Here are the most important calls on Wall Street on Wednesday: Evercore ISI adds Cisco to the list of tactical outperformers Evercore says the company is well positioned to generate profits next week. “We believe CSCO is well positioned to report October-quarter results which are likely slightly ahead of street expectations and provide a January-quarter and FY23 guidance which should bracket expectations. street currents.” JPMorgan downgrades Porch Group from overweight to neutral JPMorgan says the housing market is weighing on shares of the online home improvement company. “Porch Group’s results fell short of consensus estimates for revenue and adjusted EBITDA and management lowered its outlook for 2022.” Barclays launches Logitech overweight Barclays said during its launch of the tech company that it was undervalued. “We’re kicking off LOGI coverage at OW and seeing him as the most underrated player in the space, with easier comparisons and a game-led replacement cycle on the horizon.” Learn more about this call here. Raymond James downgrades RealReal to market performance from outperformance Raymond James said in its downgrade of the online and brick-and-mortar retail company that it had “limited visibility”. “With the environment increasingly challenging, REAL is implementing changes to its consignment model to create a stronger foundation as it works toward breakeven profitability.” SocGen downgrades AbbVie to retain purchase SocGen said in its downgrade of the biopharmaceutical company that it expects weaker revenue growth. “We are reducing our non-GAAP EPS guidance for 2022-32 by up to 11%, given the more challenging conditions facing AbbVie’s blood cancer and aesthetic (Botox) franchises. .” Bernstein Reiterates Apple as Market Performance Bernstein says Apple’s consensus estimates are “too high”. “On the net, we rate the risk-reward ratio on Apple as neutral to slightly negative. After two good years, we don’t expect Apple to grow revenue in FY23, the strength of iPhone 14 remains a wildcard and consensus estimates seem too high.” Evercore ISI upgrades Kroger to outperform online Evercore said in its stock upgrade that it sees “high potential for teens.” “We are moving KR from In Line to Outperform, and raising our base case to $56 (13.5x CY23) for a high teen upside.” Bank of America downgrades Tyson Foods for underperforming neutral Bank of America said in its Tyson downgrade that it expects beef trends to worsen. “Beef packers’ margins in FY23 are expected to come under significant pressure from FY20-22 as lower livestock availability due to drought pushes livestock prices higher, while wholesale beef prices have normalized and the consumer’s wallet remains under pressure.” Learn more about this call here. Bank of America downgrades Dominion for underperforming over buy Bank of America said in its dual downgrade of the energy company that it expects a “deeper than expected EPS reset.” “We are downgrading Dominion to Underperform from Buy despite the relative underperformance of more than 10% year-to-date, as we expect another deeper-than-expected BPA reset to come from the latest business review. .” JPMorgan downgrades International Flavors to neutral due to overweight JPMorgan said in its downgrade of the chemicals company that it expects sales to weaken. “One argument in favor of owning IFF at this point is that the stock has underperformed by such a large percentage year-to-date and over the past year that exiting would be tantamount to staying at most. down.” Wedbush Reiterates Tesla Outperforming Wedbush says it is concerned that company founder Elon Musk is selling shares of Tesla. “For Musk, who repeatedly over the past year has said he’s ‘done selling Tesla stock,’ loses even more credibility with investors and his followers in a screaming boy moment to the wolf. Musk is the most important part of Tesla’s history by a wide margin and every move he makes has a major impact on Tesla stock.” Credit Suisse reiterates AMC’s underperformance Credit Suisse maintained its underperforming rating on the stock after its earnings report on Tuesday and says box office receipts continue to hurt AMC. “For AMC’s profitability to improve enough to bring debt leverage down to a reasonable level for most equity investors, it would take a box office rebound in 2023 well beyond what we expect. .” Morgan Stanley Reiterates Disney Outperforming Morgan Stanley says it is standing close to Disney shares after the company’s disappointing earnings report on Tuesday. “The FY23 guidance was lower than expected. This was primarily due to pressure on legacy TV network margins, with lower F4Q Parks & Streaming results also contributing. Read more about this call , click here Barclays reiterates Robinhood as an underweight Robinhood by FTX is now irrelevant after Binance agreed to acquire FTX on Tuesday. but escalating internationally; 2) a potential acquisition of Robinhood by FTX is probably irrelevant.”
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