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:

• UBS upgraded Foot Locker (FL) to Neutral from Sell with a price target of $23, up from $12. The firm sees less downward EPS revision risk, no longer has a bearish view on macro and the market, and says its "thesis has mostly played out."

• Jefferies upgraded PDD Holdings (PDD) to Buy from Hold with a price target of $157, up from $117, as the firm switched to a sum-of-the-parts valuation, factoring Temu's valuation. The firm expects Temu to generate about $37B gross merchandise value in 2024, with narrowing loss margin as a percentage of GMV, and expects domestic GMV to grow at about 20% year-over-year in 2024.

• Truist upgraded Freshpet (FRPT) to Buy from Hold with a price target of $135, up from $120. The firm believes Freshpet's expansion at Costco (COST) will fuel more quarterly sales "surprises" and sees the company's path to its 2027 EBITDA margin target coming into focus as manufacturing expansion nears completion.

• Truist upgraded Procter & Gamble (PG) to Buy from Hold with a price target of $175, up from $160. Procter & Gamble, having returned to volume growth in fiscal Q2 excluding China, recently gave encouraging commentary around its China business that signals enterprise-level volume recovery in the coming quarters as the comparisons become more favorable, the firm says.

• JPMorgan upgraded Bilibili (BILI) to Neutral from Underweight with a price target of $11, up from $10. The firm says the stock's risk/reward is more balanced at current levels.

Top 5 Downgrades:

• Goldman Sachs downgraded PDD Holdings (PDD) to Neutral from Buy with a price target of $136, down from $196, as the firm re-assesses its view of the risk-reward given two incremental developments. Namely, the firm cites a rapidly shifting policy landscape around cross-border businesses and domestic e-commerce peers' re-focus on growth for 2024 as commented in recent earnings.

• Morgan Stanley downgraded Hyatt Hotels (H) to Equal Weight from Overweight with a price target of $156, up from $149. The company's pivot to asset light and simplification of the business model has driven share outperformance, leaving a more balanced risk/reward profile, the firm says.

• BMO Capital downgraded Dominion Energy (D) to Market Perform from Outperform with an unchanged price target of $49. The firm cites valuation for the downgrade.

• Citi downgraded Bilibili (BILI) to Neutral from Buy with a price target of $12.50, down from $18. The firm also reduced 2024 and 2025 revenue estimates to reflect a softer outlook over the company's gaming and other businesses following the Q4 report.

• Baird downgraded Amylyx (AMLX) to Neutral from Outperform with a price target of $4, down from $37. The firm cites the failure of the Phase 3 PHOENIX trial of the company's lead agent Relyvrio for amyotrophic lateral sclerosis for the downgrade. Leerink also downgraded Amylyx to Market Perform from Outperform with a price target of $4, down from $27.