Here are Tuesday’s biggest calls on Wall Street: Atlantic Equities names Coca-Cola as a top 2023 pick Atlantic Equities said it sees “category momentum” for shares of the beverage giant. “Our preferred names remain Coca-Cola and Pepsi where we see category momentum, ongoing investment and strong execution supporting elevated growth.” Morgan Stanley upgrades Conagra to overweight from equal weight and downgrades Hostess to equal weight from overweight Morgan Stanley said Conagra should benefit from consumers eating at home. The firm also downgraded Hostess mainly on valuation. “Prefer snacking & better-for-you (BFY) names (MDLZ, BRBR, VITL), but leaning more positive on select center-store names; upgrade CAG to OW and moving to EW on SJM (upgrade) and TWNK (downgrade).” JPMorgan reiterates Apple as overweight JPMorgan cut its price target on Apple to $190 per share from $200 due to supply chain challenges concerns. “While the rapid extension of lead times for the iPhone 14 Pro / Pro Max has slowed down and in fact began to moderate in recent weeks, it still remains elevated relative to the lead times seen prior to the COVID outbreak in Zhengzhou as we continue to see the supply shortfall continuing through year-end and impacting the typical seasonal uptick in iPhone volumes seen in Dec-Q.” Read more about this call here. Evercore ISI reiterates Tesla as in line Evercore lowered its price target on shares of Tesla to $200 per share from $300 on concerns about demand. “While we continue to view TSLA as having a leading EV gross margin advantage from global scale, vertical integration, & US IRA benefits, it is impossible to ignore that investors are already well aware of these benefits but now must ALSO battle test demand assumptions for ’23-25.” Read more about this call here. JPMorgan names Amazon as a top 2023 pick JPMorgan said Amazon is the “most diversified mega-cap across revs/profit & has numerous large growth opportunities.” “Retail Acceleration, Increasing Cost Discipline, & Secular Cloud Growth Drive FCF Inflection in ’23.” Wells Fargo names Disney a top 2023 pick Wells said it’s bullish on Robert Iger returning to lead the company. “We think Bob Iger is returning to DIS to make big changes. Spinning ESPN/ABC is the best path forward and we see it as a reasonably probable late-’23 event. Splitting would leave remaining DIS as an attractive pureplay IP company.” Jefferies names Caterpillar and Deere top 2023 picks Jefferies named Caterpillar and…
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