Here are the biggest calls on Thursday on Wall Street: Morgan Stanley reiterates Apple’s overweight Morgan Stanley says Wednesday’s Apple product event has met expectations and attention now turns to ” iPhone demand indicators”. “Today’s event was largely in line with expectations, although the later launch of the iPhone 14 Plus was a small surprise. Following the higher ASP (average selling price) update from the 14 Plus, revenue and Our 23rd year EPS is up ~1%.” Deutsche Bank, which upgraded Moderna to acquire Deutsche, says it sees “more options in the short term” for the biotech company. “…MRNA has been more outspoken with its acquisition program; plus there are more options in the short term on the infectious disease side (compared to the concentration of BNTX on the oncology side…) .” Read more about this call here. Pivotal upgrade Roku to keep from selling Pivotal upgrade stock mainly based on valuation. “We are upgrading our rating on ROKU from SELL to HOLD as the stock has reached what we consider a reasonable risk/reward balance and we will take profits on short positions. ” Citi opens a positive catalytic view on GlobalFoundries Citi said GlobalFoundries was the “most abbreviated name” in the semi-finals. “We’re launching the Catalyst Watch actively for 30 days on Buy-ranked Global Foundries as it looks to be the most shortened name in the semi-finals and we expect a positive update from the company at our conference today.” Stifel initiates Advanced Micro Devices when it buys Stifel says the chipmaker is doing well. “We are initiating coverage on Advanced Micro Devices, Inc. with a Buy rating and a target price of $122. AMD continues to execute well on its product roadmap helping to increase market share in the Client and Desktop market. owner.” Read more about this call here. Wells Fargo downgrades Marqeta to underweight to equivalent weight Wells said in downgrading the IT services management company that Federal Reserve Chairman Jerome Powell’s message was clearly negative for companies. fintech companies like Marqeta. “We expect the ‘pain’ that Mr. Powell and the Fed see as imperative to pushing inflation down to 2% – and then staying there – to negatively impact consumer and business spending growth.” in the future, thus hindering revenue and income generation in Fintech coverage.” Northland Upgrades Chegg to outperform Market Performance Northland said in upgrading the education company that it sees growth enrollment prospects improved. “We believe CHGG is poised to bounce back for the following reasons: Better summer school enrollment and management indicates this leads to better fall enrollment.” Bernstein initiated the Chipotle, Wendy’s and Yum Brands for performing better than Bernstein said when he founded several restaurant companies that they were “long-term winners”. “We favor companies that have recently improved margins demonstrating pricing power (e.g. DRI, CMG). … Growth focus on international markets, TAM ~$ 2T and growing at a faster rate YUM, MCD, WEN and QSR stand out for their ambitions, but we expect more turbulent roads for unproven concepts.” Jefferies downgraded GSK to retain the right to acquire Jefferies said in downgrading the pharmaceutical company formerly known as GlaxoSmithKline that there was too much uncertainty. “GSK shares reflect our ‘worst-case’ but this cannot be ruled out as unreasonable; therefore, given the degree of uncertainty that persists, it is perhaps best to until 2H23E we downgraded to Hold despite improving fundamentals.” Goldman Sachs Upgrades First Solar to Buy From Sell Goldman says solar stock is a key beneficiary of the Inflation Reduction Act. “We upgrade FSLR stock to Buy from Sell on: 1) substantially matched terms from an IRA – FSLR is the best loan shark in our coverage (i.e. FSLR is an instant beneficiary. most from production credits as well as benefit from matching IRA needs due to >80% US exposure).” Read more about this call here. Raymond James Upgrades Allegiant to outperform market performance Raymond James said when upgrading the discount airline that it perceived an attractive risk/reward. “Additionally, we believe Allegiant is likely to be better positioned to both withstand ULCC setbacks from regional airline industry dynamics, and to be able to take advantage of its service.” likely to be reduced (over time) in smaller markets.” Barclays reiterates Alphabet because overweight Barclays retains an overweight rating on the stock but said it “could drop in price before rallying again.” “Back, at 21x. EPS stock, GOOGL isn’t asking too much for the franchise’s high quality, but we think the numbers could drop before rebounding.” Cantor Fitzgerald started CrowdStrike as the overweight Cantor said when he founded the cybersecurity company that they saw “innovation and strong execution.” “We’re starting to cover CrowdStrike, an innovation and market share leader in Endpoint Detection and Response (EDR), with an Overweight rating and a 12-month $240 price target.” Morgan Stanley named Sarepta as an idea that spurred a catalyst Morgan Stanley said it was optimistic the company received FDA approval for a drug to treat muscular dystrophy. “We expect the SRPT to continue moving higher in the near term as the risk/reward in accepting applications remains attractive.” UBS reiterated Snap when it bought UBS said Snap’s stock is “well priced” at current levels. “We acknowledge ongoing macro uncertainty, but think growth could bottom out in July (see last week’s note here) and the story could improve in ’23, with potential estimate revision capacity is higher and extended many times.” Wolfe upgraded World Wrestling to outperform peer-to-peer operations. “As M&A speculation cools, OIBDA results ’23 fall to 13 times historical normal (attractive to next TV deal’, with buzz for new creative mode we like) Basic risk/reward and ‘free’ M&A call options.” Truist downgraded Freshpet to retain buy Truist said in downgrading Freshpet that it was concerned about guidance in the company’s second half of the year. The company continues to experience the growing pains that we have seen from many super-growth companies over the years. These pains have been exacerbated by demand. spike and supply chain challenges during the pandemic. What concerns us is the company’s updated EBITDA guidance for 2022 which calls for a 75% drop in 2H EBITDA in Q4. Stanley recalls Boeing for being overweight Morgan Stanley said Boeing was the main beneficiary of soaring demand for the plane. “Key takeaways from our analysis we are demand increasingly solid aircraft. The strength of demand for narrow-body aircraft is already reflected in our 737 MAX estimates.” Jefferies recalled GameStop as holding Jefferies said after reporting the company’s second-quarter earnings that the burning of money GameStop’s side is still “ongoing.” “Standard short call focused on improved portfolio, execution efficiency, renewed efforts to dominate costs, store investments, and profitability goals. ” Argus downgrades MGM to retain acquisition Argus said when downgrading MGM it sees a slowdown in hotel and casino growth. “We expect high costs and fierce competition will offset growth in the U.S. gaming industry and management’s ability to execute on its growth initiatives.”