Here’s the most important Wall Street calls for Wednesday: Barclays reiterates Coinbase is underweight Barclays says it’s unclear how Tuesday’s Grayscale bitcoin-ETF decision by the SEC will affect Coinbase. A US appeals court has overturned the SEC’s decision to reject Grayscale’s BTC spot ETF and sent it back for further consideration. Citi says FedEx is a top choice Citi stated that FedEx had “parcel price power.” FedEx is among our top Transports picks because of a favorable parcel pricing climate, along with tailwinds from diverted traffic due to UPS’ contract negotiations. Barclays initiated Fluence as overweight Barclays stated that the energy storage company had margin upside. We also expect FLNC Services to grow rapidly at attractive margins. However, they will not be as high as STEM Storage Software’s margins. HSBC buys Align HSBC bought the dental technology company and claims it is a leader in the market. “We prefer ALGN because of its faster growth, and increased exposure to the clear aligner market with double-digit growth.” You can read more about this report here. Morgan Stanley downgrades Centene from overweight to equal weight Morgan Stanley stated that they see lower earnings visibility in Centene. We see lower earnings into 2025+ AND we believe their valuation discount to be reasonable and see LIMITED opportunities for any material expansion of multiples in the near-term. TD Cowen reduces Ambarella’s rating to Market Perform from Outperform. TD reduced Ambarella’s rating after Tuesday’s earnings report. “Another hard expectations cut as customer inventory burning accelerates, leaving Ambarella with little visibility in near (and intermediate term).” Wells Fargo reiterates Spotify is a buy Wells stated that it was standing by its overweight rating on the shares of streaming company. As bulls, We like the setup of the Q3 print and Q4 margin guide. SPOT is not going to contradict its label partners’ statements about ‘new deals or changing royalties’. Citi confirms Apple as a buy Citi stated that it is bullish going into Apple’s iPhone announcement on September 12. We expect major hardware updates to iPhone 15 Series, including 3nm A17 chip for the Pro models and USB-C port transition, upgraded camera and increased memory. Bernstein downgrades Texas Instruments from outperform to market perform Bernstein stated that the earnings expectations were too high. “However street models still don’t appear to consider the consequences of TXN plans and gross margin expectations seem far too high to me.” You can read more about this decision here. Wells Fargo has downgraded Rockwell Automation from equal to underweight. Wells stated that the company’s sales growth is slowing. After reviewing the Industrial Automation Market Trends, we have lowered our rating for ROK from EW to UW. Wells Fargo confirms Netflix is overweight Wells stated that it stands by its overweight rating for the streaming giant. We like the setup for the Q3 print, as Street net additions of 8mm in 4Q23 may have upside if NFLX pushes more on interventions during a quarter which is typically its strongest seasonally for content drops. Morgan Stanley starts Atour with an overweight rating Morgan Stanley says the China hotel company has the best position. We initiate coverage of Atour, with an Overweight Rating and a Price Target of US$36. This implies > 80% upside potential. Melius says Nvidia is still a buy Melius stated in a Tuesday note that Nvidia’s shares are still affordable. “However we believe that Nvidia shares could resume momentum in CY-end due to “digestion”. Even valuation could be supportive. This call is detailed here. Bank of America confirms Alphabet is a buy. The bank raised its price target for Alphabet from $142 to $146 and said it was feeling more bullish about the stock following its Google Cloud Next conference. Cloud is a positive factor for the stock, and we maintain our Buy rating. We see this as a result of: (1) strong gen AI capabilities; (2) early customer traction (AI project up 150x over the last three month); (3) improving margins. Guggenheim reiterates Tesla’s sell rating Guggenheim stated that it will continue to maintain its sell rating because more price cuts are needed for Tesla. “Overall we think further price cuts will be needed in the near future. Additional price cuts may negatively impact investor confidence for FY24 numbers. Consensus models assume meaningful volume and price growth which is becoming increasingly unrealistic due to US, Europe, lack new models, and macro.” You can read more about this report here. Citi upgrades Sunrun from neutral to buy Citi stated in its upgrade of solar stock that headwinds have been priced in. We highlighted our preference for RUN over SPWR in the solar initiation. But volatility in the banking sector coupled with increasing interest rates resulted in the baby being thrown out with bathwater, despite RUN’s proven track records in raising capital in stressed market periods as well as price increases to offset interest rate increases. Evercore ISI initiates Gulfport Energy, Evercore says the nat-gas company has a good cash-return profile. GPOR is a focused natural gas levered E & P with operations in eastern Ohio Utica and Oklahoma SCOOP play in the Mid-Continent.