Here are Monday’s biggest calls on Wall Street: BMO upgrading SL Green to outperform from market perform BMO said the real estate investment trust is “oversold.” “SLG is the third most-shorted US REIT (17.5% of float) as concerns intensify over office demand and bank exposure to commercial real estate – coupled with SLG’s high leverage and declining earnings.” UBS reiterates Apple as buy UBS said data shows iPhone growth is turning positive and comps are easing for Apple. “On a global basis, we estimate iPhone sell-through in February was down ~3% (18.1M) vs down 11% in January (20.9M) and ~18% in Dec-22 (22.6M).” Morgan Stanley initiates Sunnova as overweight Morgan Stanley said it sees 124% upside for the solar company. ” Sunnova (NOVA) is the third largest residential rooftop solar installer in the US, holding 8.5% of annual installations in 2022, behind RUN at 17% and SPWR at 9.5%.” Read more about this call here . Morgan Stanley downgrades First Solar to underweight from equal weight Morgan Stanley downgraded the stock mainly on valuation. “As a domestic, fully integrated solar panel manufacturer, FSLR is one of the biggest direct beneficiaries of the IRA, which we estimate is worth ~$83/shr for the company.” Bank of America adds Lowe’s to the US 1 list Bank of America added the home improvement giant to its top ideas list. “We are adding Lowe’s Cos Inc. (LOW). We are renewing Thomson Reuters Corp (TRI) following 52 weeks on the list. We remove Wex Inc. (WEX).” Bank of America names Netflix a top second-quarter pick Bank of America said it’s bullish on the streaming giant as the second quarter begins. “Supported by its world class brand, leading global subscriber base ( > 230mn ) and position as a leading innovator, we believe Netflix is poised to outperform driven by four main drivers: (1) a crackdown on password sharing, (2) the introduction of a value-oriented, ad-supported tier which expands TAM and monetization.” JPMorgan upgrades Macy’s to overweight from equal weight JPMorgan said it sees a favorable risk/reward outlook for Macy’s . “The key takeaway from our meetings was clear confidence in FY23’s top/ bottom-line plan and multi-year low-double-digit EBITDA margin profile with 5 ‘self-help’ growth vectors (private label, off-mall store expansion, digital marketplace, luxury brands, personalization) driving a return to low-single digit top-line growth and incremental EBITDA margin expansion YOY in FY24.” Read more about this call here….
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