Here are the biggest calls on Wall Street Thursday: JMP downgrades Peloton JMP downgraded the stock largely based on valuation. “We are downgrading Peloton’s stock from ‘Market Outperform’ to ‘Market Underperform’ as Peloton hit our previous $16 price target, while leaving our 2024 estimates largely unchanged following 2024’s 23A earnings. ” Piper Sandler repeats Tesla as overweight Piper says it stands by the automaker’s stock after it releases its annual 10-K report. “Tesla [is] FSD (full self-management) begins to recognize revenue. … It’s taken a while, but TSLA is starting to record previously deferred software revenue.” Bank of America downgraded First Solar from buy to neutral Bank of America downgraded the stock, saying it valued “favorable catalysts.” “Decreasing Inflation Based on the benefit of the act, we downgrade First Solar to neutral after a +50% outperformance since August. FSLR’s US manufacturing is a clear winner for the IRA, with ~$8B+ in manufacturing tax credits.” Read more about the call here. Citi Upgrades FedEx to Buy Neutral Citi says FedEx will cost controls are starting to take effect. “We upgrade the stock to Buy from Neutral as we believe FedEx is showing signs of increasing cost controls following its missteps in 2022.” Read more about this call. Bank of America FedEx to Neutral Bank of America- upgrades to buy from. “We raise our rating on Fedex stock to $233 (from $204) to buy 13x (from 11.5x) in F2024e EPS, and lift our valuation above our historical trading range of 12x-19x. “Bank of America Meta- upgrades to purchase from neutral Bank of America. He said he sees “a lot of expansion” opportunities for the meta. “We have been cautious in the advertising environment through 2023 and transitioned to Reels on the Meta platform. and cap ad market, past costs that could derail EPS growth.” Read more about this call. Goldman Sachs reiterates Meta as Goldman said it likes Meta’s “balanced” approach after the company’s earnings report on Wednesday. “In its Q4’22 earnings report, Meta management presented a more balanced story than in the previous quarter.” Read more about this call. Oppenheimer Downgrades Match Oppenheimer, the dating app company, is now a “show me” story. “While MTCH offers an encouraging product roadmap and evidence of improved a la carte revenue, the stock is now ‘show me the story’ after losing a record number of paying subscribers, fueling concerns that US/European online dating is maturing. Mgmt. that dating is not recession-proof.” When Guggenheim bought Darden, Guggenheim said that the owner of brands such as Olive Garden will continue to buy shares. “We believe Darden is one of the best-managed restaurant companies with scale advantages that allow it to create value through M&A, outperform its full-service peers on pricing, and create back-of-house synergies.” Needham Upgrades Okta to Buy Without Waiting Needham said it sees growing growth in its upgrade of the identity access management software company. “We believe Okta has set conservative guidance, calling for only 16-17% Revenue growth for FY24.” Guggenheim echoes Tesla because Guggenheim said there were too many negative catalysts for Tesla. “We’re looking for a TSLA catalyst before the 3/1 investor day; the wait times will tell the demand story, in our view.” Bank of America reiterates Costco, Bank of America says the warehouse club giant has a “strong value proposition.” “We reaffirm our Buy and continue to view Costco as a well-positioned LT to: 1) share earnings given COST’s strong value proposition and pricing position, 2) potential store growth momentum given excess demand and strong traffic growth .” Bank of America is reiterating Nvidia as Bank of America said it is maintaining a buy rating ahead of the company’s earnings report later this month. “Reiterate Buy ahead of NVDA’s FQ4 earnings, though lower near-term expectations to reflect potential pause in cloud demand from US and China.”