Here are today's top analyst calls from around Wall Street, compiled by The Fly.

WELLS FARGO CUTS STARBUCKS TO MARKET PERFORM

Wells Fargo analyst Bonnie Herzog downgraded Starbucks (SBUX) to Market Perform from Outperform and lowered her price target for the shares to $80 from $83 following Thursday night's Q2 results. The analyst remains optimistic that Starbucks can continue to simultaneously execute on its strategy to drive "strong" same-store-sales in the U.S. and expand in China. However, she thinks the market already "fully appreciates this" and, as such, sees the shares as "fully valued." The analyst steps to the sidelines despite raising her estimates.

GOLDMAN SACHS BOOSTS MEDICINES CO TO BUY

 Goldman Sachs analyst Paul Choi upgraded The Medicines Co. (MDCO) to Buy from Neutral and raised his price target for the shares to $55 from $25. The target implies 90% upside from the current price of $29.80. The analyst said that with the Orion Phase 3 topline results expected in Q3, his comfort level with inclisiran's benefit/risk profile has increased based on the recent updates from the independent data monitoring committee and a separate update for givosiran, which uses the same ESC-GalNAc conjugate platform. Further, new management is taking the appropriate steps to right-size the cost base and capital structure, Choi told investors in a research note. This sets up inclisiran for a successful launch, which should also increase The Medicines Co.'s potential appeal to partner or strategic buyer, added the analyst. Choi also thinks near term consensus launch expectations are achievable.

WILLIAM BLAIR BOOSTS ARGO TO OUTPERFORM

William Blair analyst Adam Klauber upgraded Argo Group (ARGO) to Outperform from Market Perform citing an improving growth profile. Argo is beginning to emerge as a long-term midcap growth insurer, Klauber told investors in a research note. He believes a "dislocation" in Excess & Surplus markets, a developing technology platform, and improving expense leverage are "paving the way for a higher growth outlook." These factors should push Argo's top- and bottom-line growth from an average of low single digits in recent years to the 10% to 12% range for the next three to five years, contended Klauber. Further, he thinks the stock at current levels does not reflect the prospects of this type of long-term compounding trajectory. Argo shares could nearly double in the next four to five years, said Klauber.

KEYBANC CUTS QORVO TO SECTOR WEIGHT

KeyBanc analyst John Vinh downgraded Qorvo (QRVO) to Sector Weight from Overweight, saying he had previously upgraded the stock as feedback from multiple supply chain partners indicated the company had been designed into the 2019 iPhone and was expected to gain share, as it relates to the mid/high-band PAD. However, Vinh told investors in a research note that recent field work indicates that despite the design win, Qorvo has failed to be qualified and is likely to lose its share in the 2019 iPhone back to Broadcom (AVGO). As this was a key tenet of his Overweight thesis and he believes it puts forward estimates at risk, he downgraded the stock to Sector Weight.

DESJARDINS INITIATES CANNABIS STOCKS

Desjardins analyst John Chu initiated HEXO Corp (HEXO), Canopy Growth (CGC), and Aurora Cannabis (ACB) with a Buy rating and respective price targets of C$14, C$74, and C$16.50 as part of a broad research note, saying the "hype" around legalization of adult-use cannabis in Canada remains strong in spite of "underwhelming" early months of sales. The analyst attributed the challenges to ramp-up, logistical and distribution issues, but expects investors to consider the opportunity as a "global" one. Chu believes that "major" consumer packaged goods companies like Constellation (STZ), InBev (BUD), and Altria (MO), as well as retailers like Walgreens (WBA), CVS (CVS), and Rite Aid (RAD) should "help push cannabis and hemp into the mainstream."