Here are Monday's biggest analyst calls: Apple, Nvidia, Amazon, Microsoft, Toll, Chevron, Coinbase & more

Published Mon, Jan 8 20248:17 AM ESTUpdated Mon, Jan 8 20248:37 AM EST

Here are Monday's biggest calls on Wall Street: Bernstein upgrades Freeport-McMoRan to outperform from market perform Bernstein said it sees several positive catalysts ahead for the metals and mining company in 2024. "We like Freeport-McMoran but saw it fairly valued in 2023." Bernstein downgrades Southwest to underperform from market perform Bernstein said in its downgrade of the airline that it's model is under pressure. "We are downgrading LUV to Underperform. The discount airline model is disadvantaged in the new world of airline marketing, and the company faces both secular and idiosyncratic cost pressures that will keep earnings power well below pre-pandemic levels near term." Goldman Sachs upgrades Tuya to buy from neutral Goldman said it sees "improved revenue visibility" for the internet-of-things software platform. "We upgrade Tuya, the world's largest IoT PaaS platform in terms of the number of smart devices powered, to Buy (from Neutral) and raise our 12m-fwd target price to US$2.75 Evercore ISI reiterates Apple as outperform Evercore ISI said it's "time to buy the dip" in shares of Apple. "While we understand some of these concerns, we do think the recent multiple compression is overdone and we expect AAPL to report results that are ahead of expectations." Needham reiterates Coinbase as buy Needham said it's standing by the stock in 2024. "We are highlighting Coinbase as our top pick for 2024 and adding it to Needham's Conviction List. We have been impressed with the product growth at COIN: derivatives launch, international expansion, and the Base chain launch." Needham upgrades Blink Charging to buy from hold Needham said the charging company will "benefit from a multi-year disconnect in EV penetration." "We upgrade BLNK to Buy and introduce a $7 price target. BLNK and other EVSE (electric vehicle supply equipment) stocks have languished as EV adoption sentiment has worsened and TSLA's charging shadow has grown, but we expect BLNK to benefit from a multi-year disconnect in EV penetration and EVSE growth creating a tailwind for charger growth." JPMorgan upgrades Dell to overweight from neutral JPMorgan said the stock is an AI beneficiry. "Upgrade Dell (DELL) to Overweight from Neutral on leverage to the AI led Compute investment cycle." Wolfe upgrades Toll Brothers to outperform from peer perform Wolfe said it's bullish on the stock heading into 2024. "We are upgrading TOL to Outperform and establishing a $118 Price Target." Melius upgraded FedEx to buy from hold Melius said it's getting more constructive on the stock. "We are turning more constructive on FedEx as the company's cost reduction plan starts to become more evident." Morgan Stanley upgrades American Airlines to overweight from neutral Morgan Stanley said it's getting bullish on the airline. "Our Premium preference also extends to AAL, where we keep our PT unchanged at $20 but 50%+ upside to the stock price is enough to get excited about especially with an upcoming Investor Day serving as a catalyst to frame the narrative that the story has been lacking so far." Morgan Stanley initiates Deere as overweight Morgan Stanley said it thinks the stock can withstand an economic downturn. "Given an uncertain environment, we are Overweight Deere (DE), which we believe can extend its leadership position in key areas of secular growth, such as precision agriculture, despite an equipment market downturn." Wells Fargo initiates Couchbase as overweight Wells said the software company is a "cheaper" way to play AI. " Couchbase is essentially a 'poor man's MongoDB' and is a cheaper way to play the AI market." Deutsche Bank adds a catalyst call buy on Oshkosh Deutsche said it's getting more bullish on the ag company. "As we approach OSK's 4Q23 earnings release, we think the company can report EPS 4% above consensus, but more importantly, we view a 2024 adj. EPS guidance range of $10-11 as highly probable, representing substantial upside to current $10.28 consensus, even at the midpoint of the range." Jefferies upgrades Chevron to buy from hold Jefferies said in its upgrade of the stock that it sees "improved execution." "Upgrade to Buy. CVX lagged US peers in '23, but we see it as well positioned to reverse that performance in 2024." Barclays upgrades CBOE and Intercontinental Exchange to overweight from equal weight Barclays upgraded several exchanges on Monday and said "constructive equity markets could be supportive from an overall