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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:

Wolfe Research analyst Andrew Rosivach upgraded AvalonBay Communities (AVB) and Prologis (PLD) to Outperform from Peer Perform with price target of $292 and $200, respectively. The analyst assumes a late 2022 recession and believes both names will keep growing earnings.
BofA analyst Joshua Dennerlein upgraded Getty Realty (GTY) to Neutral from Underperform with an unchanged price target of $33, citing his view that management has a "higher appetite" for external growth which he believes will likely accelerate earnings growth in the years ahead.
BofA analyst Joshua Dennerlein upgraded Essential Properties Realty Trust (EPRT) to Buy from Neutral with an unchanged price target of $27. The shares underperformed year-to-date and the company's recent equity raise eliminates equity funding risk during a period of volatile equity capital markets, Dennerlein argued.
DNB Markets analyst Joergen Lian upgraded SFL Corporation (SFL) to Buy from Hold with a $13.50 price target. The second quarter was another strong quarter with the fourth consecutive dividend increase, Lian told investors in a research note.
Truist analyst Neal Dingmann upgraded Centennial Resource Development (CDEV) to Buy from Hold with a price target of $13, up from $7. The analyst cited the company's "transformational" merger with Colgate upcoming in less than two weeks and driving leading production growth and free cash flow yields for Centennial.

Top 5 Downgrades:

Rosenblatt analyst Barton Crockett downgraded Twitter (TWTR) to Neutral from Buy with a price target of $37, down from $52. The whistleblower complaint from Peiter "Mudge" Zatko compels the analyst to step back from his formerly bullish stance on the Elon Musk deal," Crockett told investors in a research note.
Barclays analyst Jiong Shao last night downgraded XPeng (XPEV) to Equal Weight from Overweight with a price target of $22, down from $30. While the company's second quarter results were "solid," it provided "much weaker than expected" third quarter guidance on vehicle deliveries, Shao noted.
Kepler Cheuvreux analyst David Evans downgraded Sanofi (SNY) to Hold from Buy with a price target of EUR 89, down from EUR 120. The company's investment profile has been "significantly compromised" by litigation around its recalled heartburn drug Zantac, Evans contended.
Raymond James analyst Jayson Bedford downgraded Medtronic (MDT) to Market Perform from Outperform without a price target post the fiscal first quarter results.
Roth Capital analyst Scott Henry downgraded Catalyst Pharmaceuticals (CPRX) to Neutral from Buy with a price target of $15.50, up from $10. The company reported second quarter results that were at the high end of expectations and an acquisition appears likely in the near-term, Henry told investors in a research note.

Top 5 Initiations:

Deutsche Bank analyst Matthew Niknam initiated coverage of Arista Networks (ANET) with a Hold rating and $135 price target. The analyst forecasts revenue growth at 18% annually through 2025 as the company expands share in its core data center switching and cloud networks market.
JMP Securities analyst Mitch Germain initiated coverage of VICI Properties (VICI) with an Outperform rating and $38 price target. The company's strategy has been "stress tested," as its rents were fully collected during the pandemic, Germain notes.
BofA analyst Andrew Obin reinstated coverage of Illinois Tool Works (ITW) with a Neutral rating and $220 price target. The company's margin expansion has stalled since global auto production peaked in 2018, Obin told investors in a research note.
B. Riley analyst Neil Chatterji initiated coverage of Establishment Labs (ESTA) with a Buy rating and $107 price target. The solid safety profile and natural aesthetic outcome for the company's Motiva breast implants will continue to "drive significant growth," Chatterji argued.
Morgan Stanley analyst Ravi Shanker resumed coverage of Frontier Group (ULCC) with an Overweight rating and $20 price target. Frontier is the "quintessential ultra-low-cost carrier" with