Listed below are Tuesday’s greatest calls on Wall Road: Financial institution of America names CVS a high choose Financial institution of America stated CVS is a high concept for 2024. ” CVS Well being has two issues it didn’t have in the course of the previous few years: 1) a transparent path to accelerating earnings development; and a pair of) appropriately reset expectations.” Barclays downgrades Apple to underweight from equal weight Barclays stated it is “time for a breather” for shares of Apple. “We’re reducing our ranking from Equal Weight to Underweight. IP15 has been lackluster and we imagine IP16 ought to be the identical.” Stifel names Nvidia a high choose Stifel stated Nvidia is the agency’s new high concept. ” NVDA is our new ‘greatest concept’ for AI/Accelerated compute.” Jefferies upgrades Dice to purchase from maintain Jefferies stated it sees share outperformance for the storage firm in 2024. “We see a chance for CUBE to outperform in 1H24 and improve to Purchase.” Jefferies downgrades Option to underperform from maintain Jefferies downgraded the inventory as a result of its pursuit of Wyndham. “We’re downgrading CHH to Underperform from Maintain given the elevated dangers round its shares and enterprise operations in its pursuit of WH.” Jefferies upgrades Boston Properties to purchase from maintain Jefferies stated the actual property firm is “best-in-class.” “We improve BXP to Purchase, as we anticipate the inventory to regain its historic valuation premium to friends (vs. in line right now) given a greater occ/earnings outlook and best-in-class portfolio.” Wells Fargo reiterates Citi as chubby Wells stated it is bullish on Citi shares over the subsequent 3 years. “We anticipate inventory to double to $100+ over 3 yrs. Enhance 1 yr. PT from $60 to $70 given new Fed readability on charges, and certain softer than proposed regulation.” Piper Sandler upgrading nCino to chubby from equal weight Piper stated it sees a sexy danger/reward for the fintech firm. “We improve banking vertical SW chief NCNO on a good risk-reward…” Piper Sandler names Snowflake, Workday and Monday.com as high picks Piper named a number of cloud utility software program corporations as high picks for 2024. “We flag WDAY, MNDY, and KVYO as three GARP concepts to personal with compelling risk-reward profiles having CY25E EV/S multiples beneath 8x. … .For development traders with the next danger urge for food, we flag SNOW and GLBE as two differentiated cloud software program shares with 30%+ compounder potential. DA Davidson names O’Reilly a high choose DA stated the auto elements firm is a high choose in 2024. “We’re together with O’Reilly Automotive , Inc. as our subsequent ‘Finest-of-Breed Bison’ firm inside the framework developed by D.A. Davidson’s analysis crew to search out long run greatest in school corporations with sustainable moats and favorable danger / reward dynamics.” JPMorgan provides Tapestry to the main target record JPMorgan added Tapestry and stated it sees “bottom-line development accelerating.” “Stay Chubby, including shares to J.P. Morgan’s Analyst Focus Checklist as a price concept, and elevating our Dec 24 Value Goal to $46 based mostly on 6x our CY25 adj. EBITDA.” Baird upgrades Thoughtworks to chubby from impartial Baird stated it sees development accelerating for the tech consultancy firm, “Throughout 2023, TWKS was the second worst inventory on our record (down 52%; S & P +24%) as a result of weak bookings, elongated gross sales cycles, and purchasers breaking bigger applications into smaller contracts. … .We anticipate accelerating development in coming quarters, with estimates ultimately biased increased as margins normalize.” Goldman Sachs initiates Rollins as purchase Goldman stated the pest management firm has a “differentiated” providing. “We imagine ROL is a differentiated and main supplier of pest management providers leveraged to robust route density, a novel multi-brand technique that facilitates market share beneficial properties, and enticing enterprise mannequin traits together with recurring revenues, defensiveness and working leverage.” B. Riley downgrades Brunswick to impartial from purchase B. Riley downgraded the marine recreation firm on valuation. “We’re downgrading Brunswick Company (BC—Impartial, $106 PT) from Purchase to Impartial with shares now inside ~10% of our recently-raised PT after simply surpassing our earlier PT on 12/13.” Deutsche Financial institution downgrades Estee Lauder to carry from purchase Deutsche downgraded the inventory primarily on valuation. “Given current value appreciation (forward of our personal expectations for the pacing of elementary enchancment), we downgrade EL and SMPL from Purchase to Maintain.” Deutsche Financial