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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.

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Top 5 Upgrades:

Rosenblatt upgraded Meta Platforms (META) to Buy from Neutral with a price target of $220, up from $104. When the firm had launched coverage of Meta last April, a combination of high spending, weakening macro and ad clouds kept it on the sidelines, but the company’s quarterly results show that "each of these headwinds has pivoted to a tailwind." Piper Sandler and BofA also upgraded Meta Platforms to Buy-following the Q4 results.
Goldman Sachs upgraded Align Technology (ALGN) to Neutral from Sell with a price target of $307, up from $165. Uncertainty still exists on the macro-outlook, but Align's Q4 report included sequential case growth for the first time in six quarters and management saw stability in the Americas/EMEA regions, the firm says.
BofA upgraded FedEx (FDX) to Buy from Neutral with a price target of $233, up from $204. BofA is more confident in FedEx's outlook as it reduces excess capacity and enhances productivity. Citi also upgraded FedEx to Buy from Neutral with a price target of $240, up from $190.
Needham upgraded Okta (OKTA) to Buy from Hold with a $90 price target. The firm believes the company has set conservative guidance for fiscal 2024, calling "for just" 16%-17% revenue growth.
Summit Insights upgraded Silicon Labs (SLAB) to Buy from Hold. The company is returning to a "growth path after a severe inventory correction in the consumer-related end-market," the firm says.

Top 5 Downgrades:

Oppenheimer downgraded Match Group (MTCH) to Perform from Outperform without a price target. While the company unveiled an "encouraging" product roadmap and evidence of improved a la carte revenue, the stock is now a "show me story" after losing a record number of paid subscribers, "stoking bear concerns" that online dating is maturing in Europe and the U.S., the firm says.
BofA downgraded First Solar (FSLR) to Neutral from Buy with a price target of $195, down from $196. Following the stock's outperformance since August, the benefit of the Inflation Reduction Act, or IRA, appears priced in and the potential upside now appears "less compelling," the firm says.
Argus downgraded Sysco (SYY) to Hold from Buy after its Q2 earnings miss and guidance.
Loop Capital downgraded Fortune Brands Innovations (FBIN) to Hold from Buy with an unchanged $65 price target. The stock has reached the firm’s prior price target and the first half of 2023 still poses "tough comparisons," Loop Capital notes.
JMP Securities downgraded Peloton (PTON) to Market Perform from Outperform. The company offers "best in class" connected fitness experience and also reported "solid" results in Q2, but at 22-times expected 2024 EBITDA, the stock's valuation is now full, the firm argues.

Top 5 Initiations:

Guggenheim initiated coverage of Darden (DRI) with a Buy rating and $170 price target, calling it "one of the best managed restaurant companies.
Raymond James initiated coverage of Everest Re (RE) with an Outperform rating and $385 price target. The potential of flat-to-declining exposure growth with increasing premiums in its reinsurance segment combined with lower volatility in its growing specialty insurance segment could position Everest Re to report operating ROBEs of 20%+ in 2023 and 2024, the firm says.
UBS initiated coverage of 10x Genomics (TXG) with a Neutral rating and $50 price target. The firm believes the company is positioned to grow revenue 22% through 2026, in-line with consensus, but sees several possible headwinds, including cannibalization of single cell by spatial platforms.
B. Riley resumed coverage of OptimizeRx (OPRX) with a Buy rating and $30 price target. The firm sees a favorable risk/reward setup with the shares down 65% in 2022 as the company looks to execute on its core business with large pharma partners and return closer to the 20% growth rates.
Raymond James initiated coverage of Accolade (ACCD) with an Outperform rating and $15 price target. Accolade shares have retreated roughly 80% off its all-time highs, following the collapse in "digital health" and some company-specific issues, but Raymond James thinks the valuation, strong Q3 results, balance sheet, and easy-to-grasp path to profitability offer an attractive set-up.