Here are Monday’s biggest calls on Wall Street: Bernstein upgrades Freeport-McMoRan to outperform market. Bernstein said it sees several positive catalysts ahead for the metals and mining company in 2024. “We like Freeport-McMoran but we saw it as a good value in 2023.” Bernstein downgraded Southwest Airlines to underperform. In downgrading the airline, Bernstein said its model was under pressure. “We are downgrading LUV to Underperform. The discount airline model is at a disadvantage in the new world of airline marketing, and the company faces secular and private cost pressures that will keep earnings power well below pre-pandemic levels in the near term.” Goldman Sachs is upgrading Tuya to buy from neutral Goldman, and said it sees “improved revenue visibility” for the Internet of Things software platform. “We upgraded Tuya, the world’s largest IoT PaaS platform by number of smart devices powered, to Buy (from Neutral) and raised our 12M forward price target to $2.75, Evercore ISI confirms Apple outperforms Evercore ISI said it was time to “buy the dip” in Apple shares. “While we understand some of these concerns, we believe the recent multiple squeeze is overdone and expect AAPL to report results that beat expectations.” Standing by the stock in 2024. “We’re highlighting Coinbase as our top pick for 2024 and adding it to our Needham condemnation list. We’ve been impressed by the product growth at COIN: derivatives launches, international expansion, and core chain launches.” “We upgrade BLNK to buy and offer a target price.” $7. Shares of BLNK and other EVSE (electric vehicle supply equipment) stocks have weakened as EV adoption sentiment worsens and TSLA’s charging shadow grows, but we expect BLNK to benefit from a multi-year interruption in EV penetration and EVSE growth creating a tailwind to charger growth,” JPMorgan said. Upgrading Dell to Overweight from Neutral, JPMorgan said the stock is a beneficiary of artificial intelligence. “Upgrade Dell (DELL) to Overweight from Leverage Neutral to AI-Driven Algorithmic Investment Cycle.” “It’s bullish for the stock heading into 2024. “We upgrade TOL to outperform and set a $118 price target.” Melius upgraded FedEx to buy from hold and Melius said he’s turning more positive on the stock. “We’re turning more positive on FedEx as the company’s cost-cutting plan begins to become clearer.” “Our distinct preference also extends to AAL, where we are keeping our PT unchanged at $20 but a 50%+ increase on the stock price is enough to get excited especially with the upcoming Investor Day which It serves as a catalyst to frame the narrative that the story provided has been missing until now.” Morgan Stanley started Deere as Overweight Deere Morgan Stanley said it believed the stock could withstand an economic downturn. “Given an uncertain environment, we are Overweight Deere (DE), which We believe it can expand its leadership position in key areas of secular growth, such as precision agriculture, despite the decline in the equipment market.” Wells Fargo launches Couchbase as overweight Wells says software company is a ‘cheaper’ way to play artificial intelligence “Couchbase is essentially ‘MongoDB for the poor’ and is a cheaper way to play in the AI market.” Deutsche Bank Adds Catalytic Buy on Oshkosh Deutsche said it has become more bullish on the agricultural company. “As we approach OSK’s 4Q23 earnings release, we believe the company can report EPS 4% higher than expected, but more importantly, we view our 2024 EPS guidance range of $10-$11 as very likely.” , which represents a significant rise to the current consensus of $10.28, even in the middle of the range.” Jefferies upgrades Chevron to Buy from Hold. Jefferies said in its upgrade on the stock that it sees “improved execution.” “Upgrade to Buy. CVX lagged its US peers in 2023, but we see it well positioned to reverse that performance in 2024.” Barclays upgrades CBOE and InterContinental Exchange to overweight from equal weight Barclays upgraded several exchanges on Monday and said “constructive equity markets could be supportive from an overall trading perspective.” “We believe F24 could be less volatile, given the fairly broad consensus on the direction of the Fed and US inflation, although constructive equity markets could be supportive from an overall trading perspective. Against this backdrop, we