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

Monday’s Market Calls on Wall Street #

Bernstein upgraded Freeport-McMoRan to outperform, citing positive catalysts ahead for the metals and mining company in 2024. Southwest was downgraded to underperform, as the airline’s model is under pressure and faces cost pressures that will keep earnings power below pre-pandemic levels in the near term.

Goldman Sachs upgraded Tuya to buy, noting improved revenue visibility for the internet-of-things software platform. Evercore ISI reiterated Apple as outperform, stating that recent concerns are overdone and expecting results ahead of expectations.

Needham reiterated Coinbase as a buy, impressed with the product growth and adding it to the Conviction List. Blink Charging was upgraded to buy, with expectations of benefiting from a multi-year disconnect in EV penetration.

JPMorgan upgraded Dell to overweight, citing leverage to the AI-led Compute investment cycle. Wolfe upgraded Toll Brothers to outperform, bullish on the stock for 2024.

Melius upgraded FedEx to buy, as the company’s cost reduction plan starts to become more evident. Morgan Stanley upgraded American Airlines to overweight and initiated Deere as overweight, with confidence in their ability to navigate the uncertain economic environment.

Wells Fargo initiated Couchbase as overweight, considering it a cheaper way to play the AI market. Deutsche Bank added a catalyst call buy on Oshkosh, viewing substantial upside potential.

Jefferies upgraded Chevron to buy, expecting improved execution. Barclays upgraded CBOE and Intercontinental Exchange to overweight, anticipating supportive equity markets. Baird downgraded Wells Fargo to neutral, seeing a more balanced risk/reward.

Wells Fargo upgraded Enphase to overweight, considering it a top pick for residential solar. Mizuho upgraded GitLab to buy, based on positive customer survey feedback. JPMorgan named Microsoft a top pick, highlighting its growth potential.

Jefferies upgraded DoorDash to buy, valuing the U.S. Restaurant Delivery business alone above its total valuation. Jefferies also reiterated Amazon as a buy, expecting an AI offensive.

Bank of America double upgraded Equifax, as the mortgage market is poised for recovery. Goldman Sachs upgraded MetLife to buy, expressing optimism in the insurance giant.

Mizuho downgraded Okta to neutral, citing increased competition. Melius upgraded Advanced Micro Devices and Arista to buy, based on the potential for growth in AI equipment.

Morgan Stanley reiterated Home Depot and Lowe’s as overweight, raising price targets and predicting above-consensus comps for 2024. Susquehanna upgraded Old Dominion to positive, considering it a high-quality business in transports.