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:

• Argus upgraded Illumina (ILMN) to Buy from Hold with a $150 price target. The stock has fallen significantly over the past several years amid slowing product sales and antitrust litigation related to the company's GRAIL acquisition, but Illumina appears to have now turned the corner and delivering multiple quarters of margin growth, launching new products and services, and introducing ambitious earnings guidance for 2024, the firm tells investors in a research note.

• HSBC upgraded Moderna (MRNA) to Hold from Reduce with an unchanged price target of $82. The company's mRNA cancer vaccine has progressed into the late clinical stage, leading the competition in this space, the firm tells investors in a research note

• Baird upgraded AeroVironment (AVAV) to Outperform from Neutral with a price target of $220, up from $161. The record $990M SwitchBlade contract awarded on Tuesday "locks in visibility" for the loitering munition product through 2029, the firm tells investors in a research note.

• Citi upgraded Delek Logistics (DKL) to Buy from Neutral with a price target of $45, up from $44. The company recently announced a set of strategic updates that will improve its outlook, but the market has not fully digested the impact of these transactions, the firm tells investors in a research note.

• Wells Fargo upgraded EastGroup Properties (EGP) to Overweight from Equal Weight with a price target of $214, up from $179. The firm cites valuation and "consistently strong results" despite broader supply pressure for the upgrade of EastGroup.

Top 5 Downgrades:

• Needham downgraded TransUnion (TRU) to Hold from Buy after revisiting the firm's thesis on both that Equifax (EFX) following the strong performance in both stocks. While both stocks stand to benefit if lower rates lead to increased lending volumes, especially in U.S. mortgage, the firm believe that Equifax's business mix is more leveraged to lower rates given the larger mortgage exposure and thinks other factors make Equifax likely to be able to maintain its premium valuation.

• Barrington downgraded Cinemark (CNK) to Market Perform from Outperform with no price target. While the third quarter appears set up for a solid close with "Beetlejuice Beetlejuice" and this does suggest the potential for an upward revision to the firm's estimates, its valuation was based on 2025, which still expects solid growth from 2024 box office levels and the stock reached the firm's prior price target as a result of the stock doubling year-to-date, the firm tells investors.

• Wells Fargo downgraded Terreno Realty (TRNO) to Equal Weight from Overweight with a price target of $75, up from $71. The firm continues to view Terreno's overall portfolio and strategy favorably, but sees less share upside from current valuation levels and has some concerns about increasing tariffs.

• Raymond James downgraded Spire Global (SPIR) to Market Perform from Outperform without a price target following the announcement that the company will need to restate historical financials after a review of the accounting policies surrounding the timing of booking Space Services business.

Top 5 Initiations:

• BTIG initiated coverage of Fiserv (FI) with a Buy rating and $200 price target. The firm believes the company's investment into its platforms during the past three years has positioned it to sustain high-single-digit to low-double-digit growth over the next several years.

• Evercore ISI resumed coverage of Quest Diagnostics (DGX) with an In Line rating and $165 price target. The firm sees the stock's current risk/reward profile as balanced with better fundamentals generally already reflected in the valuation.

• Jefferies reinstated coverage of Cognizant (CTSH) with a Buy rating and $90 price target after the company closed its acquisition of Belcan. The deal adds upwards of 4 percentage points of revenue on a run-rate basis and "significantly" enhances the company's capabilities in aerospace and defense, the firm tells investors.

• Wells Fargo initiated coverage of the life science tools and diagnostics group. Wells' top picks in tools are Bruker (BRKR), Repligen (RGEN) and Waters (WAT). The firm's top picks in diagnostics are Exact Sciences (EXAS) and Myriad Genetics (MYGN). Wells' Overweight rated stocks outside of its top picks are Avantor (AVTR), Maravai Lifesciences (MRVI), Agilent (A) and Thermo Fisher (TMO). The firm's Underweight rated names are Mesa Labs (MLAB) and CareDx (CDNA).

• Barclays initiated coverage of Avidity Biosciences (RNA) with an Overweight rating and $63 price target. The firm sees "meaningful market opportunity" from the company's current programs with positive read-throughs to additional muscle-targeted indications.