Here are Monday’s biggest calls on Wall Street: UBS downgrades International Flavors to neutral from buy UBS said it sees a slowing recovery for the flavors company. “We now expect a slower recovery in IFF’s markets & less price/cost benefits vs. prior assumptions.” Barclays reiterates Apple as equal weight Barclays said the iPhone 15 cycle is “not a good cycle.” “We reiterate our EW on AAPL. We are in the camp that IP15 is not a good cycle on demand weakness and elongation of replacement cycles” Piper Sandler upgrades Health Catalyst to overweight from neutral Piper upgraded the data and analytics health care company after its earnings report. ” HCAT reported solid 3Q23 results, exceeding the midpoint of guidance across both revenues and adjusted EBITDA.” Stifel upgrades CrowdStrike to buy from hold Stifel said it sees a slew of positive catalysts ahead for the cybersecurity company. “Net/net, we believe CrowdStrike has a number of secular and company-specific drivers to sustain at least low-to-mid 20% growth and operating margin/FCF expansion in coming years.” KBW upgrades Axis Capital Holdings to outperform from market perform KBW said it’s getting bullish on the risk transfer company. “We upgrade AXS’s shares to Outperform from Market Perform and raise our 12-month target price to $66 from $59 following its 3Q23 earnings report and conference call.” Bernstein upgrades TripAdvisor to outperform from market perform Bernstein said in its upgrade of TripAdvisor that it sees cash generation. The firm raised its price target to $21.40 from $14.80. “Target price moves to $21 on revised estimates post Q3, announced buybacks and a small change to the valuation framework that gives more credit to ST [short term] margin/cash generation over growth.” Bernstein names Airbnb a top pick Bernstein said it sees a strong 2024 for the online travel company. ” Airbnb should have a strong 2024 – top line growth should accelerate as pricing tools and global efforts take hold and we expect to get the first announcements on ancillary revenues.” BTIG initiating Gitlab as buy BTIG said the development ops software company is well positioned. “In short, we think GTLB is well positioned to gain share with its platform offering in a rapidly growing ~$40B DevSecOps target market.” Raymond James upgrades Guardant Health to outperform from market perform Raymond James said investors should buy the dip in shares of the oncology health care company. “We are upgrading shares of Guardant Health to Outperform from Market Perform following a 22% decline since earnings last Monday.” Raymond James upgrades Natera to strong buy from outperform Raymond James said bear concerns have been “quashed” for the DNA testing company. “We are upgrading shares of Natera to Strong Buy from Outperform as 3Q results effectively quashed primary bear concerns leaving a stock we view as poised for major outperformance even after the 13% increase post print.” Citi upgrades Hewlett Packard to buy from neutral Citi said it sees “positive PC momentum.” “We upgrade HP to Buy from Neutral. Our Buy thesis is predicated on: 1) continued improvements in PC ecosystem with inventory digestion completed, with potential for AI on PCs to drive higher revenue growth in outer years; 2) significant cost-takeout which we believe is supportive of margins and earnings recovery ahead.” Jefferies initiates PepsiCo as buy Jefferies called PepsiCo a defensive stock. ” Pepsi is the most durable business in our coverage, and the most likely to grow earnings high-single digits or better in the next three years (likely better). Hefty investments over the last half decade are yielding results, and we expect returns to accelerate.” Jefferies initiates Procter & Gamble as buy Jefferies said in its initiation of the stock that it’s a top and bottom line growth leader. “Every one of our companies tries to activate the flywheel effect. Few get there. When they do, it’s powerful. When they are big, the flywheel endures. We think P & G will continue to drive peer-leading top and bottom-line growth over the next four years..” Jefferies initiates Constellation Brands as buy Jefferies said it sees a long runway for growth for the beer company. “A lot has changed, but not the stock price. Constellation has grown nicely and laid out a rational pathway to keep going.” Jefferies initiates Monster as buy Jefferies said called Monster a growth story. “Core energy is strong, the international opportunity is significant, and new growth vectors (Energy+, alcohol, water) are not yet fully appreciated.” Jefferies initiates Colgate-Palmolive as buy Jefferies said it sees a “reinvigorated” brand lineup for Colgate. “We see +16% upside in CL shares in the next 12 months, outpacing peers. Colgate has reinvigorated brands and retooled capabilities, reminding us of P & G in ’18-19.” Morgan Stanley initiates Mirum Pharmaceuticals as overweight Morgan Stanley said in its initiation of Mirum that it’s a “leader” in rare liver disease. “Leader in Rare Liver Disease with Multiple Catalysts Ahead; Initiate at Overweight.” Edward Jones upgrades Oracle to buy from hold Edward Jones said Oracle shares are discounting the company’s improved sales outlook. “While Oracle has historically traded at a discount to peers, we think shares do not adequately reflect our improved sales growth outlook.” Citi initiates Olin as buy Citi said it sees an attractive buying opportunity for the chemical company. “We think OLN is best positioned to capture incremental value in a upcycle given the company’s chlor-alkali market share, North America ECU [electro chemical unit] production cost advantage and long-term demand outstripping capacity additions. Citi reiterates Amazon and Meta as buy Citi said it’s bullish on the partnership between Amazon and Meta. “As we enter the all-important holiday shopping season—we believe Holiday eCommerce sales grow +LDD Y/Y—and as Social Commerce adoption grows, we believe this partnership can deliver incremental sales and we reiterate Buy ratings on top picks META & AMZN. ” Truist initiates Cintas as buy Truist initiated the uniform and cleaning company with a buy and says it sees margin upside. “We are initiating coverage of Cintas (CTAS) with a Buy rating and $625 PT. In our view, a return to normalized pricing increases and moderating input costs (labor, materials, fuel) could drive upside margin gains and FY26 consensus EPS 10%+ higher.” Citi reiterates Eli Lilly as buy Citi said it’s standing by its buy rating on the stock. “We see only upside for Lilly after this weekend’s long-awaited presentation of the SELECT data for Novo’s GLP-1 Wegovy.” Melius downgrades Southwest to sell from hold Melius said the airline’s strategy is not working. ” Southwest’s strategy to outgrow their issues is not working. What made Southwest arguably the most successful airline of all time is the simplicity of the model (all 737), a point-to-point network offering more non-stops in the US than the competition, network depth and breadth, and a relentless focus on customer service and productivity.”