgrade. [Read more]
Wells Fargo upgraded Norfolk Southern (NSC) to Overweight from Equal Weight with a price target of $250, up from $225. Bottoming intermodal volumes, lagging productivity and an "accommodating" valuation drive a favorable setup for Norfolk Southern shares, the firm tells investors in a research note. [Read more] Citi aalso upgraded Norfolk Southern to Buy from Neutral with a price target of $257, up from $226. [Read more]
Citi upgraded Union Pacific (UNP) to Buy from Neutral with a price target of $257, up from $226. The firm believes transport fundamentals are running at or near the lows for this cycle and "second-derivative improvement" in the second half of 2023 will be a catalyst for the shares. [Read more]
Argus upgraded Rocket Companies (RKT) to Hold from Sell. The company should post a narrower loss in 2023 and return to profitability in 2024, making the stock "fairly valued" at current levels, the firm says. [Read more]
Truist upgraded Moog (MOG.A) to Buy from Hold with a price target of $130, up from $85. Under the leadership of recently appointed CEO Pat Roche, the company will be hosting an investor day on June 6th, where the management team will provide long-term financial and operating targets for the first time ever, the firm notes. [Read more]

Top 5 Downgrades:

Loop Capital downgraded Apple (AAPL) to Hold from Buy with an unchanged price target of $180. Apple has reduced its iPhone builds and shipment forecasts for essentially the second time in the last four weeks, the firm notes. [Read more]
Loop Capital downgraded Cirrus Logic (CRUS) to Hold from Buy with a price target of $80, down from $92. The firm cites analysis from its Supply Chain Analyst John Donovan, which suggests "material incremental build reductions" in Apple's iPhone work for the June quarter. [Read more]
Citi downgraded Foot Locker (FL) to Neutral from Buy with a price target of $30, down from $48, following the Q1 miss. The firm admits to failing to appreciate the economic sensitivity of Foot Locker's customer base, particularly at a time when consumer spending is slowing, how disruptive management's plans are to the business during a time when the consumer is already price sensitive, and how "unhealthy" the athletic market is in the U.S. [Read more] Williams Trading also downgraded Foot Locker to Sell from Hold with a price target of $25, down from $38. [Read more]
Williams Trading downgraded Nike (NKE) to Sell from Hold with a price target of $95, down from $120. The firm says Nike's U.S. business has become "far more difficult than what was expected" when it reported Q3 earnings. [Read more]
H.C. Wainwright downgraded Intercept Pharmaceuticals (ICPT) to Sell from Neutral with a price target of $8, down from $14, after an FDA panel voted 12-2 against obeticholic acid on the question of overall benefit-risk in nonalcoholic steatohepatitis and 15-1 in favor of deferring potential approval of OCA until the long-term outcomes study data can be reviewed. [Read more]

Top 5 Initiations:

Hovde Group initiated coverage of Zions Bancorp (ZION) with an Outperform rating and $40 price target. Operationally, Zions "looks to be firing on all cylinders" and the current banking market dislocation offers a "very opportunistic entry point in a quality franchise," the firm says. [Read more]
Barclays initiated coverage of Ormat Technologies (ORA) with an Equal Weight rating and $89 price target. The firm believes Ormat is well positioned to benefit from the renewed industry focus, but thinks the stock is currently fairly valued. [Read more]
Canaccord initiated coverage of Dice Therapeutics (DICE) with a Buy rating and $71 price target. The firm says the company's lead compound DC-806 targets IL-17 and is currently in Phase IIb development for the treatment of plaque psoriasis with data expected in Q3 of 2024. It believes Dice is positioned for clinical success, given its strategy of selecting drug targets that are proven to be effective for indications with high prevalence. [Read more]
CL King initiated coverage of Conmed (CNMD) with a Buy rating and $140 price target. Conmed has the right corporate strategy and management team to accelerate its sales growth and significantly expand margins over the next three years, the firm says. [Read more]
Morgan Stanley initiated coverage of BlackLine (BL) with an Equal Weight rating and $60 price target. ons The firm sees the stock's "premium" valuation as "appropriately balanced at these levels." [Read more]