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:

BofA analyst Michael Feniger upgraded Caterpillar (CAT) to Buy from Neutral with a price target of $295, up from $217. Rising prices versus costs can provide a tailwind that "provides cover in the near-term" at a time of heightened uncertainty, Feniger argues.
RBC Capital analyst Mike Dahl upgraded Vulcan Materials (VMC) to Outperform from Sector Perform with a price target of $191, up from $170. Ramping infrastructure tailwinds and "lagged" non-residential strength should largely offset "sharp headwinds" from new residential construction in 2023, Dahl tells investors in a research note.
Wells Fargo analyst Seth Weber upgraded TransUnion (TRU) to Overweight from Equal Weight with a price target of $88, up from $70. The stock's significant underperformance provides an attractive entry point for a company with valuable data/info assets and decisioning tools, Weber tells investors in a research note.
JPMorgan analyst Guilherme Mendes upgraded Copa Holdings (CPA) to Overweight from Neutral with a price target of $132, up from $105. The analyst says Copa offers an "interesting combination" of a discounted valuation to its historical average and a "relatively comfortable balance sheet situation."
Stifel analyst Andrew Partheniou upgraded Organigram (OGI) to Buy from Hold with an unchanged price target of C$1.50 after the company reported "strong" Q1 results. Profitability beat expectations with meaningful cash generation, noted Partheniou, who is raising his profitability estimates to reflect Q1 performance, management's gross margin guidance and the company's production expansions and innovation "bearing fruit."

Top 5 Downgrades:

Goldman Sachs analyst Noah Poponak downgraded Lockheed Martin (LMT) to Sell from Neutral with a price target of $332, down from $388. The U.S. defense budget has grown significantly to an all-time high level, and with a large level of cumulative government debt, focus on slowing spending growth or reducing it outright could return in 2023, Poponak tells investors in a research note.
BTIG analyst Gray Powell downgraded Fortinet (FTNT) to Neutral from Buy without a price target. The analyst has increased appliance refresh concerns following channel checks. He has consistently heard increased concerns on firewall refresh delays in 2023 from contacts who have a view on large enterprise spending and Fortinet is most exposed to this risk, Powell tells investors in a research note.
Guggenheim analyst Michael Morris downgraded Warner Music (WMG) to Neutral from Buy with a price target of $35, down from $38, after updating his fiscal Q1 model to better reflect weaker-than-previously forecast Recorded Music streaming revenue. While he is still confident in the company's ability to monetize unique intellectual property, Morris is taking "a modestly more conservative view" of a sustained growth trajectory in streaming revenue and recorded music margin expansion.
Deutsche Bank analyst George Brown downgraded Logitech (LOGI) to Hold from Buy with a price target of CHF 54, down from CHF 68. The current downturn in the PC market is more severe than anticipated and the stock's risk/reward is more balanced given the extended replacement cycles, Brown tells investors in a research note.
Guggenheim analyst Ronald Jewsikow downgraded Tesla (TSLA) to Sell from Neutral. Jewsikow forecasts a "sizable" gross margin miss in Q4 to be driven mainly by price reductions and incentive actions taken during the quarter.

Top 5 Initiations:

Deutsche Bank analyst Benjamin Goy reinstated coverage of Credit Suisse (CS) with a Hold rating and CHF 3.40 price target. The bank is taking the right steps but lowering costs, regaining operational momentum, and reducing the complexity of funding costs will take time, Goy tells investors in a research note.
Jefferies analyst Vedvati Shrote initiated coverage of Teradyne (TER) with a Buy rating and $115 price target as the analyst launched coverage on a pair of Back-End Test Equipment stocks. The industry has transformed into a high-single- to low-double-digit growth segment after "a decade uninspiring growth," said Shrote, who calls out view Teradyne as a test equipment beneficiary as the market leader with 50% share.
Truist analyst Keith Hughes initiated coverage of Summit Materials (SUM) with a Buy rating and $40 price target. The analyst believes that the strong pricing in aggregates and cement will continue and offset cost, leading to EBITDA growth this year.
UBS analyst Rayna Kumar initiated coverage of Pagaya (PGY) with a Neutral rating and $1.25 price target. While Kumar estimates that from 2022E-2025E, Pagaya's AI-powered network could fuel a 26% network volume and 23% top-line CAGR, the analyst expects mounting macro headwinds from rising interest rates and consumer credit deterioration to continue to pressure Pagaya's loan approval rate in 2023, making it unlikely the company will achieve its 3-5 year medium-term network volume ambition of $25B, Kumar tells investors in a research note.
Capital One analyst Connor Murphy initiated coverage of Workday (WDAY) with an Overweight rating and $200 price target.