Tuesday’s Biggest Analyst Calls: Apple, Tesla, Boeing, Airbnb, GM, Coinbase, Target, Macy’s and More

On Tuesday, significant investment recommendations emerged from Wall Street, offering insights into the prospects of various companies:

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Wells Fargo has taken a bullish stance on Freshpet, designating it as overweight. The online pet food company is perceived to possess "EPS leverage," with Wells Fargo expressing confidence in Freshpet's extended distribution potential and anticipates improving earnings-per-share leverage over time.

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Deutsche Bank has identified Applied Materials as a top pick for 2024, emphasizing the stock's affordability. Despite a year-to-date increase of 52% in AMAT shares, Deutsche Bank considers it the most reasonably priced among large-cap stocks. This valuation reflects concerns among investors about lagging-edge investments, particularly in China, potentially returning to normalcy.

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Stifel has initiated coverage on Alcon, labeling the eye-product company as a buy. Stifel finds Alcon's shares attractive, citing sustainable mid-single-digit sales growth and the potential for margin expansion as key factors supporting the buy rating.

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Wolfe has expressed optimism about Take-Two Interactive, initiating coverage with an outperform rating. The bullish outlook is based on expectations of increased net bookings in fiscal year 2025, driven by core franchise growth, particularly the highly anticipated release of Grand Theft Auto VI.

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TD Cowen has identified Walmart as a top pick for 2024, highlighting the retail giant's leadership in retail technology. The strategic investments in Walmart+, the e-commerce marketplace, and digital advertising are expected to contribute to margin improvement, making Walmart an appealing choice for investors.

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JPMorgan has upgraded Amalgamated Financial to overweight from neutral, citing upside potential for the banking company. Despite previous narrowing of the valuation discount in 2022, JPMorgan notes that the discount has widened again in 2023, presenting an opportunity for growth.

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RBC has upgraded Amgen to outperform from sector perform, emphasizing pipeline optionality for the pharmaceutical giant. The upgrade is based on a positive outlook for catalysts in 2024, along with emerging clarity on growth drivers in the following years.

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Goldman Sachs has designated Target as a top pick for 2024, foreseeing long-term growth driven by market share gains and a recovery in operating margins. The positive outlook is supported by strong merchandising and anticipated improvements in various cost factors.

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JPMorgan has upgraded Rio Tinto to overweight from neutral, considering the metals and mining company as best in class. The upgrade reflects a medium-term outlook for iron ore, expecting a relatively balanced market.

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Citi has downgraded Macy's to sell from neutral, expressing skepticism about the likelihood of a buyout deal materializing.

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Goldman Sachs has upgraded Sprouts to buy from sell, acknowledging the grocery store chain's better-than-expected performance amid its transformation. The upgrade is based on a reassessment of the relative risk-reward compared to other covered stocks.

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Goldman Sachs has upgraded PVH to buy from neutral, citing improving execution supported by investments in brand, innovation, and marketplace management.

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UBS has reiterated a neutral stance on Apple, expressing caution about the financial impact of the Vision Pro launch.

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Raymond James has reiterated an underperform rating on Coinbase, highlighting negative trends in revenue and adjusted EBITDA expectations since June 2021.

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Goldman Sachs has upgraded Ralph Lauren to neutral from sell, acknowledging headwinds but noting improving margins.

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Argus has upgraded Humana to buy from hold, prompted by the cancellation of its merger with Cigna.

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Cantor Fitzgerald has initiated FuboTV as a buy, expressing bullishness on the streaming TV service.

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Morgan Stanley has upgraded Hewlett Packard to overweight from equal weight, recognizing its operational efficiency and cyclical nature.

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JPMorgan has upgraded Martin Marietta and Vulcan to overweight from neutral, indicating increased optimism about the sector.

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JMP has upgraded Zillow to market outperform from market perform, citing share gains driven by company and industry analysis.

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JPMorgan has upgraded Henry Schein to overweight from neutral, dispelling concerns about share losses for the dental company.

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JPMorgan has upgraded Sempra to overweight from neutral, emphasizing the company's underappreciated leverage in Texas.

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Bank of America has initiated Crocs as a buy, considering it a rebound story at a discounted valuation.

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Bank of America has upgraded Quest Diagnostics to buy from neutral, citing growth at a reasonable price.

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Piper Sandler has upgraded HubSpot to outperform from neutral, anticipating improving website traffic for the software company.

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JPMorgan has downgraded Comerica to neutral from overweight, based on valuation considerations.

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Barclays has downgraded Airbnb to underweight from neutral, citing survey data indicating a plateau in short-term rental demand.

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William Blair has initiated Boeing as outperform, highlighting the company's increasing production rates.

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B. Riley has initiated Traeger as a buy, noting margin tailwinds for the grilling company.

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Morgan Stanley has reiterated an overweight rating on Tesla, acknowledging potential challenges in EVs in 2024.

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UBS has named General Motors a top idea for 2024, expressing a preference for GM over Ford based on cost traction and total return potential.