Here are Monday’s biggest calls on Wall Street. Morgan Stanley reiterates Simon Property as overweight Morgan Stanley said the mall owner and real estate investment trust is a “long term winner.” “After a stronger than expected quarter where the company raised the dividend +16.7% YoY (+2.9% QoQ) and repurchased +$144mn of shares we have higher conviction in our thesis that cash flows will be more resilient than anticipated following the pull forward of store closures during COVID.” JPMorgan reiterates Apple as overweight JPMorgan said that iPhone lead times continue to be favorable for Apple. “Additionally, the most important product in the portfolio, iPhone, continues to have favorable lead times across geographies, though we will begin monitoring lead times more closely in the lead-up to and aftermath of Apple’s September 7 launch event. Deutsche Bank reiterates Tesla as buy Deutsche said after a visit to the company’s Berlin factory that it’s well positioned to be an “even more formidable competitor in the region.” “We came away with the sense that Tesla’ s new localized vehicle production in Europe could be a game-changer, making Tesla to an even more formidable competitor in the region, while likely boosting the company’s gross margins. Morgan Stanley reiterates Exxon as overweight Morgan Stanley said in a note that it prefers Exxon over Chevron due to cost and leverage to downstream. “In the US, we continue to prefer OW-rated XOM over EW-rated CVX due to greater leverage to downstream and cost cuts.” Piper Sandler names Illumina top pick Piper said it likes the biotech company’s pricing structure and that it has numerous levers to pull. “Illumina still has a dominant competitive position and is in control of its own pricing structure.” Read more about this call here. Baird reiterates Amazon as outperform Baird said it sees a return to double-digit growth for Amazon. “Obviously, there are a range of outcomes, but we think a return to double-digits could be a catalyst for ecommerce stocks, including AMZN , EBAY and PYPL.” Morgan Stanley reiterates Bed Bath & Beyond as underweight Morgan Stanley said the months ahead will be critical for shares of Bed Bath & Beyond. “Cash burn, vendor support and current trends under the spotlight. Critical months ahead and holiday has never been more important.” Read more about this call here. Morgan Stanley reiterates CrowdStrike as overweight Morgan Stanley said the cybersecurity company is a “durable market leader.” “We see multiple tailwinds such as Cloud adoption, large share gain and TAM expansion opportunities driving durable growth for market leaders like CRWD & S.” Telsey reiterates Costco as outperform Telsey said Costco is “executing well in a tough environment.” ” Costco’s August sales should benefit from 1) elevated fuel prices (albeit down sequentially each week since mid-July) resulting in members more frequently visiting Costco’s lower-than-market priced gas stations with many also shopping in the store.” KeyBanc downgrades Dow to underweight from sector weight KeyBanc said it sees downside risks in chemical stocks. “We expect 4Q22 margins and earnings to approach “trough” or “recession” levels, while we move to sub-normalized 2023 estimates. As a result, we move DOW, LYB, and WLK from Sector Weight to Underweight.” Read more about this call here. Citi resumes Frontier as buy Citi said it sees “attractive long-term growth” for Frontier Airlines shares. “Ongoing fuel price declines, further improvements in non-ticket revenue and clearer indications of easing US inflation screen as potential positive catalysts for the shares.” Wells Fargo reiterates Bank of America as a top pick Wells said Bank of America was its top pick as it has the “lowest loan losses.” “Our top pick remains OW-rated BAC ($34.03), the bank with the lowest loan losses in the Fed stress test, which also aids industry de-risking, along with recession proven banks (OW-rated) PNC.” Argus upgrades AstraZeneca to buy from hold Argus said in its upgrade of the pharmaceutical company that it’s bullish on several upcoming FDA approvals. ” AstraZeneca has received a range of new product approvals in recent months, including for multiple oncology drugs and a treatment for myasthenia gravis.