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:

• Piper Sandler upgraded Cava Group (CAVA) to Overweight from Neutral with a price target of $115, down from $142. The firm believes in the secular growth of fast casual, and says Cava is one of the best ways to invest in that trend. 

• Citi upgraded Bath & Body Works (BBWI) to Buy from Neutral with a price target of $48, up from $40. The firm cites the post-earnings share selloff for the upgrade. 

• Loop Capital upgraded Nexstar (NXST) to Buy from Hold with a price target of $200, up from $190. The firm believes Nexstar is well positioned for potential local broadcasting deregulation with a balance sheet levered at less than three-times. 

• JPMorgan upgraded Li Auto (LI) to Overweight from Neutral with a price target of $40, up from $22. The company has seen a major share price reversal, rising 25% in the past two days after it released a photo of its second BEV "i8" on February 25th, and the significance of i8 - despite limited details about its pricing and spec - is beyond the model itself as it defines and clarifies Li's long-awaited BEV strategy, the firm tells investors in a research note. 

• Morgan Stanley upgraded Voya Financial (VOYA) to Overweight from Equal Weight with a price target of $87, up from $76. The company's strategic initiatives in 2025 should help Voya "meaningfully rebound" from 2024 and set up an attractive growth profile in 2026 and beyond, the firm tells investors in a research note. 

Top 5 Downgrades:

• Wedbush downgraded Dine Brands (DIN) to Neutral from Outperform with a price target of $28, down from $47. The company's same-store-sales growth visibility remains limited despite its pivot to value with "price certainty," the firm tells investors in a research note. 

• Piper Sandler downgraded Teleflex (TFX) to Neutral from Overweight with a price target of $140, down from $255. The company reported mixed Q4 results and delivered several important updates, including the retirement of its CFO, acquisition of Biotronik's vascular intervention business, and its plan to spin off some of its business units to shareholders as a new publicly traded company, the firm tells investors in a research note. Raymond James and RBC Capital also downgraded to Neutral-equivalent ratings. 

• BofA downgraded Logitech (LOGI) to Underperform from Neutral with a price target of $90, down from $105. The firm cut revenue and earnings estimates to reflect lower gross margin assumptions and a weaker mix. 

• HSBC downgraded Illumina (ILMN) to Hold from Buy with a price target of $100, down from $190. The firm sees near-term risks and lower structural growth for Illumina. 

• Deutsche Bank downgraded Walgreens Boots Alliance (WBA) to Sell from Hold with a price target of $9, down from $11. The firm says the reports of a potential take-private deal from Sycamore Partners could be tough to complete. A deal is unlikely to be consummated at a premium to the current share price, the analyst tells investors in a research note. Deutsche believes such a deal would be "incredibly complicated" to implement, with the U.S. business of Walgreens "especially challenged." It says the stock has seen an overly positive reaction to the speculation despite the potential for a take-under.

Top 5 Initiations:

• Deutsche Bank initiated coverage of CoStar Group (CSGP) with a Buy rating and $89 price target. The firm anticipates stabilization and acceleration for Homes.com as the company refocuses investment in its core business and as the commercial real estate market recovers slowly. 

• BTIG initiated coverage of Novavax (NVAX) with a Buy rating and $19 price target. The company's standalone COVID vaccine seems to be a user-friendly mix of high-efficacy and improved safety that, with Sanofi's (SNY) marketing muscle, could become a "significant" player in the $9B COVID vaccine space, the firm tells investors in a research note. 

• Goldman Sachs initiated coverage of Summit Therapeutics (SMMT) with a Buy rating and $42 price target. While debates around the translatability of China results to broader studies continue, the firm is positive into the first ex-China dataset for ivonescimab in mid-2025, stating that it represents "the next major catalyst for the stock."

• Piper Sandler initiated coverage of Avalo Therapeutics (AVTX) with an Overweight rating and $48 price target. The firm believes it is currently undervalued with a market cap of about $70M and has AVTX-009, a differentiated anti-IL-1beta mAb in hand with key upcoming Phase 2 LOTUS readout in 2026. 

• Citi resumed coverage of Oneok (OKE) with a Buy rating and $110 price target. Recent acquisitions have transformed Oneok into a more integrated and diversified company better positioned to capture market share, the firm tells investors in a research note.