Bernstein Upgrades Freeport-McMoRan
Bernstein has upgraded Freeport-McMoRan to outperform from market perform, citing several positive catalysts for the metals and mining company in 2024. While the stock was considered fairly valued in 2023, Bernstein sees potential for growth ahead.
Bernstein Downgrades Southwest
In a downgrade of Southwest Airlines, Bernstein states that the airline’s model is under pressure. The firm believes that the discount airline model is disadvantaged in the new world of airline marketing and will face cost pressures that will limit earnings power in the near term.
Goldman Sachs Upgrades Tuya
Goldman Sachs has upgraded Tuya to buy from neutral, citing improved revenue visibility for the internet-of-things software platform. The firm sees Tuya, which is the world’s largest IoT PaaS platform, as a favorable investment.
Evercore ISI Reiterates Apple as Outperform
Evercore ISI recommends buying the dip in shares of Apple, stating that recent multiple compression is overdone. The firm expects Apple to report results ahead of expectations.
Needham Reiterates Coinbase as Buy
Needham stands by Coinbase as its top pick for 2024. The firm highlights Coinbase’s product growth and expansion as reasons to invest in the stock.
Needham Upgrades Blink Charging
Needham has upgraded Blink Charging to buy from hold, predicting that the company will benefit from a disconnect in electric vehicle penetration and EVSE growth. The firm expects this to create a tailwind for charger growth.
JPMorgan Upgrades Dell
JPMorgan has upgraded Dell to overweight from neutral, stating that the stock is positioned to benefit from the AI-led compute investment cycle.
Wolfe Upgrades Toll Brothers
Wolfe is bullish on Toll Brothers and has upgraded the stock to outperform. The firm sees potential for growth heading into 2024.
Melius Upgrades FedEx
Melius has turned more constructive on FedEx as the company’s cost reduction plan becomes more evident. The firm believes that this will have a positive impact on the stock.
Morgan Stanley Upgrades American Airlines
Morgan Stanley is getting bullish on American Airlines, citing its premium preference for the stock. While the firm acknowledges that the airline has been lacking in its narrative, it sees significant upside potential.
Morgan Stanley Initiates Deere as Overweight
Morgan Stanley believes that Deere can withstand an economic downturn and has initiated coverage with an overweight rating. The firm sees opportunities for growth in key areas of secular growth, such as precision agriculture.
Wells Fargo Initiates Couchbase as Overweight
Wells Fargo views Couchbase as a cheaper way to play the AI market and has initiated coverage with an overweight rating. The firm believes that Couchbase offers potential upside given its positioning in the AI industry.
Deutsche Bank Adds Catalyst Call Buy on Oshkosh
Deutsche Bank has added a catalyst call buy on Oshkosh, stating that it expects the company to report earnings above consensus. The firm sees substantial upside potential for Oshkosh based on its guidance range for 2024.
Jefferies Upgrades Chevron
Jefferies has upgraded Chevron to buy from hold, citing improved execution. The firm believes that Chevron is well positioned to reverse its performance in 2024.
Barclays Upgrades CBOE and Intercontinental Exchange
Barclays has upgraded several exchanges, including CBOE and Intercontinental Exchange, to overweight from equal weight. The firm believes that constructive equity markets will be supportive for trading.
Baird Downgrades Wells Fargo
Baird has downgraded Wells Fargo to neutral from outperform, stating that the risk/reward for the banking giant is more balanced. The firm acknowledges that Wells Fargo has navigated the turmoil reasonably well but sees limited upside potential.
Wells Fargo Upgrades Enphase
Wells Fargo has upgraded Enphase to overweight from equal weight, calling it a top pick in 2024. The firm expects a rebound in the solar industry and sees Enphase as well positioned for growth.
Mizuho Upgrades GitLab
Mizuho has upgraded GitLab to buy from hold based on positive survey results. The firm believes that customers are warming up to the software company.
JPMorgan Names Microsoft a Top Pick
JPMorgan considers Microsoft a top growth idea in 2024, citing potential for Azure growth and investments in various areas such as security and AI.
Jefferies Upgrades DoorDash
Jefferies has upgraded DoorDash to buy from hold, stating that the core U.S. restaurant delivery business alone is worth more than the company’s total valuation. The firm sees significant upside potential.
Jefferies Reiterates Amazon as Buy
Jefferies believes that Amazon will launch an AI offensive in 2024 and has reiterated its buy rating. The firm sees strong potential for the stock.
Bank of America Upgrades Equifax
Bank of America has double upgraded Equifax, stating that the mortgage market is poised for a recovery. The firm sees upside potential for the stock.
Goldman Sachs Upgrades MetLife
Goldman Sachs has upgraded MetLife, stating that it’s more optimistic about the insurance giant. The firm believes that MetLife offers attractive investment opportunities.
Mizuho Downgrades Okta
Mizuho has downgraded Okta to neutral from buy due to increasing competition and execution concerns. The firm sees uncertainties surrounding the stock.
Melius Upgrades Advanced Micro Devices and Arista
Melius has upgraded Advanced Micro Devices and Arista, citing potential for significant growth in AI equipment in 2024 and beyond. The firm sees meaningful upside potential.
Morgan Stanley Reiterates Home Depot and Lowes as Overweight
Morgan Stanley maintains its overweight ratings on Home Depot and Lowes, raising price targets based on predicted above-consensus comps for 2024. The firm remains positive on both stocks.
Susquehanna Upgrades Old Dominion to Positive
Susquehanna has upgraded Old Dominion to positive, viewing it as a high-quality business in the transport sector. The recent selloff presents a long-term entry point for investors.
Hot Take: Wall Street’s Latest Calls
Wall Street analysts have made several notable calls on various stocks, providing insights into their outlook for 2024. These calls include upgrades, downgrades, and initiations across a range of industries, highlighting potential catalysts and growth opportunities. It’s important to consider these recommendations when making investment decisions and conducting further research to understand the underlying factors driving these calls.
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