The most talked about and market moving research calls around Wall Street are now in one place. Here are today's research calls that investors need to know, as compiled by The Fly.

Top 5 Upgrades:

• KeyBanc upgraded Warner Bros. Discovery (WBD) to Overweight from Sector Weight with an $11 price target. The company's Q1 results exceeded expectations driven by improved profitability on direct-to-consumer, the analyst tells investors in a research note.

• MoffettNathanson upgraded Roblox (RBLX) to Neutral from Sell with a $26 price target. The analyst cites valuation for the upgrade following yesterday's selloff.

• HSBC upgraded 3M (MMM) to Buy from Hold with a price target of $115, up from $91.13. The company's Q1 earnings showed initial signs of an inflection in growth and margin gains from the restructuring, says the firm.

• BofA upgraded Bumble (BMBL) to Buy from Neutral with an unchanged price target of $14. Bumble exceeded Street revenue estimates in Q1 for the first time in two quarters and consensus revenue estimates for FY24 are 80 basis points below the midpoint of guidance, Oppenheimer says.

• Oppenheimer upgraded Array Technologies (ARRY) to Outperform from Perform with a $20 price target. Array delivered "solid" Q1 results and strong bookings while reiterating 2024 guidance, says the analyst, who believes the company has successfully addressed the firm's two primary concerns.
  
  

Top 5 Downgrades:

• Stifel downgraded Planet Fitness (PLNT) to Hold from Buy with a price target of $70, down from $80, post the Q1 report. Although the company is making progress in improving new unit returns, Stifel would like to see an increase in the pace of change needed to support greater franchisee development.

• Wells Fargo downgraded Cerence (CRNC) to Equal Weight from Overweight with a price target of $6.50, down from $25. The analyst cites the company's lower sales outlook for the downgrade.

• TD Cowen downgraded Baxter (BAX) to Hold from Buy with an unchanged price target of $40. The post-earnings stock reaction reveals how impatient many investors have become waiting for the remaining company to achieve 4%-5% revenue growth or even the 5%-plus growth initially thought possible with the Hillrom acquisition, the analyst tells investors in a research note.

• Lake Street downgraded Vista Outdoor (VSTO) to Hold from Buy with a price target of $37, up from $33. Vista reported Q4 results that were mixed relative to the firm's estimates, but "generally in line," the analyst tells investors.

• Raymond James downgraded PennantPark (PNNT) to Market Perform from Outperform and removed the firm's previous $7.50 price target. The shares now trade at a 1.0x P/NAV valuation multiple, which the firm calls "reasonable."
  
  

Top 5 Initiations:

• Jefferies assumed coverage of Ferrari (RACE) with a Hold rating and price target of $403, down from $408. The analyst says the shares price in FC growth well above the 2026 peaks.

• Craig-Hallum initiated coverage of Sow Good (SOWG) with a Buy rating and $20 price target. Freeze-dried candy provides a new sensory experience for consumers, and the category is generating explosive growth due to pent-up demand for innovation in the broader sugar confectionary industry, the analyst tells investors in a research note.

• Morgan Stanley assumed coverage of Enfusion (ENFN) with an Overweight rating and $11 price target. Share price weakness seems predicated on a lack of beat flow-through to the full-year outlook, though the firm believes this reflects "conservatism at the start of the year."

• BofA initiated coverage of Solventum (SOLV) with a Neutral rating and $70 price target. Solventum has a "solid and well-known" management team and valuation that is "not stretched," but BofA thinks it could take four to five years to turn around this business that was "under-managed" within 3M (MMM).

• BofA initiated coverage of Apogee Therapeutics (APGE) with a Buy rating and $80 price target. The clinical-stage biotechnology company is developing long-acting biologics for the treatment of atopic dermatitis, or AD, asthma, and chronic obstructive pulmonary disease, or COPD, which the firm highlights as "three of the largest and most dynamic I&I markets globally."