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Listed here are Wednesday’s greatest calls on Wall Road: Barclays downgrades Cisco to equal weight from obese and upgrades Arista to obese from equal weight Barclays mentioned in its downgrade of Cisco that it sees macro dangers. The agency additionally upgraded Arista and mentioned the pc networking firm has “resilient cloud demand.” “We’re upgrading ANET to OW from EW and downgrading CSCO to EW from OW. For ANET, we’re turning extra constructive with resilient cloud demand and campus upside with TAM enlargement. For CSCO, we’re much less optimistic on cloud and software program, and see macro and market share dangers.” Click on right here to learn extra about these calls. Morgan Stanley reiterates Microsoft as obese Morgan Stanley mentioned it sees a sexy danger/reward for shares of Microsoft after the corporate elevated its quarterly dividend on Tuesday. “Pre-market, Microsoft i ncreased its quarterly dividend by 6 cents or 10% to $0.68 per share. $2.72 annualized dividend yields 1.1%, up from 1.0% prior.” Deutsche Financial institution reiterates Nike as purchase Deutsche mentioned it is standing by shares of Nike heading into earnings subsequent week. “Whereas there are actually macro headwinds throughout the globe and questions round China’s restoration, we imagine NKE will proceed to point out power in 1) digital (throughout all areas); 2) North America DTC.” William Blair resumes RH as outperform William Blair resumed protection of the furnishings firm and mentioned it sees a long-term alternative regardless of some near-term headwinds. “Whereas RH benefited from broader shopper traits over the prior two years, we imagine the corporate stays properly positioned for long-term top-line development and margin enlargement, regardless of some near-term headwinds.” Morgan Stanley names FREYR Battery a high decide Morgan Stanley named the battery firm a high decide and mentioned it is a key beneficiary of the Inflation Discount Act. “On the again of key milestones (binding offtake agreements, gear orders, funding identification) and passage of the IRA, we replace our FREY mannequin and enhance our PT to $26 and Bull Case to $60, transferring FREY to our Prime Choose.” Canaccord downgrades Sew Repair to impartial from purchase Canaccord downgraded the web private styling service after the corporate’s disappointing earnings report. ” Sew Repair reported smooth 4Q22 outcomes, with energetic purchasers, income, and adj. EBITDA all coming in under consensus as demand was impacted by the difficult macroeconomic atmosphere and decrease retail spend.” Goldman Sachs upgrades Estee Lauder to purchase from impartial Goldman mentioned in its improve of the inventory that traders should purchase the weak point. “We improve shares of EL to Purchase, from Impartial, following the latest pullback within the inventory. Uncertainty across the period of China’s zero-Covid coverage and the related impression on EL’s enterprise stays excessive, however this now seems adequately reflected within the inventory following its de-rating.” Learn extra about this name right here. Jefferies initiates Trupanion as purchase Jefferies mentioned pet insurance coverage firm is properly positioned for extra beneficial properties going ahead. “We anticipate insurance coverage to play a key function in a extra strong & humanized pet well being business and imagine TRUP is well-positioned for the multi-year pet well being theme.” Mizuho downgrades Micron and Western Digital to impartial from purchase Mizuho mentioned in its downgrade of Micron and Western Digital that it sees “steepening value declines.” “We’re downgrading MU and WDC , as our latest checks present steepening value declines into DecQ and 1H23. Additionally, key information heart/server markets are beginning to present weak point, with softening demand in China/Europe and slowing CPU/ GPU ramps.” Learn extra about this name right here. Deutsche Financial institution reiterates Costco as purchase Deutsche mentioned it sees upside potential heading into earnings on Thursday. ” COST is without doubt one of the most constant operators in our group, and its regular visitors beneficial properties and excessive membership renewal charges function key differentiators in an more and more unsure backdrop. We see upside potential for 4Q outcomes vs. consensus; we’re elevating our 4Q EPS forecast to $4.20 from $4.15 and vs. Road $4.14.” Piper Sandler reiterates Past Meat as underweight Piper mentioned it sees an excessive amount of turmoil at Past Meat and is giving up on a nationwide launch at McDonald’s. “Rising turmoil at BYND might result in a CEO change, which doubtless would elevate the inventory, although we nonetheless anticipate additional draw back near-term, and plenty of basic challenges stay that aren’t rapidly mounted.” Citi opens a 30 day constructive catalyst watch on Jabil Citi mentioned shares of the tech manufacturing options firm are “attractively valued.” “We’re opening a constructive 30-day catalyst look ahead to Jabil (JBL) as we view the upcoming non-deal highway present as a constructive for traders to reengage with the corporate after the lengthy COVID lack of in-person conferences, and we imagine the corporate will information robust for the upcoming 1Q FY2023 and full yr FY2023.” Financial institution of America provides PayPal to the US1 record Financial institution of America added the cost firm to the agency’s record of high concepts. “We’re including PayPal Holdings Inc. (PYPL) to and eradicating Visa Inc. (V) from the US 1 record. V stays Purchase-rated.” JPMorgan reiterates Nvidia as obese JPMorgan mentioned Nvidia is “well-positioned to proceed to learn from main secular traits in AI, excessive efficiency computing, gaming, and autonomous autos.” “Backside line: NVIDIA continues to be 1-2 steps forward of its opponents from silicon/techniques, software program, and ecosystem adoption. We reiterate on our OW score on NVDA.” Financial institution of America reiterates Apple as purchase Financial institution of America mentioned its survey checks on Apple present that provider promos are driving extra customers to improve iPhones. “Reiterate Purchase on product cycles, long-term development in Providers, sticky ecosystem, additional alternatives to monetize the put in base, and powerful capital returns.” SMBC Nikko downgrades Block to impartial from purchase The agency mentioned in its downgrade of the corporate previously referred to as Sq. that it sees “too many crosscurrents.” “Whereas we proceed to imagine SQ is without doubt one of the highest high quality long-term names in our protection, we’re downgrading the inventory to Impartial on (1) hard-to quantify, however materials crypto publicity, (2) an absence of medium-term visibility.” Cowen reiterates Chipotle as outperform Cowen raised its value goal on the inventory to $1,950 per share from $1,850 and mentioned it is getting more and more assured within the shares. “We spotlight strengthening worth perceptions inside proprietary survey information that helps CMG’s elevated 2H22 pricing ranges & future pricing energy. Long run, we now have elevated confidence in focused 27% restaurant margins at $3 million gross sales volumes that we mannequin in 2024 vs 26.0% Consensus Metrix.”
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