Here are the top forecasts on Wall Street on Wednesday: Deutsche Bank Opens American Express Buying Deutsche Is Bullish on the Credit Card and Financial Services Company. “Buy American Express as the company with the strongest sustainable revenue growth and lowest earnings risk.” Redburn Atlantic Equities Downgrades Apple to Neutral from Buy Redburn said in downgrading the iPad maker that it was concerned about the disappointing March quarter. “We are downgrading Apple to Neutral while maintaining a price target of $200 in ’24. While we expect iPhone to return to growth in ’24, we don’t see much room for upside over the next few years, and an expected disappointing March quarter could weigh on confidence in This outlook.” Jefferies upgrades Anheuser-Busch InBev to Buy from Hold. The brewer has become a “fixed fixture,” Jefferies said. “The overhauled balance sheet increases options on cash returns, leading to increased DD TSR (double-digit total shareholder return) and rerating as ABI builds its reputation as a consistent composite company.” Baird upgrades Bloom Energy to Outperform from Neutral, and Baird sees many positive catalysts ahead for the energy company. “As we look to 2024, we are working to upgrade BE to outperformance with potential catalysts ahead in the form of cost reductions, manufacturing process improvements, and electrolyser sales announcements.” BMO downgrades Goldman Sachs to market perform from outperform. BMO said in downgrading the Wall Street investment bank that it was “increasingly exposed to revenue volatility caused by capital markets.” “Two-thirds of public services sector revenues are derived from global banking and markets.” Wells Fargo Started Mister Car Wash Overweight Wells says he became increasingly optimistic about the car wash company. “There is a lot to like with the MCW model (recurring revenue, etc.) and despite the rally in late 2023, we see a strong entry point with high leverage, a reasonable outlook for FY24 and opportunities for equity gains.” Citi downgrades Charles Schwab to neutral from buy and Citi says risk/reward is more balanced for Schwab shares. “We have downgraded SCHW to Neutral. After recent strength, we see a more balanced risk/reward at current levels and view the current price as a fair valuation.” JPMorgan upgrades Raymond James to Overweight from Neutral JPMorgan sees “diversified earnings strength” for the financial services company. “We are upgrading Raymond James (RJF) to Overweight from Neutral rating. We believe Raymond James’ diversified earnings strength will begin to emerge as an operating backend.” Deutsche Bank downgrades Dow Jones to hold from buy Deutsche sees a slow recovery in 2024 for the chemicals company. “We are downgrading Dow Jones and Lyondell from buy to hold.” Citi names Lam Research as top pick Citi says Lam is now the bank’s top pick for semiconductor equipment. “We move LRCX to first place from previous second place in memory cycle recovery in 2024.” Goldman Sachs downgrades Etsy to neutral from buy Goldman Sachs said in downgrading the stock that the risk/reward appears balanced. “Downgrade ETSY to Neutral (from Buy) reflecting a more balanced risk-reward from here (PT down from $84 to $80) as we continue to see a broad range of GMS (gross margin sales) results in 2024 and as we believe “We have already fully captured the company’s growth potential in the coming years.” Bank of America downgrades Nio to neutral from buy Bank of America in downgrading its rating said it expects sales growth to slow in the future. “NIO does not have new models for Q1 until Q3 2024, so its sales growth may be lower.” Morgan Stanley Names Palo Alto Networks as Top Pick Morgan Stanley said cybersecurity stocks are becoming “increasingly attractive.” “PANW remains our top security pick, given our confidence in the robustness of growth, broader platform adoption and low expectations with an increasingly attractive valuation.” Oppenheimer calls Salesforce a top pick Oppenheimer says the stock is his top large-cap pick in 2024. “The big-cap is CRM (front-office demand optimization, EPS growth multiple, valuation).” Bank of America Selects Wayfair as Top Pick Bank of America sees Wayfair’s revenue growth accelerating in 2024. “We believe Wayfair (W) is well-positioned to accelerate revenue over the next two years through continued stock gains and category improvement.” Goldman Sachs reiterates Alphabet’s assertion, with Goldman saying the company remains a “leader in artificial intelligence.” “(We) continue to frame GOOGL as an AI leader in the coming computing transformations that may impact consumer and enterprise computing trends.” Goldman Sachs upgraded Woodward to Buy from Neutral Goldman said it had become bullish on the airline’s stock. “WWD enjoys content gains on next-generation aircraft that will strengthen its involvement in the ramp-up of original equipment (OE) in aviation.” Bank of America downgraded Zillow to Neutral from Buy, and Bank of America says the stock is already pricing in a housing rebound. “We downgraded Zillow to Neutral (from Buy) because we believe the stock is pricing in a steady rebound in housing in 2024 (while) record-low home affordability could limit upside volume (even as prices decline) and lawsuits.” Judicial Real Estate Commission is a solution that builds on the lead generation segment of ZG clients.” Susquehanna upgrades United to positive from neutral Susquehanna is bullish on the airline in 2024. The network should help support international PRASM over the long term, as pent-up demand matures after the pandemic and/or a cyclical slowdown occurs.” Susquehanna downgrades Alaska Air’s rating To neutral from positive, the company says it sees a lot of negative challenges facing Alaska Airlines. “With domestic capacity growing in the US, slowing leisure demand, and stabilizing business volumes, we are seeing a difficult situation for US airlines that focus on domestic , with operating models that were designed for growth unable to do so (e.g., aircraft delivery delays and problems with certain parts) or growth in an increasingly oversupplied US domestic market. Wedbush Upgrades Home Depot to Outperform from Neutral Wedbush said in its Home Depot upgrade that it expects stronger demand in 2024. Services and Delivered Demand Decline Throughout the pandemic, we believe many of these key drivers have bottomed out or are reversing, which they should That translates into stronger demand in 2024.” Goldman Sachs is upgrading Toast to Buy from Goldman Neutral. Goldman said in its upgrade of the restaurant technology company that it is making an outside-consensus call on Toast. “We believe the market is not taking into account what we expect to be trends Materially better profitability in 2024, with our adjusted EBITDA estimates being 17% higher than the Street, which could put 2025 GAAP profitability within reach.”