trading perspective." "We think F24 could be less volatile, given the somewhat broad consensus regarding the direction for the Federal Reserve and inflation in the US, although constructive equity markets could be supportive from an overall trading perspective. Against this backdrop, we downgrade CME and MKTX to Equal Weight, and upgrade ICE and CBOE to Overweight." Baird downgrades Wells Fargo to neutral from outperform Baird said it sees a more balanced risk/reward for the banking giant. " WFC has executed reasonably well in navigating the turmoil, as the deposit cap essentially forced the company to get rid of non-operational deposits reducing the aggregate credit risk of the company in the process." Wells Fargo upgrades Enphase to overweight from equal weight Wells said in its upgrade of the solar company that it's a top pick in 2024. "We expect solar to rebound in 2024 driven by Fed easing, higher battery attach rates, clarity on IRA, and steady utility scale demand growth. We prefer residential to utility scale solar given greater rate sensitivity. Top picks: RUN & ENPH. " Mizuho upgrades GitLab to buy from hold Mizuho said its survey checks show customers are warming up to the software company. "To this end, nearly 30% of GTLB customers polled in our survey indicated that they are currently contemplating upgrading to a higher tier." JPMorgan names Microsoft a top pick JPMorgan said the stock is a top growth idea in 2024. "We see the potential for MSFT to experience moderating cloud optimization activity, supporting Azure growth, while it is also planting the longer-term seeds for success across Security, Teams, Power Apps and now the forward-looking OpenAI / ChatGPT investments." Jefferies upgrades DoorDash to buy from hold Jefferies said the stock is now a top pick. "In addition, our analysis shows the core U.S. Restaurant Delivery business alone is worth more than DASH's total valuation, implying the market is ascribing zero value to Int'l/New Verticals. We upgrade DASH to Buy, raise our PT to $130, and elevate it to our top pick." Jefferies reiterates Amazon as buy Jefferies said it thinks Amazon will launch an AI offensive in 2024. " AMZN is the Best Performing Mega-Cap Stock in FY24 as Shares Benefit During 'Harvest Mode.' AMZN Launches an All-Out Offensive to Catch-up in AI." Bank of America upgrades Equifax to buy from underperform Bank of America double upgraded the stock as the mortgage market is "poised for a recovery." "We're upgrading EFX to Buy from Underperform and raising our PO from $164 to $300, implying potential upside of 28%. After several head fakes, we think the mortgage market is finally poised for a recovery amid Fed rate cuts." Goldman Sachs upgrades MetLife to buy from neutral Goldman said it's getting more constructive on shares of the insurance giant. "With this in mind we have grown more optimistic on Metlife ( Upgraded to a Buy-rating)." Mizuho downgrades Okta to neutral from buy Mizuho said in its downgrade of the stock that it sees too much competition. "At the same time, OKTA continues to face increasing competitive pressure from MSFT, its execution has been choppy, and its latest security incident adds to the uncertainty." Melius upgrades Advanced Micro Devices and Arista to buy from hold Melius said in its upgrade of the stock that it sees "huge ramps for AI equipment." "Both Arista and AMD could have huge ramps for AI equipment later in 2024 and especially in 2025 - and we see meaningful upside to consensus." Morgan Stanley reiterates Home Depot and Lowes as overweight Morgan Stanley said it's sticking with its overweight ratings on the stocks in 2024. "Raising HD PT to $375 (from $335) and LOW PT to $240 (from $230). We remain Overweight rated on both HD and LOW and raise our price targets as our Trend Demand model predicts above-consensus comps for '24." Susquehanna upgrades Old Dominion to positive from neutral Susquehanna said in its upgrade of the shipping stock that it's "high quality." "We upgrade ODFL to Positive, with the recent selloff bringing shares closer to their October trough than their December high, offering the long-term entry point we've been waiting for in one of the highest-quality businesses in transports." New Street reiterates Nvidia as buy New Street named Nvidia a top pick for 2024 and says the upside is "significant." "The $400bn TAM for AI datacenter chips AMD pitched last month may eventually prove wrong, but must be considered seriously. It is a possibility, and the direction of travel for now. ... .Even if the $400bn scenario materializes partially, the upside for Nvidia is significant."