Here are Friday’s biggest calls on Wall Street. Bank of America downgrades SoFi Technologies to neutral from buy The downgrade follows SoFi’s recent rally. “While we agree that the expiration of the payment moratorium is positive, we now see the positive underlying aspects of the story as largely valued.” Read more about the challenge here. BTIG Launches Shift4 Payments on Purchase “We see FOUR as a resilient compounder that will maintain a best-in-class growth profile for years to come.” Jefferies launches LendingClub in buy Analyst John Hecht says LendingClub is a first mover in fintech with catalysts ahead. “We initiate coverage of LendingClub (LC) with a BUY rating and a PT of $13.50. LC is the first step into Fintech with a deep operating history, banking charter and technology-enabled lending platform.” Morgan Stanley moves to Nvidia from Advanced Micro Devices The Wall Street firm said Nvidia is the way to take advantage of the artificial intelligence boom. “NVDA has become our top pick, reflecting significant potential for near-term growth — as the only company likely to beat and grow with AI in CY23.” Read more about the challenge here. Bank of America raises Meta price target to $320, repeats buy Wall Street firm remains bullish on social media. “We continue to expect Meta to once again accelerate growth faster than other users in 2023, given lapping IDFA reports, increasing monetization of roles and messages, increasing adoption of Advantage+ products and advertiser preference for core platforms.” Jefferies Initiates Atlanticus Buy Coverage Analyst John Hecht said the stock is at an “attractive entry point.” “We initiate coverage on ATLC with a buy target and price of $50. ATLC has excellent growth prospects on multiple fronts, including premium universal and private credit cards, auto financing and healthcare.” UBS initiates purchase of Aritzia Analyst Mauricio Serna said that Aritzia is “an attractive growth story for Softlines.” “We think ATZ’s investment in differentiated store concepts, growing relevance among consumers, diversified product range and focus on in-store experience will lead to 3-4% comp sales growth. We think the market is too concerned about short-term margin pressures and does not appreciate the opportunity to re-leverage beyond CY23E. We forecast a 14% 5-year EPS CAGR and believe this will catalyze P/E expansion to 18x from the current 14x. Our C$51 price target is 39% above the current share price and we see nearly 3:1 up/down distortion.” UBS Upgrades AutoZone to Buy Neutral analyst Michael Lasser raised his price target to $2,900 from $2,800. He said the opportunity “seems to be misappreciated”. “We upgrade AZO from Neutral to Buy as we believe the current valuation has created an attractive buying opportunity. The multiple has been reduced in response to the perception that AZO’s commercial prospects have weakened and fears that the sector will experience more price competition. As AZO shows, that it can successfully navigate these risks, we believe its stock could rise.” Bank of America Upgrades West Pharmaceutical Services to Buy from Neutrals “In our accompanying note on GLP-1 (link here), we looked at the opportunity for companies which manufacture key components (seals, pistons, and reservoirs) for these injectable drugs. delivery devices, notably West Pharmaceutical Services (WST) and Stevanato Group (STVN). Overall, we see GLP-1 as a meaningful driver and are raising our estimates and orders for STVN (at $35) and WST (at $405). ) and upgrade WST to Buy from Neutral.” Bank of America moves Carvana to none from neutral The bank said it remains cautious on Carvana despite its improved outlook. “While the improved guidance is encouraging, we remain cautious due to the huge debt load ($6 billion+) the company faces. We note that the company would need to achieve approximately $150 million in EBITDA each quarter just to break even with interest payments.” We believe Carvana needs to take extraordinary action to prevent readily available cash from drying up by the end of 2023.” Wells Fargo Initiates Overweight MorphoSys AG The firm set a $17 price target on the stock. “Once in a while you can find deep value in SMID biotechs, and for that reason we like MOR. With an EV of ~$400M, a risk-free Ph3 subtracted for pelabresib in 4Q23, and ~$1B in cap sales potential – this is a compelling story for us.” Wells Fargo Initiates Neogen Corporation with Overweight and $22 Price Target Wells Fargo said it likes the company’s improving margins. “NEOG is a purebred food safety company serving discrete long-term growth markets throughout the food supply chain. We recommend Neogen a fresh acquisition with an undervalued story of self-help margins. Initiate OW, PT $22.” Wells Fargo Initiates Bio-Rad Laboratories Inc. with an overweight and $550 price target, Wells said Bio-Rad’s valuation is attractive at current levels. “We recommend Bio-Rad, given its attractive valuation, opportunity to close the operating margin gap compared to peers, and achievable long-term CAGR growth.” Piper Sandler Cuts SoFi Technologies to Neutral from Overweight Piper Sandler cited valuation as the main reason for the downgrade. “We are downgrading SOFI to Neutral from Overweight and revising our price target to $8 from $6.50. Our rating change is primarily due to valuation. SOFI is 107% higher year-to-date compared to consumer lending peers + 15% on average, and a basket of fintech stocks fell ~10% TD Cowen Downgraded Bausch Health Companies to Market Perform “BHC appears to be fairly valued primarily based on its ~90% stake in BLCO. Complete separation has a positive effect, but this is at risk. Xifaxan is critical to enabling the spin and to the value of BHC, but its LOE date may remain uncertain for several years. Debt challenges solvency and hinders the ability to prepare for this LOE. The existing pipeline is therefore critical but somewhat lacking. Price target at $12.” — CNBC’s Michael Bloom contributed to this report.