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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.

Top 5 Upgrades:

Susquehanna analyst Shyam Patil upgraded Pinterest (PINS) to Positive from Neutral with a price target of $35, up from $22, on the belief that its new CEO and activist, combined with an "undemanding valuation," have skewed the risk/reward to the upside.
Raymond James analyst Brad Sturges upgraded Tricon Residential (TCN) to Strong Buy from Outperform with a price target of $16, down from $17. The analyst sees strong U.S. single-family rental demand trends supported by "eroding home-ownership affordability" in a higher mortgage cost environment.
JPMorgan analyst Allen Gong upgraded TransMedics (TMDX) to Overweight from Neutral with a $48 price target. The company posted "another impressive beat-and-raise" in the second quarter as momentum across all three organs was sustained by the continued ramp of the National OCS Program, Gong noted.
Capital One analyst Luke Lemoine upgraded Transocean (RIG) to Overweight from Equalweight with an unchanged price target of $4.50, arguing that "dayrate expansion is clearly here" following the company's second quarter report.
Raymond James analyst Dane Leone upgraded Bluebird Bio (BLUE) to Outperform from Market Perform with an $8 price target, stating that his survey of doctors suggests higher beti-cel utilization than anticipated.

Top 5 Downgrades:

Berenberg analyst Dev Weerasuriya downgraded Teladoc Health (TDOC) to Hold from Buy with a price target of $35, down from $42. The analyst cited the company's "underwhelming execution" and a lack of clear catalysts over the next 12 months for the downgrade. Cowen analyst Charles Ryhee also downgraded Teladoc to Market Perform from Outperform with a price target of $34, down from $58.
BTIG analyst Gray Powell downgraded Snowflake (SNOW) to Neutral from Buy without a price target. The analyst says his most recent field checks on Snowflake "downticked," which indicates potential for product revenue growth to slow in coming quarters.
Deutsche Bank analyst Brian Mullan downgraded Cracker Barrel (CBRL) to Hold from Buy with a price target of $100, down from $109. The analyst says his previous Buy thesis did not fully appreciate the frequency of the over 65 guest and how long they might stay away from dining in at Cracker Barrel.
Citi analyst Neena Bitritto-Garg downgraded Kodiak Sciences (KOD) to Sell from Neutral with an unchanged price target of $6. The analyst also opens a "negative catalyst watch" ahead of the ahead of topline data for the Phase 3 study of KSI-301 in retinal vein occlusion.
UBS analyst Andrew Mok downgraded Amedisys (AMED) to Sell from Neutral with a price target of $95, down from $145. The analyst cited changing market conditions and an "unfavorable risk-reward that skews 2 to 1 to the downside" for the downgrade following the second quarter miss.

Top 5 Initiations:

William Blair analyst Phillip Blee resumed coverage of Wayfair (W) with an Outperform rating and no price target. While the consumer environment remains uncertain, Wayfair maintains a "fundamentally strong model and is well positioned to continue to absorb market share and leverage its existing operations over the long term with minimal additional investment in infrastructure required," Blee told investors in a research note.
Goldman Sachs analyst Brooke Roach initiated coverage of TJX (TJX) with a Neutral rating and $70 price target, which implies 12% upside. The analyst believes TJX will continue to deliver stronger comps versus peers given its higher-income consumer offering, but says this is well-understood by investors.
Goldman Sachs analyst Brooke Roach initiated coverage of Burlington Stores (BURL) with a Buy rating and $183 price target, which implies 22% upside. The analyst sees strategic merit in Burlington's transformation, driven by a better-resourced buying environment and improvements to the store fleet.
BMO Capital analyst Andrew Strelzik initiated coverage of Constellation Brands (STZ) with an Outperform rating and $290 price target, which implies 20% upside. The analyst believes Constellation is an "attractive investment with favorable risk/reward as it balances a solid multi-year growth outlook with a valuation discount to peers that is too wide."
Goldman Sachs analyst Brooke Roach initiated coverage of Ross Stores (ROST) with a Buy rating and $102 price target, which implies 24% upside. Roach sees opportunities for Ross to gain market share as it increasingly benefits from trade-down among its core lower-income consumer following "initial demand shocks.”