institution names Block and Invoice Holdings as high picks Deutsche stated it is bullish on a number of fintech shares heading into 2024. “Our high picks for subsequent yr embody Purchase-rated names Block, Invoice, and Marqeta.” Barclays downgrades Areas to underweight from equal weight and Residents to equal weight from chubby Barclays downgraded a number of regional banks on Tuesday as a result of issues about slowing web curiosity revenue development. “For CFG and RF , we anticipate web curiosity revenue development to lag friends within the close to time period.” JMP names DoorDash a high choose JMP stated the inventory is underappreciated in 2024. “With a steady macro and new verticals supporting bookings development, we predict incremental margins are underappreciated in 2024 as DoorDash digests previous investments, and we’re the Road-high estimate for DoorDash’s 2024 EBITDA.” Financial institution of America names Boeing a high choose Financial institution of America stated it is bullish on Boeing heading into 2024. “On the OEM entrance, we see a number of catalysts for Boeing going into 2024 and see alternatives for Howmet to proceed to learn from pricing energy as one of many few western titanium buildings suppliers.” Financial institution of America upgrades Brady to purchase from underperform Financial institution of America stated shares of the manufacturing firm are attractively valued. “We improve Brady Corp (BRC) and Pactiv Evergreen (PTVE) to Purchase (from Underperform and Impartial, respectively), primarily on alternatives for development and still-attractive valuations waiting for 2024.” Stephens upgrades American Specific to equal weight from chubby Stephens stated the corporate is a beneficiary if rates of interest fall in 2024. “With administration having already implicitly guided to a 2024 steering miss on a December webcast, traders are actually centered on 2025 estimates, and we predict American Specific can return to its historic income and EPS y/y development targets by then.” Evercore ISI downgrades Southwest to in line from outperform Evercore stated in its downgrade of Southwest that it sees a extra “balanced” danger/reward. “We’re transferring to the sidelines because the near-term danger reward is balanced, in our view. 2023 was a transition yr for the corporate because it recovered from operational challenges in December of 2022 and labored to get new labor contracts in place.” DA Davidson downgrades Hasbro to impartial from purchase DA downgraded Hasbro primarily on valuation. “Shares are up ~20% in two months, and we’re taking this chance to chop our below-consensus estimates and downgrade to NEUTRAL from Purchase.” Wells Fargo names Uber a high choose Wells stated Uber is a high choose in 2024. “Proceed to see Uber 2024 – 2026 inventory repurchase capability of $27B (20% of mkt cap), we anticipate formal capital return framework launched 1H:24.” Wells Fargo upgrades Expedia and Reserving Holdings to equal weight from underweight Wells upgraded a number of journey reserving websites on Tuesday and says gross bookings estimates are achievable. “We preview 2024 for the OTA & various accomodation sectors, upgrading BKNG & EXPE to Equal Weight within the course of. Based mostly on top-down evaluation, we see BKNG / EXPE 2024 GBs [gross bookings] ests as achievable and our ’23 aggressive depth thesis didn’t play out.” Cantor Fitzgerald upgrades Sprout Social to purchase from maintain Cantor stated the software program firm is attractively valued for 2024. “We’re upgrading shares of Sprout Social to Chubby from Impartial and rising our PT to $74 from $48. Barclays upgrades Evergy to chubby from equal weight Barclays stated in its improve of the electrical providers firm that the inventory is enticing. “For EVRG , we see the inventory as enticing at a 13% P/E low cost to giant cap friends, buying and selling close to friends with arguably extra fee execution danger in 2024 and lower-quality stability sheets, Canaccord names Amazon, Meta and Alphabet high picks Canaccord stated Amazon, Meta and Alphabet might see “additional growth” in 2024. “Amongst our coated giant and mega caps, we like META, GOOGL, SPOT, UBER and AMZN. Whereas we acknowledge that these 5 names noticed vital rallies of their share costs in 2023, we nonetheless assume their respective multiples are cheap and will see additional growth.” Oppenheimer upgrades Moderna to outperform from carry out Oppenheimer stated in its improve of the inventory that it sees “business and pipeline visibility.” “We imagine that MRNA’ s execution lately has addressed the vast majority of our issues. We see top-line gross sales beginning to develop in 2025E, with a number of product launches subsequent 12-18 months.”