These are the biggest calls on Wall Street on Monday: JPMorgan reiterates Apple as overweight JPMorgan says it maintains its overweight rating on Apple stock but it is concerned about supply shortages. “However, we believe that the recent rapid delivery time extension on the iPhone 14 Pro/Pro Max is an indication that the supply shortage is likely to continue through the end of the year and affect the typical seasonal iPhone sales increase in Q1 2023.” Bank of America echoed Tesla when Bank of America slashed its target price on Tesla to $275 a share from $325 and said it sees sales struggling. “The chip crisis remains a major sore spot with comments suggesting it may ease slightly. However, we believe the industry may struggle to ramp up production in 2023 and a real recovery. event is an event from 2024 or later.” UBS upgrades Advanced Micro Devices to buy from neutral UBS says it sees key cycle indicators “turning around” for the chipmaker. “AMD is poised to recover in the near term not only from a fundamental perspective but also from a historical cycle point of view.” Read more about this call here Citi downgrades Bank of America to neutral from buying Citi says risk/reward outlook for Bank of America tilted to the downside. “We’re in a tough spot for bank stocks as the NII (net interest income) headwinds appear to have been fully accounted for and we see downside risk to the NII this year. 2023 is largely due to the catch-up of deposit revaluation and the outflow of non-interest-rate deposits outweighing the benefits of fixed-rate asset revaluation.” Read more about the call here. Baird upgrading Advanced Micro Devices to outperform neutral Baird said demand for the semiconductor company’s products remains strong.” chance of expected refresh cycles over the next two years from Intel Skylake-based servers, as strong demand for cloud services over the past three years has prevented some cloud OEMs from stopping work and do the architecture refresh.” Read more about the call here.Baird named GlobalFoundries top pick Baird named the semiconductor company top pick and said they noticed “slight slowdown, but no cyclical downturn.” “Geopolitical tensions in Taiwan make geographical diversification of wafer sourcing a must for numbers.” growing number of non-conforming semiconductor companies, a key trend that will continue to benefit GlobalFoundries.” Baird calls Snowflake a top choice Baird ch o know the uptrend in the company’s earnings report next week. “We continue to expect strong results from SNOW and it remains one of our top ideas, although valuation, while falling, remains high for the SaaS team.” JPMorgan downgraded Teva to underweight from neutral JPMorgan said it was concerned about slowing growth. “TEVA has made significant progress in addressing its debt and cost structure over the past few years, but we continue to struggle with the relative lack of growth in our portfolio over time.” Read more about this call here. Bank of America removes Amazon from the US1 list Bank of America removes Amazon from the company’s top picks list. “We’re removing Amazon.com from US Listing 1. AMZN still has a Buy rating.” Citi Adds Catalyst Clocks on Boeing Citi has opened a catalyst for stocks and said the 737 Max is “the most valuable program at Boeing, and China is one of the last countries that doesn’t use it.” use this aircraft.” We consider the 737MAX to be the program’s highest value family at Boeing, worth around $80 per share, and reintroducing it in China would significantly reduce the risk to the program. Bank of America downgraded Hasbro to less efficient when it bought Bank of America said in downgrading the toy company that it was concerned that Hasbro was overproducing its “Magic: The Gathering” cards. “We are downgrading Hasbro to Underperforming after conducting in-depth research into the company’s Magic: The Gathering business, which accounts for about 15% of Hasbro’s revenue and 35% of EBITDA. Cowen reiterates Coinbase outperforming Cowen says Coinbase is the beneficiary of the FTX bankruptcy.” An analysis of avg. daily spot trading volume shows that COIN and other regulatory compliant US CEXs were early market share beneficiaries from FTX’s bankruptcy.”