Here are the biggest calls Monday on Wall Street: Bernstein upgrades Union Pacific and Norfolk Southern to outperform. Bernstein said it sees an attractive entry point for Union Pacific and Norfolk Southern shares. “We view the stock’s recent rally as less small cap/cap specific and more macro/price speculation driven, and with our conviction that the next shipping cycle will begin in 2024, we are more positive on the outlook. In today’s note, we upgrade UNP and NSC To superior performance.” UBS starts Enovis UBS also said the healthcare solutions company has an “attractive valuation.” “We have initiated coverage on ENOV shares with a Buy rating and a price target of $75.” UBS upgrades JB Hunt to buy from neutral UBS, and said the shipping and shipping company “provides strong leverage for the shipping cycle.” “Given the backdrop of JBHT stock reflecting expectations of freight cycle improvement, we believe it is important for JBHT to turn its truck and intermodal cycle turnover into strong EPS growth.” Northland downgraded Advanced Micro Devices to market perform from outperform. Northland downgraded the stock primarily based on valuation. “AMD shares are $6 higher than our 3/1/24 time frame and well above the upgrade we took from 5/7/23 before NVDA’s big quarter. We downgraded the rating to a ‘Good if we “We know” or “MP.” KeyBanc echoes Nvidia as overweight Key said it remains headed for an earnings rally in late February. “We expect NVDA to provide better results and better guidance.” BTIG upgrades SentinelOne to buy from neutral firm BTIG said its field checks on the cybersecurity firm look bullish. “In summary, there was a clear uptick in discussions around the endpoint security space across all contacts, and we came away feeling better about the market growth potential in 2024 compared to 2023. In this context, feedback on the S has been consistently positive.” Morgan Stanley Names Western Digital a Top Pick Morgan Stanley raised its price target on the stock to $73 per share from $52, and said it was a new top pick. “We are raising our estimate on WDC, making it our top choice – replacing NVDA, where we remain positive.” Oppenheimer downgrades Home Depot and Lowe’s to Outperform. Oppenheimer said in downgrading both stocks that he was waiting for a better entry point. “We assume a more cautious near-term stance on home improvement retail and lower ratings on Home Depot (HD) and Lowe’s (LOW) shares to Perform (from Outperform).” Bernstein reiterates Apple’s performance with market performance Bernstein said he expects “not great” earnings for Apple on February 1. “Longer term, we believe Apple’s revenue growth will likely decline to 4-5%. Our view is that the quality of Apple’s ecosystem and franchise justify the premium, and we see limited risk that near-term catalysts could lead to a significant downgrade.” “We are downgrading Lululemon to Hold (from Buy): The stock has had a great performance in 2023 (up 60%) and does not look The current assessment is compelling in the context of the impending moderation of growth, in our view. “stock due to concerns about disclosed accounting investigation.” On Sunday evening (1/21), ADM revealed an ongoing investigation into its nutrition sector accounting practices, the immediate placement of CFO Vikram Lothar on administrative leave, and guidance for 4Q23. Results fell short of its prior forecast and previous GSe/consensus.” Morgan Stanley upgraded International Flavors to Overweight from Equal Weight. Morgan Stanley upgraded the Fragrances & Flavors company and said it has an attractive valuation. “IFF to Overweight. We see upside risks to FY24/25 adjusted EPS negatives at a compelling valuation.” Benchmark launches Instacart as Benchmark said in its debut for the delivery company that it is “priced wrong.” “CART’s valuation underestimates forecasts for reduced FCF and TAM (total addressable market) despite our expectations of losing future digital grocery market share to competing middlemen and brick-and-mortar grocers.” William Blair downgrades Vita Coco to market perform from outperform William Blair said he was concerned about the beverage company’s rising costs. “First, we think “Vita Coco’s measured channel consumption growth may moderate over the coming months due to more challenging comparisons, despite strong and more moderate contributions from commercial initiatives.” Wolf upgrades American Airlines to outperform peers, Wolf said it has become bullish on American Airlines shares. “Along with our 2024 Airline Outlook report, we are upgrading our rating for AAL from peer to outperform as we selectively recommend increased exposure to airlines as domestic capacity growth slows,” Barclays reiterates NiSource as the weighty Barclays said Plus NiSource is a “premium gas/electric utility” play. “We initiated coverage on NiSource (NI) with an Overweight rating and $28.” Morgan Stanley reiterates Tesla Overweight Morgan Stanley cut its price target on Tesla stock to $345 per share from $380 and said it sees a “challenging year.” “We expect Tesla’s 2024 outlook to be cautious on scale and profitability. Goldman Sachs upgrades Stone to Buy from Neutral. Goldman said in its upgrade of the Brazilian payments company that it sees ‘new potential for banking and credit revenues.'” Stone is our preferred name within payments Brazilian, given its superior outlook for revenue and earnings growth, Bernstein upgrades ASML to outperform market. Bernstein said she is bullish on the company’s semi-finished stock. “ASML’s share price is up just 24% over the past 12 months, and we believe ASML’s relatively strong EPS growth for 2022-2025 makes it attractively priced, and on that basis we are upgrading to Outperform.” Evercore ISI reiterates Netflix as Evercore outperforms and said it stands by Netflix heading into earnings on Tuesday. “We view the Street’s Q4 revenue (11% YoY), operating margin (14%) and EPS ($2.21) estimates as reasonable.” JPMorgan Opens Positive Catalytic Watch on Xerox JPMorgan said it is optimistic about Xerox’s reorganization plan. “The announced 15% reduction in the global workforce at the beginning of the year combined with the business reorganization aims to accelerate the achievement of a cost reduction plan of $300 million over three years, including in our estimates targeting the vast majority of employees. A reduction of $300 million dollars in the first year of the plan itself.” Raymond James downgraded Comerica to market perform from outperform. Raymond James said the earnings outlook looks very challenging for Comerica. “We are downgrading CMA shares from outperform to market perform and lowering our 2024 EPS estimates to reflect their initial 2024 outlook.”