Here are Friday’s biggest calls on Wall Street: KeyBanc reiterates Apple as overweight KeyBanc says Apple stock remains attractive. “We recommend owning AAPL. Our KFLD (KeyBanc First Look Data) shows Indexed Spend of +2.0% monthly in August, compared to an average of three Year-on-year is +1.0%. On the plus side, QTD data seems to be tracking +15% with a strong September boost due to further iPhone sales YoY,” Morgan Stanley reiterated. Tesla for being overweight Morgan Stanley says it sees a big boost to Tesla revenue from the Inflation Reduction Act. “We estimate. Tesla makes >3.1mm electric cars in the US by 2030. Assuming that a $10k per-unit IRA ‘gain’ could be worth >$30 billion to the company, a potential nearly 50% increase over our $65 billion automotive EBIT in FY30.” Jefferies downgraded International Paper to underperform from retaining Jefferies said in downgrading the paper company that a cardboard sale was “imminent.” “We’re also downgrading IP & PKG to Underperforming and slashing estimates for WRK, to reflect a massive inventory overcapacity in containerboards, with our inspection showing orders moving massive reductions and large-scale downtimes taken by smaller players.” MKM that initiated CrowdStrike when it bought MKM says the cybersecurity company is in a “league of its own.” “We believe CrowdStrike has one of the most comprehensive native cloud platforms in the industry.” Citi reiterated that Netflix’s acquisition of Citi raised its price target on Netflix to $305 per share from $275 and said the streaming giant is the best way to stream on-demand video. “We expect SVOD sentiment to improve and maintain our Buy ratings on both Netflix and Disney. But Netflix is our preferred way to express our bullish view on SVOD.” JPMorgan downgrades FedEx to neutral from JPMorgan downgrades FedEx following disappointing earnings report on Thursday. “What’s more worrisome is that the result could have a material tailwind from the fuel surcharge similar to the F4Q22, masking the fundamental weakness in the F1Q23 results and F2Q23 guidance; that’s a serious afterthought; considering Express may have lost money (e.g. fuel) during the quarter.” Read more about the call here. Morgan Stanley upgraded Alcoa to overweight from the same weight Morgan Stanley said it sees “deep value” in the mining company. “Despite strong balance sheets and cheap spot pricing – even, in some cases, lower commodity forecasts – we only selectively upgraded mining stocks, stocks where we see deep value and/or self-reliance story amid continued recovery/China uncertainty.” Needham started Snowflake when buying cloud that Snowflake has “massive scale”. “The company benefits from a Cloud Native Data Platform, which has (1) massive scale thanks to the latest Cloud innovations, (2) huge, growing opportunities in TAM CY26 that management estimated at $248 billion.” Read more about this call here. UBS reiterated Amazon when it bought UBS saying that Amazon stock remains attractive. “We’re happy with AMZN stock, especially in terms of retail growth/margin; AWS is less. Between Census data and a probable Prime Day 2, we’re positive. I’m pleased with the retail business, especially in North America.” Stifel initiated Canoo when it bought Stifel says it sees a positive risk/reward for the electric car startup. “We are encouraged by GOEV to focus on the most profitable automotive market segments, namely compact SUVs, pickup trucks and last-mile delivery.” Bank of America downgraded Adobe to neutral with its purchase of Bank of America said it began to have long-term concerns about the stock. “We’re moving into Adobe’s sideline, and our time is driven by getting a second set of survey data sets focused on Adobe’s Creative Cloud, not in the upcoming quarter. We have the a more balanced view of Adobe based on the results of our survey and channel Feedback.” Read more about this call here. Bank of America downgrades FedEx to neutral to buy Bank of America said when it downgraded FedEx that it saw a drop in transaction volume. “The company thinks it missed out on higher fixed costs as volumes fell (both Internationally and in the US), noting that macroeconomic trends deteriorated towards the end of the quarter and lagging costs reduced demand.” Deutsche Bank reiterated Tesla’s purchase Deutsche raised its Tesla price target to $400 per share from $375 and said the automaker is well positioned for 2023. “We are strengthening our yield estimates. 2023 gross profit for Tesla and raise price target to $400 (from $375), as we do an analysis of the big potential cost benefits from strong growth in Berlin and Texas and credits battery manufacturing in the United States under the Inflation Reduction Act, following our recent Berlin factory tour.” UBS that initiated Baidu when it bought UBS said when it founded the Chinese tech company that it noticed positive risk/reward. “We believe Baidu’s risk/reward looks appealing, as investors attribute little value to its new initiatives in the cloud and automotive sectors.”