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:

RBC Capital analyst Joseph Spak upgraded Tesla (TSLA) to Outperform from Sector Perform with a price target of $1,100, down from $1,175. The analyst is positive on the company's more favorable near-term set-up and also believes that Tesla's focus on supply chain and vertical integration will be a mid-term competitive advantage.
Evercore ISI analyst David Togut upgraded FIS (FIS) to Outperform from In Line with a price target of $135, up from $115. Though high price to earnings multiple, disruptive payments and fintech stocks have sold off, the incumbents have yet to meaningfully outperform, which he argued "should soon change" as disruption concerns should diminish with the venture capital community advising its portfolio companies to become more disciplined in their investment spending and focus on profitable growth and cash preservation.
UBS analyst Steven Fisher upgraded Quanta Services (PWR) to Buy from Neutral with a price target of $156, up from $140. President Biden placed a two-year freeze on tariffs for solar panels from the four countries subject to the Commerce Department's investigation, which removes an overhang for Quanta, Fisher told investors in a research note.
Canaccord analyst Carey MacRury upgraded Royal Gold (RGLD) to Buy from Hold with a price target of $140, down from $151, as he updated his views on mining royalty companies following the first quarter reporting season.
JPMorgan analyst DS Kim upgraded New Oriental Education (EDU) to Overweight from Neutral with a price target of $24, up from $14. The stock "looks really cheap" as the market capitalization is well below the company's net cash, even after a recent rebound, Kim told investors in a research note.

Top 5 Downgrades:

Wedbush analyst Andreas Argyrides downgraded BioMarin (BMRN) to Neutral from Outperform with a price target of $70, down from $146, after assuming coverage of the name. While the enzyme replacement franchises generated $1.8B in sales in 2021, the analyst sees continued near-term success now relies upon a robust launch for VOXZOGO/ACH as well as U.S. and EU approvals of ROCTAVIAN/HemA.
Morgan Stanley analyst Stan Zlotsky downgraded Zendesk (ZEN) to Equal Weight from Overweight with a price target of $80, down from $145, after the company completed its strategic review and decided to remain independent.
Wolfe Research analyst Alex Zukin downgraded DocuSign (DOCU) to Underperform from Peer Perform with a $50 price target. The company reported "mixed" fiscal first quarter results and updated its fiscal 2023 billings guidance to now grow half as previously expected and suggests potential for single-digit revenue growth next year, Zukin told investors in a research note
Piper Sandler analyst Kevin Barker downgraded New Residential Investment (NRZ) to Underweight from Neutral with a price target of $10, down from $12. New Residential now trades at a significant premium to hybrid mortgage real estate investment trusts and non-bank originator/servicer peers, implying the stock is more than pricing a mark-up in the mortgage servicing rights for the second quarter, Barker told investors in a research note.
Cantor Fitzgerald analyst Andres Sheppard downgraded Volta (VLTA) to Neutral from Overweight with a price target of $4, down from $6, after the company announced that CFO Francois Chadwick will leave the firm to pursue another opportunity.

Top 5 Coverage Initiations:

Wells Fargo analyst Jared Shaw initiated coverage of Silvergate Capital (SI) with an Overweight rating and $120 price target. Shaw believes much of the bear-case is priced in at current levels, which makes for an attractive entry point.
Wedbush analyst Andreas Argyrides initiated coverage of Rani Therapeutics (RANI) with an Outperform rating and $28 price target. The analyst considers Rani an opportunity to invest in a transformative technology that has the potential to deliver biologics orally.
EF Hutton analyst Edward Reilly initiated coverage of Entravision (EVC) with a Buy rating and $14 price target. Entravision is being valued as a traditional television and radio business at current levels, but it is actually "a fast-growing digital marketing business" that is growing 20%-plus per year at a 14% free cash flow yield and is profitable, Reilly told investors.
JPMorgan analyst Chris Schott resumed coverage of Bausch Health (BHC) with an Overweight rating and $12 price target. The company's challenges, namely the Xifaxan patent litigation and Bausch & Lomb separation pathway, appear well reflected in the stock's valuation, Schott told investors in a research note.
8Alliance Global Partners analyst Brian Kinstlinger initiated coverage of AgileThought (AGIL) with a Buy rating and $8 price target. IT service contracting is surging from pent-up demand as well as a greater focus on digital transformation, and AgileThought will benefit from this trend, Kinstlinger told investors in a research note.