downgrade CME and MKTX to equal weight, and ICE and CBOE upgraded to overweight.” Baird downgraded Wells Fargo to neutral from outperform, and Baird said she sees a more balanced risk/reward for the banking giant. “WFC has done reasonably well in weathering these disruptions, as the deposit cap has essentially forced the company to shed non-operating deposits reducing the company’s overall credit risk in the process.” Wells Fargo upgrades Enphase to overweight from equal weight. It’s a top pick in 2024, Wells said in his promotion of the solar company. “We expect solar to rebound in 2024 driven by Fed easing, higher battery delivery rates, IRA clarity, and flat utility-scale demand growth. We’re in favor of solar.” “On residential utility scale on solar due to greater sensitivity to rates. Top picks: RUN and ENPH.” Mizuho upgrades GitLab to buy from hold, and Mizuho said its scans show customers are warming up to the software company. “To this end, nearly 30% of GTLB customers surveyed in our survey indicated that they are currently considering upgrading to a higher level.” JPMorgan rates Microsoft a top pick, and JPMorgan said the stock is a top idea for growth in 2024. “We see potential for MSFT to experience moderate cloud optimization activity, supporting Azure growth, while also planting the seeds of long-term success across security, Teams, Power Apps and now OpenAI investments /ChatGPT forward-looking.” Jefferies upgrades DoorDash to buy from hold, and Jefferies said the stock is now a top pick. “In addition, our analysis shows that the core US restaurant delivery business alone is worth more than DASH’s overall valuation, implying that the market is attributing zero value to the international/new segments. We upgrade DASH to Buy, raising our CPA to 130 $, and bump it up to our top pick.” Jefferies reiterated Amazon’s assertion as Jefferies said he believes Amazon will launch an AI offensive in 2024. “ AMZN is the best-performing Mega-Cap stock in FY24 as stocks benefit during ‘harvest mode.’ AMZN launches all-out AI catch-up offensive. ” Bank of America upgraded Equifax to buy from underperform Bank of America upgraded the stock to double as the mortgage market is “poised to recover.” “We are upgrading EFX to Buy from Underperform and raising our buy order from $164 to $300, implying a potential upside of 28%. After several head shakes, we believe the mortgage market is finally poised to recover amid Fed rate cuts. ” Goldman Sachs upgrades MetLife to buy from neutral Goldman. Goldman said it has become more positive about the insurance giant’s shares. “With this in mind, we are more bullish on Metlife (upgrade to buy rating).” Mizuho downgrades Okta to Neutral from Buy Mizuho said in downgrading the stock that it sees too much competition. “At the same time, OKTA continues to face increasing competitive pressure from MSFT, its implementation has been spotty, and its recent security incident adds to the uncertainty.” Melius upgrades Advanced Micro Devices and Arista to buy from hold. Melius said in her stock upgrade that she sees a “huge ladder of AI equipment.” “Both Arista and AMD could have huge ramp-ups for AI hardware later in 2024 and especially in 2025 – and we see a lot of consensus on that.” Morgan Stanley reiterates Home Depot and Lowes as overweight Morgan Stanley said it was sticking with its overweight ratings on the stocks in 2024. “Raised HD PT to $375 (from $335) and LOW PT to $240 (from $230). HD and LOW and raise our price targets as our Trend Demand model forecasts above consensus formulations for ’24. Susquehanna upgrades Old Dominion to Positive from Neutral which Susquehanna said in its upgrade to shipping inventory is “High Quality.” “We upgraded ODFL to positive, as recent selling has brought shares closer to October lows than December highs, providing the long-term entry point we’ve been waiting for in one of the high-quality companies in transportation.” New Street reiterates Nvidia New Street names Nvidia a top pick for 2024 and says the upside is “significant.” “The $400 billion TAM project for AI data center chips that AMD rolled out last month may ultimately prove a mistake, but it should be seriously considered. It is a possibility, and the direction of travel at the moment. … Even if the 400 scenario comes true.” Partially $1 billion, Nvidia’s upside is significant.”