Here are Wednesday’s greatest calls on Wall Street: Morgan Stanley resumes Advanced Micro Devices as obese Morgan Stanley resumed protection of the semiconductor firm after an extended interval of restriction and stated AMD’s valuation is “reasonable.” “While a digestion phase in PCs and consoles appears likely, and we are budgeting for some caution next year, we believe strength in server (with further market share gains) should allow the company to keep posting solid growth at a now reasonable valuation.” Read extra about this name right here. Monness, Crespi, Hardt reiterates Amazon as purchase Monness stated Amazon can be a key beneficiary of robots and synthetic intelligence sooner or later. “In our view, Amazon is uniquely positioned to exit this crisis as one of the biggest beneficiaries of accelerated digital transformation.” Morgan Stanley upgrades Cigna to obese from equal weight Morgan Stanley stated in its improve of the well being insurer that it might expertise a smaller-than-expected impression from a recession. “Since Cigna acquired Express Scripts (rebranded as Evernorth) in 2019, its multiple, already at industry lows, has contracted 1.1x turns on concerns over increased exposure to the commercial market, a subpar selling season out of the gate, and PBM (pharmacy benefit mgmt)-related headline risk.” BMO upgrades Kraft Heinz to outperform from market carry out BMO stated it sees a “compelling investment opportunity” within the meals firm. “We are upgrading KHC to Outperform with a $46 target price or 25% upside from current levels, as KHC’s strategic evolution, which continues to be overlooked by the market, creates a compelling investment opportunity.” Credit Suisse downgrades Dow to underperform from impartial Credit Suisse stated it is involved about chemical corporations similar to Dow overearning. “We remain concerned that U.S. basic chemical producers are overearning, just as there appears to be a consumer shift away from goods to services.” Read extra about this name right here. Loop initiates Taiwan Semiconductor as purchase Loop stated the chipmaker’s core enterprise stays “strong.” “Although a semiconductor inventory-driven cyclical peak could lead to a mid-cycle correction in the near term, we believe TSMC’s core business will remain strong through the cycle.” Read extra about this name right here. Morgan Stanley reiterates Apple as obese Morgan Stanley stated its survey checks present iPhone progress beginning to rebound in China. “We believe the measured lifting of Covid-related restrictions in China in recent weeks has aided Apple’ s Mac and iPad production.” Wells Fargo downgrades Scotts Miracle-Gro to equal weight from obese Wells stated in its downgrade of the garden seed firm that it sees a slower restoration than anticipated. “While SMG offers potential to own a recovery story which has been impacted by a host of headwinds in FY22, we don’t think this recovery takes shape until at least FY23 with the new lawn/garden season, and an eventual improvement in the Hawthorne (hydroponic business).” RBC downgrades PulteGroas much as sector carry out from outperform RBC downgraded the homebuilder as housing progress continues to gradual. “We downgrade PHM to Sector Perform from Outperform and lower our PT to $41 from $56, as we reduce both our estimates and PT multiple to better reflect the housing slowdown setting in and downside risks to demand/margins.” Cowen downgrades Burlington to market carry out from outperform Cowen stated in its downgrade of Burlington that inflation is accelerating and margin objectives are too “lofty.” “From a macro level, sector inventory levels and health of the low income consumer are deteriorating and legislation regarding imports from China could cause additional issues.” Cowen names Frontier a prime thought Cowen stated the cable firm is a “market maverick.” “The FYBR story is one of a market maverick with a superior product and pricing advantage entering a Cable-dominated landscape as market share gains should drive a far higher mix of Fiber BB EBITDA and subsequently, meaningful valuation upside.” Cowen downgrades Jack within the Box to market carry out from outperform Cowen stated it is involved about slowing same-store gross sales progress for the quick meals firm. “We are concerned about negative Jack SSS (same-store sales) revisions in 2H22 due to proprietary survey data that indicates lagging value perceptions vs. peers.” Seaport downgrades Nike to impartial from purchase Seaport stated sentiment round Nike’s inventory “isn’t great” with rising inflation and provide chain disruptions. “Downgrading from Buy to Neutral, as we don’t believe NKE ‘s relative multiple is justified by how the company sets up vs. the sector.” Bernstein downgrades Boston Beer to market carry out from outperform Bernstein stated in its downgrade of the inventory {that a} 2022 minimize in steerage could be very seemingly. “It’s never easy to downgrade a stock when it has fallen so far. We still think SAM is a rare gem, with a unique ability to focus on long-term brand building and a track record of four successful waves of innovation. Twisted Tea continues to go from strength to strength and has become the real growth driver for SAM. But Truly just hasn’t performed as we anticipated, and we think a cut to F22 guidance is highly likely.” Read extra about this name right here . JMP downgrades Airbnb to market carry out from market outperform JMP downgraded the inventory primarily on valuation. “Though we see ABNB as a dominant player, proliferating a category within travel, we believe the current valuation reflects its market position and see shares as fairly valued.”
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