Listed below are Tuesday’s largest calls on Wall Avenue: Raymond James initiates Crescent Power as robust purchase Raymond James stated the vitality firm that its properly positioned. “Simply in time for the vacations comes our newest initiation — Crescent Power Firm (CRGY). Primarily based in Houston, CRGY’s main operations lie within the Uinta and Eagle Ford shale performs, the place Crescent’s ~20% base decline price ranks amongst the perfect in our protection.” Piper Sandler downgrades Albemarle and Livent to underweight from impartial Piper downgraded a number of lithium firms on Tuesday and stated it is nervous a few deterioration in lithium markets. “We’re slicing the rankings for ALB and LTHM to UW from Impartial in recognition of the substantial deterioration in world lithium markets.” Goldman Sachs reiterates Nike as purchase After a switch of analyst protection, Goldman stated it sees an bettering progress out for Nike shares. “We see scope for NKE to drive an inflection in earnings progress as the corporate begins to benefit from transitory value recapture and a sequentially strengthening market stock backdrop.” Financial institution of America downgrades UBS to impartial from purchase Financial institution of America stated it sees an excessive amount of “heavy lifting” in 2024 for the banking big. “We reduce UBS to Impartial from Purchase. We stay satisfied of the monetary and strategic advantages of the Credit score Suisse acquisition. However we see a prolonged 2024 because the heavy lifting is undertaken.” Roth MKM initiates Hyster-Yale as purchase Roth stated the fabric dealing with firm is considerably undervalued. “We’re initiating on HY with a Purchase score and $85 goal. Hyster-Yale is without doubt one of the world’s largest gamers in materials dealing with, with gross sales this yr in extra of $4B.” UBS downgrades United Leases to impartial from purchase UBS stated in its downgrade of the tools rental firm that it sees a extra balanced threat/reward. “We downgrade URI to Impartial, as we expect threat/reward is balanced. We nonetheless count on EBITDA to develop in 2024 and 2025, as natural progress is supplemented with acquisitions and buybacks.” UBS reiterates Apple as impartial UBS stated it is evaluation of the Apple’s App Retailer reveals income growing. “Our evaluation of Apple’s App Retailer suggests Nov income was up +10.7% YoY (Supply: Sensor Tower), in-line with the expansion in Sept and Oct.” TD Cowen names NXP Semiconductors a high choose TD stated the semiconductor firm is “best-in-class” for 2024. “We spotlight NXP as our high choose for 2024. In our view, the corporate’s best-in-class auto franchise and constant capital returns are missed by buyers.” JPMorgan upgrades XP to chubby from equal weight JPMorgan stated the LatAm tech firm has upside potential. “We improve XP to Obese and revise our 24YE value goal to $30 per share, now providing ~30% upside potential.” Financial institution of America reiterates IBM as purchase Financial institution of America raised its value goal on the inventory to $170 per share from $155 and stated the setup is “good.” “Given the elevated uncertainty within the broader market, in our opinion, the setup heading into 2024 is sweet as IBM can information 2024 inside its long-term mannequin. Software program and Consulting stay key progress vectors. Bernstein names Amazon as a high 2024 concept Bernstein stated the e-commerce big is a high choose in 2024. “We price Amazon Outperform, $175/share. We deliver our 2024 AWS EBIT estimates as much as replicate margins energy and fixed-cost leverage.” Mizuho downgrades Prologis to impartial from purchase Mizuho stated it prefers “geographically diversified REITs.” “We nonetheless favor the extra geographically diversified REITs versus the extra narrowly targeted ones.” Wells Fargo initiates Marriott as equal weight Wells stated in its initiation of the resort chain that it sees a balanced threat/reward. “We provoke MAR at Equal Weight with a $220 PT. MAR has a lovely fee-based enterprise with a number of progress drivers and favorable publicity to 2024 tailwinds, however at 15x 2024E EV/EBITDA, we view threat/reward as even.” Financial institution of America upgrades Adecoagro to purchase from impartial Financial institution of America stated in its improve of the LatAm farming firm that it sees “sees strong earnings progress” for Adecoagro. “the inventory continues to be buying and selling at a lovely valuation at 13.7% FCF yield in 2024E and 17% in 2025E; and (3) upside dangers relying on the financial