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:

• National Bank upgraded Canadian National Railway (CNI) to Outperform from Sector Perform with an unchanged price target of C$190. Given the "reasonably constructive" volume environment and National Bank's growing confidence in the grain harvest, Canadian National's guidance for 10% earnings growth this year is achievable, the firm argues.

• Wolfe Research upgraded Qiagen (QGEN) to Outperform from Peer Perform with a $50 price target. The firm is "incrementally more confident" in Qiagen's potential to outperform its peers over the next year following the capital markets day, saying management laid out a plausible path to reach greater than 7% organic growth and greater than 31% operating margin.

• BofA upgraded Petrobras (PBR) to Buy from Neutral with a price target of $17.90, up from $16.80. The firm says that "with the dust settling" after the replacement of the company's CEO, there have been important developments at Petrobras which have helped quell concerns on corporate governance, fuel pricing and dividends.

• Keefe Bruyette upgraded BNY Mellon (BK) to Outperform from Market Perform with a price target of $70, up from $60. The firm cites the bank's scale, diversification and expectations for a widening profitability gap relative to peers led by strong expense control for the upgrade.

• CIBC upgraded BlackBerry (BB) to Outperformer from Neutral with a $3.50 price target. The firm cites the company's improved business plan execution, stronger than forecast fiscal Q1 results, and "conservative but achievable" Q2 and 2025 guides for the upgrade.

Top 5 Downgrades:

• JPMorgan downgraded U.S. Bancorp (USB) to Neutral from Overweight with a $43.50 price target. The firm says the "sharp increase" in the bank's capital requirements adds another headwind and will delay its capital return plans.

• Wolfe Research downgraded Agilent Technologies (A) to Peer Perform from Outperform without a price target. The firm says the potential for meaningful upside to expectations appears limited as Agilent's potential drivers to revenue and earnings upside are adequately captured in financial models.

• Wolfe Research downgraded 10x Genomics (TXG) to Peer Perform from Outperform without a price target. The firm does not see a path to meaningful upside relative to Q2 expectations and continues to see risk to the company's fiscal year guidance.

• H.C. Wainwright downgraded Lyell Immunopharma (LYEL) to Neutral from Buy with a price target of $1, down from $6. The company's initial LYL797 data in triple negative breast cancer and non-small cell lung cancer patients showed limited activity, durability of response, and safety events, the firm tells investors in a research note

• BofA downgraded Centuri (CTRI) to Underperform from Neutral with a price target of $21, down from $26. The CEO exit adds uncertainty, the firm tells investors in a research note.

Top 5 Initiations:

• Piper Sandler initiated coverage of Dynatrace (DT) with a Neutral rating and $50 price target. The firm says that with no firm clarity around when the deceleration of trends will end or reverse, the stock's valuation at current levels has left shares fairly valued.

• Redburn Atlantic initiated coverage of Vertex Pharmaceuticals (VRTX) with a Buy rating and $545 price target. Vertex is among the "cleanest growth stories" in global biopharma, capable of delivering low double-digit sales and mid-teens earnings growth over the next five years and "top-tier revenue visibility into the next decade," the firm tells investors in a research note.

• Scotiabank coverage of Exact Sciences (EXAS) with an Outperform rating and $70 price target. The firm says that although Cologuard is facing increasing competition and Oncotype DX already has significant penetration into its addressable markets, particularly in the U.S., there is "still plenty of runway" for Exact's existing products.

• Oppenheimer initiated coverage of Kyndryl Holdings (KD) with an Outperform rating and $33 price target. Poised to return to top-line growth, meaningfully increase margins, and generate more than $3 of EPS in FY27, Kyndryl represents an interesting investment opportunity, the firm says.

• Janney Montgomery Scott initiated coverage of BWX Technologies (BWXT) with a Buy rating and $113 price target. The company has non-replicable core competencies, facilities, and capabilities within nuclear engineering and manufacturing, and is a well-run company led by an experienced management team across all of its businesses focused on delivering high EBITDA margins, high free cash flow, returning cash to shareholders, and leveraging its capabilities across end markets, the firm says.