Listed below are the largest calls on Wall Avenue on Friday: TD Cowen downgrades Paychex to market carry out from outperform TD mentioned it sees too many macro challenges for the payroll firm. ” PAYX shares have held in YTD & outperformed ADP by 10%+, but we expect the stock to be challenged in the current backdrop given rising concerns on labor moderation and the impending reversal in interest rates.” Mizuho reiterates Coinbase as underperform Mizuho mentioned it is sticking with its underperform ranking on Coinbase shares. “With no long-term visibility, COIN trades on intra-quarter data points. The 4Q revenue beat should be well-known, but a negative surprise on take rates is unlikely priced in.” JMP reiterates Coinbase as market outperform JMP raised its value goal on the inventory to $200 from $107 and says it has Amazon-like potential. “On the stock, even after nearly a 4x in 2023, we believe Coinbase has the potential to become one of the few network winners in an industry we expect to grow exponentially from here.” Morgan Stanley resumes Ameriprise Monetary as equal weight Morgan Stanley resumed protection of the inventory with an equal weight ranking primarily on valuation. “We’re bullish on growth in wealth mgmt and see AMP’s transformation story as an attractive play in a $30tr US advice industry underpinning our 12% EPS CAGR.” Goldman Sachs reiterates Nike as purchase Goldman mentioned it is standing by its purchase ranking on the inventory after Nike’s earnings report on Thursday. “On the other hand, we believe today’s update provided ample fodder for bears, with slowing growth momentum as a result of a tougher macro pointing to a more promotional competitive marketplace, and the company now speaking more comprehensively to key franchise life cycle management which will weigh on sales momentum going forward.” Edward Jones upgrades Analog Units to purchase from maintain Edward Jones mentioned the corporate is “well positioned to benefit from growing automation revenue.” “We are upgrading shares of Analog Devices to a Buy from a Hold. We expect the company to benefit from a greater proliferation of automated and connected devices arcross a wide array of end markets, leading to more chips in each device.” Edward Jones initiates MSCI as purchase Edward Jones mentioned the monetary knowledge and software program firm has ” best-in-class revenue growth.” “In our view, MSCI’s has built a strong, sustainable competitive position within indexing that will continue to drive best-in-class revenue growth, profit margins and cash flows among financial-sector peers.” Financial institution of America reiterates Disney as purchase Financial institution of America mentioned it is bullish on Disney heading into 2024. “DIS has a collection of best-in-class premiere assets (in content/IP as well as Theme Parks). Near term catalysts include: 1) additional updates on strategic priorities for DIS, 2) continued robust theme park demand.” TD Cowen downgrades Nike to market carry out from outperform TD mentioned it sees too many “macro and competitive headwinds” after the corporate’s earnings report on Thursday. ” Nike needs improved marketing outside of basketball, streetwear and lifestyle trends. Innovation at the higher end of its assortment is not resonating at scale while the Nike faces disruption from smaller competitors in footwear and apparel.” UBS reiterates Nvidia as purchase UBS mentioned the inventory is likely one of the agency’s high picks in 2024. ” NVDA has become a battleground and likely remains so into 2024.” Jefferies names Amgen a high choose Jefferies mentioned the biopharma firm is nicely positioned for weight problems in 2024. “Our top large biotech pick is AMGN on the obesity setup in 2024.” Evercore ISI reiterates Amazon as outperform Evercore mentioned it is standing by its outperform ranking on the inventory. “Overall, we continue to see strong support for North America Retail margin expansion, as Amazon continues to clip away at fulfillment and shipping costs – driven by ongoing capacity utilization recovery and scaling up regionalized fulfillment & shipping operations.” HSBC initiates CVS as purchase HSBC mentioned CVS shares are underappreciated. “An attractive and undervalued moat; exposure to a sector with secular growth trends; stock trades at a steep discount to historical valuation.” Evercore ISI names Blackrock a high choose Evercore mentioned Blackrock is likely one of the agency’s greatest concepts heading into 2024. “It’s worth mentioning the inflow group started to outperform when markets took off in Nov, so maybe normalization has begun (quality names tend to do well first in a cycle). Our top picks are AB & BLK. ” Needham names Teledyne Applied sciences as a high choose Needham mentioned the economic know-how firm is a high thought for 2024. “In selecting TDY, we acknowledge the lackluster performance of the shares in 2023, despite TDY having beaten quarterly consensus EPS expectations throughout 2023 and building on a track record of topping EPS expectations that goes back over five years.” JPMorgan initiates Altair Engineering as chubby JPMorgan mentioned the software program and cloud firm has “best-in-class” free-cash circulation. “We are initiating coverage on Altair Engineering (ALTR) with an OW rating.” Needham names Amazon and Alphabet as high picks Needham mentioned Alphabet and Amazon are its high picks for 2024. ” GOOGL is our favorite name in Big Tech for 2024 because we expect auto, M & E (film & TV), and travel ad spending to rebound, plus political ad spending to add new dollars y/y. … .Enormous scale allows AMZN to have the lowest costs as an infrastructure partner, which gives it clear competitive advantages and enormous barriers to entry.” RBC reiterates Tesla as outperform RBC mentioned it is standing by Tesla heading into the corporate’s supply numbers in January. “We could see a very significant push in the final 2 weeks due to IRA pull-forward, creating uncertainty in our estimates. We expect Tesla to report deliveries during the first week of January.” Oppenheimer names Financial institution of America, Citi, Goldman Sachs and Morgan Stanley as high concepts Oppenheimer mentioned in a observe on Friday that it is bullish on the most important banks heading into 2024. “Although the group has had a sharp rally since the October 27 low, it trades at only a 53% relative P/E which we continue to see as attractive and continue to recommend BAC , C, GS, JEF, MS and USB.” Piper Sandler reiterates Goal as chubby Piper mentioned it is standing by its chubby ranking on the inventory after a gathering with firm administration. “We came away from our recent store walk with TGT CEO Brian Cornell and senior regional leadership that a focus on foundational best practices (in-stocks, store resets) will help drive near-term performance and position TGT for L-T growth.” Argus reiterates Netflix as purchase Argus raised its value goal on the inventory to $575 per share from $490 and says it is bullish heading into 2024. “While Netflix is experiencing a difficult period amid intense competition and economic uncertainty, it remains the ‘anchor tenant’ for consumers in video streaming, with an attractive slate of projects on track for upcoming release.”