developments in Argentina put up elections.” Oppenheimer names Domino’s a high choose Oppenheimer stated it is warming as much as the pizza chain firm for 2024. “We elevated DPZ to one in every of our ‘high picks’ in October ’23, and preserve our bullish stance as shares maintain a supreme 2024 setup through our evaluation.” Wells Fargo upgrades Crown Fort to equal weight from underweight Wells stated in its improve of the mobile tower firm that it sees an bettering threat/reward. “We’re upgrading CCI to Equal Weight (from Underweight) and elevating our PT to $115 (from $90 prior). The involvement of Elliott and the potential for a strategic shake-up ought to present some draw back safety, even when we do not see materials upside.” UBS reiterates Netflix as purchase UBS stated it is standing by its purchase score on Netflix shares after internet hosting the corporate at a convention. “Administration is targeted on broadening its providing (incl. the introduction of dwell occasions), deepening reference to followers and diversifying its income base (incl. progress in promoting) whereas persevering with to develop margins.” Wells Fargo upgrades Integra LifeSciences to chubby from equal weight Wells stated in its improve of the neuro surgical procedure system firm that it sees EPS rising. “The next key factors underpin our funding thesis and improve: 1) elevated confidence in IART’s capacity to renew industrial distribution from its Boston facility by mid-to-late 2Q24; and a pair of) EPS upside pushed by a return of upper margin merchandise manufactured on the firm’s Boston facility.” Morgan Stanley reiterates Meta as chubby Morgan Stanley stated it stays assured within the firm’s “capacity to ship outsized income progress.” “Stepping again, we see META’s non-China enterprise (90%+ of the rev) and 10mn+ advertisers bidding for audiences/transactions resulting in teenagers rev progress in ’24/’25 and $20+ of FCF.” Evercore ISI provides a tactical outperform on Broadridge Monetary Evercore stated Disney’s proxy struggle could possibly be a monetary boon for Broadridge shares. “Given Broadridge’s close to monopoly on the street identify proxy enterprise, Trian’s proxy struggle with Disney might generate as a lot as $50M in occasion pushed income for BR.” Needham reiterates Coinbase as purchase Needham stated it is standing by its purchase on Coinbase and that retail crypto is “nonetheless in its early innings.” “Retail crypto engagement is significantly decrease than in prior years and regardless of the latest value positive factors, has been pretty muted.” JPM initiates Cargo Therapeutics as chubby JPMorgan stated the biotech firm is properly positioned to be a key participant. ” CRGX is a clinical-stage firm creating autologous (utilizing sufferers personal cells) CAR-T cell remedy to deal with blood cancers.” Roth MKM initiates Itron as purchase Roth stated the vitality and tech useful resource firm is properly positioned. “We’re initiating on ITRI at Purchase with an $82 PT. We favor sturdy backlog visibility over the following couple of years and what we count on to be prolonged market tailwinds from infrastructure investments beginning round 2025.” Raymond James downgrades Lululemon to outperform from robust purchase Raymond James downgraded the inventory primarily on valuation. “We downgrade LULU from Robust Purchase to Outperform after its latest inventory rally to replicate some upside being factored in.” William Blair reiterates Chipotle as outperform William Blair stated the Mexican chain restaurant firm is a high concept in 2024. “With internet unit enlargement of seven% to eight% this yr, Chipotle is accelerating unit progress in coming years with the purpose of approaching 10% by 2025 as cash-on-cash returns stay distinctive at 70%-plus for the general system.” Citi upgrades Travere Therapeutics to purchase from impartial Citi stated in its improve of Travere that the biotech firm has a lovely threat/reward. “With the inventory buying and selling beneath money, we imagine threat/reward is skewed fairly favorably right into a full approval resolution, supporting our improve.” William Blair reiterates Charles Schwab as outperform William Blair named Schwab a high choose for 2024, noting it is properly positioned. “We imagine the inventory is properly positioned to outperform in 2024 because of the potential for a big rebound in EPS as money sorting abates, short-term funding prices decline, natural progress recovers following Ameritrade migrations, prices initiatives are applied, and share buybacks reemerge.”