Here are Wednesday’s biggest calls on Wall Street: Wells Fargo downgrades Biogen to equal weight from overweight Wells said it sees too much uncertainty for Biogen . “Growth Could Be There but There Is Too Much Uncertainty.” RBC initiates First Solar as outperform RBC initiated several solar companies and said First Solar is its top pick. “We are initiating coverage on key equipment suppliers for the solar industry, First Solar (FSLR), Enphase Energy (ENPH), Shoals Technologies (SHLS), and SolarEdge Technologies (SEDG). Our top pick is FSLR as we see strong visibility for revenue and earnings growth, and free cash flow optionality over the next few years.” Stifel downgrades Pure Storage to hold from buy Stifel downgraded the data storage company on valuation. “We downgrade our rating on Pure Storage to Hold (from Buy), following a recent strong run.” Redburn Atlantic Equities reiterates Arm as neutral Redburn said the stock continues to be overvalued. “We like Arm’s expected 16% adj EBIT trajectory FY24E-28E and market position, but not the valuation.” Loop downgrades Ulta to hold from buy Loop downgraded the stock mainly on valuation. “We are downgrading Ulta Beauty to a Hold from a Buy rating while maintaining our $530 price target.” Morgan Stanley reiterates Tesla as overweight Morgan Stanley said it’s standing by the stock after attending a bull/bear lunch. “Despite the overall tone at the lunch, we remain OW, with TSLA offering over 80% upside from current levels, which we believe is compelling in proportion to the investment level within our US auto coverage.” UBS downgrades Waste Management to neutral from buy UBS said the trash company has a “lofty” valuation. “WM continues to provide resilient and predictable earnings. However, given the recent share price performance and elevated valuation multiples, we take a more cautious view on near-term share price upside.” Piper Sandler upgrades Citi to overweight from neutral Piper said it sees an attractive entry point for Citi shares. “Though the turnaround will likely have some bumps along the way, we like CEO Jane Fraser’s more targeted view of the company, we believe cost flexibility should support the overall outlook and the group’s recent pullback has created a more attractive entry point for the shares.” Citi reiterates Nvidia as buy Citi said its standing by its buy rating heading into earnings next week. ” Nvidia reports Jan-Q after the market close on 2/21. We model in-line Jan-Q sales and…
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