Here are the biggest calls Wednesday on Wall Street: Citi reiterates Apple Citi said it is sticking with its best position in Apple shares. “While concerns about iPhone sales in China have been present since Huawei’s resurgence, recent supply chain checks do not show production cuts for the December and March quarters.” Jefferies reiterates Tesla’s assertion Jefferies also said that Elon Musk’s threat to develop artificial intelligence outside of Tesla “increases the risk of a near-term rating downgrade and further volatility.” “Elon Musk has just opened a can of worms by threatening to develop AI expertise outside of Tesla unless his current 13% voting share is raised to 25%.” UBS downgrades Ford to Neutral from Buy UBS said it sees limited upside in estimates. “We are downgrading our F rating to Neutral as the stock is more equitably valued. Our interest rate remains at $12. We see more limited estimate upside through 2024 and 2025 than previously.” TD Cowen downgraded Fisker to market from outperform. TD said she sees a lot of growing difficulties for Fisker. “The shift in distribution strategy, continued delivery issues, missed schedules, and overall softening in the EV market overall have taken the shine off this once-shiny new vehicle manufacturer, in our view.” JPMorgan downgrades Morgan Stanley to neutral from overweight JPMorgan said Morgan Stanley has limited upside at current levels. “Back to Neutral: Reasonably valued with limited catalysts for the specific stock going forward.” BTIG Upgrades Marathon to Buy from Neutral BTIG said it is bullish on the bitcoin mining company’s shares. “On the back of weakness in miners and Marathon’s decision to shift into infrastructure late last year, we upgraded to buy from neutral.” Bank of America named Dutch Bros as a top pick Bank of America said the coffee chain has top-notch management and loves Dutch in 2024. “We believe the arrival of new management is good for companies with strong brands – but it is arguably under-managed.” – Can create significant value. We expect the marketing, real estate and operational strategies implemented by CEO Christine Barron and her new team to be catalysts for accelerating same-store sales. Goldman Sachs upgrades Twist Bioscience to buy from neutral Goldman, said it sees margin expansion for the biotech company “However, we are beginning to see early signs of a recovery in biotech funding as shown in Figure 5, and although this does not necessarily represent a bottom and it remains difficult to pinpoint a recovery time in a small-cap biotech funding environment, we believe that TWST will be a major beneficiary once this juncture becomes clear.” DA Davidson downgraded Teladoc to neutral from buy. In downgrading Teladoc, the DA said it sees a more balanced risk/reward. “All things considered, we like the market and category-leading parts of the thesis, but we’re balanced toward growth and execution at the moment.” Morgan Stanley upgraded Polaris to overweight from equal weight Morgan Stanley upgraded the recreational vehicle company and said it sees an attractive risk/reward ratio. “We have adjusted the portfolio slightly and upgraded PII to OW while downgrading MAT to EW.” KeyBanc launches Rocket Lab as overweight Key says she sees upside for the rocket satellite company. “We initiated coverage on Rocket Lab USA (NASDAQ: RKLB) with an Overweight rating and an $8 price target, reflecting an upside of approximately 50%.” Goldman Sachs has initiated the Aramark project, with Goldman saying the franchising company is well positioned. “We see Aramark as well positioned to deliver consistent mid- to high-single-digit organic revenue growth over the medium term, with a well-defined trajectory to capitalize on continued moves toward outsourcing, retention rates >95% and a market Big to handle.” Evercore ISI launches Lithia Motors and AutoNation to outperform Evercore launched two auto companies with outperform ratings on Wednesday that it says have “defensive growth.” “As 2024 begins in earnest, the Autos team is proud to include a new automotive subsector under coverage: Franchise Auto Dealers Lithia (LAD; Outperform, $400 target), and AutoNation (AN; Outperform, $185 target).” Susquehanna downgraded Spirit to negative from neutral. Susquehanna downgraded the stock after blocking the JetBlue Spirit deal on Tuesday and says it sees an uncertain future. “We are downgrading SAVE to negative following the filing of a lawsuit yesterday from a US District Court judge that blocked the current JBLU/SAVE transaction (i.e. the proposed merger as agreed to on 7/28/22).” Deutsche Bank downgrades Rivian to hold after purchase Deutsche said it sees “downside risks” to the electric vehicle company. “Despite the improved exit rate production cadence for 2023, we see downside risk to the Street’s 2024 deliveries estimates, in the context of the significant downtime Rivian has planned for 2Q24 and especially the slow slowdown in decline in 3Q24 ” Wolfe upgrades Instacart to outperform peers. Wolfe said he sees an “attractive” risk/reward for Instacart. “We are upgrading CART stock to outperform peers with a $35 gain (~50% upside).” Piper Sandler upgrades Burlington to overweight from neutral and chooses the better target. Stocks like Target and Burlington are the “most viable” this year, the company said. “Within this group, we believe TGT, BURL and RVLV are the most viable over the next 12 months as all three have clear opportunities for gross margin expansion.” Barclays downgrades SolarEdge to underweight from equal weight In downgrading the stock, Barclays said it was “too early” for residential solar. “We believe the consensus estimates for both companies will need to be revised downwards, although we estimate the volume to be greater for SEDG, and believe ENPH is better positioned for the road to recovery from a top line, margin and market share perspective.” UBS Upgrades Visteon to Buy from Neutral UBS In its upgrade of the automaker, UBS said growth concerns have already been priced in. “We are upgrading VC to buy, and see medium-term concerns about slowing growth as more than just pricing.” Citi launched Spirit AeroSystems with Citi saying the company is a “turnaround story to show me.” “We are evaluating a purchase of SPR. We recommend building positions in the company given our positive view on: 1) the aviation cycle given the significant backlog at major OEMs (Original Equipment Manufacturers) as airlines seek more fuel-efficient aircraft; 2) improving Earnings visibility given the recent contract amendment with Boeing and the possibility of a similar amendment with Airbus.” Mizuho Names Amazon and DoorDash as Top Picks Mizuho said Amazon and DoorDash are his top ideas in 2024. “Our top picks in the US are AMZN and DASH.” Bank of America reiterates Netflix buy Bank of America raised its price target on the stock and said Netflix “has won the spike wars.” “We reiterate our Buy rating and raise our price target (PO) to $585 (from $525). Our buy order is based on 23 times our revised CY25E EBITDA forecast.” William Blair upgrades Nutanix to outperform the market. William Blair said he was bullish on the cloud software company. “In particular, a platform like Nutanix combines the simplicity and automation of a cloud operating model with the flexibility and cost efficiency of on-premises – which is particularly attractive for production workloads that are not always flexible.”