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:

• Evercore ISI upgraded United Airlines (UAL) to Outperform from In Line with a price target of $65, up from $58, citing a likely shift in capital allocation. United has executed well versust targets and "long offered a sharply discounted valuation," but the lack of balance in capital allocation had previously held the firm back, the analyst tells investors.

• Citi upgraded Liberty Global (LBTYA) to Buy from Neutral with a price target of $24, up from $20. The analyst also opened a "90-day positive catalyst watch" on the shares. The analyst believes Liberty "has sufficient levers to unlock value" over the next 12-18 months while also improving its balance sheet and liquidity position across at least some of its operating companies.

• Argus upgraded Cardinal Health (CAH) to Buy from Hold with a $120 price target. The company is benefiting from its COVID-19 vaccine distribution and strong demand for its generics program amid an uncertain economy and a cautious consumer, having recently reported a Q2 earnings beat, the firm says.

• RBC Capital upgraded IGM Biosciences (IGMS) to Outperform from Sector Perform with a price target of $21, up from $9. The concept of B-cell depletion to durably treat autoimmune disorders has generated considerable excitement following evidence of curative potential for CAR-T in lupus, and RBC's deep dive into preclinical and clinical data for imvotamab and other agents suggests that the company's pivot into I&I for the CD20xCD3 bispecific is "wise," the analyst tells investors.

• Canaccord upgraded Aurora Cannabis (ACB) to Buy from Hold with an unchanged price target of C$0.80. The analyst cites valuation for the upgrade following the "largely as expected" fiscal Q3 report with the shares down almost 25% since the Q2 report.

Top 5 Downgrades:

• Argus downgraded PayPal (PYPL) to Hold from Buy with no price target. The company's Q4 results topped consensus but its Q1 and 2024 guidance were disappointing in what the management sees as a "transition year," the analyst tells investors in a research note.

• BofA downgraded Expedia (EXPE) to Neutral from Buy with a price target of $156, down from $181, after the company reported light Q4 bookings and gave a 2024 outlook that was "relatively in-line" with expectations. What has changed, however, is more uncertainty in 2024, the analyst tells investors.

• Exane BNP Paribas downgraded Lululemon (LULU) to Underperform from Neutral with a price target of $415, down from $430. The firm estimates North American stores are comping negative and lowered its FY24 EPS estimate.

• National Bank downgraded Lightspeed (LSPD) to Sector Perform from Outperform with an unchanged price target of $25. The company's Q3 results show Lightspeed executing on its Payments focus this fiscal year, though the stock fell 24% on Thursday on cautious commentary around the FY25 outlook, the analyst tells investors in a research note.

• Leerink downgraded Synlogic (SYBX) to Market Perform from Outperform with a price target of $1, down from $6, following the company's "surprising" decision to discontinue its lead program, SYNB1934 in PKU, ahead of the planned interim analysis. Synlogic is evaluating strategic options, but based on other recent examples of companies who reported similar kinds of data that fell short of expectations, the firm has low expectations that Synlogic's programs will be acquired for further development, the analyst tells investors