These are Wall Street’s biggest calls on Thursday: Credit Suisse upgrades AECOM to better perform from neutral Credit Suisse says the company is a major beneficiary of infrastructure stimulus. “We are upgrading ACM to More Positive from Neutral. As a pure play in professional infrastructure services, we believe ACM will benefit from the secular headwinds associated with the stimulate infrastructure in the United States and globally.” UBS Reiterates Apple Should Buy UBS said it maintains a buy rating on the stock but is concerned about a drop in App Store revenue. “As is customary in January, Apple has provided year-end (linked) reviews of many of the company’s entertainment and services offerings. Although many of the updates cannot be extrapolated to financial metrics. , but we believe that Apple’s App Store disclosure provides vital service health information that we estimate comprises nearly 25% of the Service.” JPMorgan adds Caterpillar to focus list JPMorgan added the stock to its top picks and says it’s undervalued. “We are adding OW-rated CAT to the AFL as a short-term idea as we believe its exposure to end markets is favorable (~2/3 of revenue tied to mining) /O&G/no resistors) and the potential for increased margins are underestimated by investors.” Credit Suisse upgraded Boeing to neutral from underperforming Credit Suisse said in the process. upgraded Boeing that it sees “stronger aircraft delivery.” “We are upgrading BA to Neutral (from Inefficient) because important parts of our original thesis are no longer available. defendable due to the company’s improved operating performance.” Citi picks Microsoft as top pick for 2023 Citi says Microsoft is well-positioned for 2023. “Though the names grow by all means Pricing will be challenging, but we believe that companies that demonstrate good sales performance with a large market opportunity don’t require a moving profit. The stock market is one of the best.” RBC names Meta a top pick for 2023 RBC said it sees “many expansions” imminent for Meta stock. “META: Regain targeting/measurement mojo + ease Tiktok concerns = multi-party expansion with basic support.” RBC upgrades Wix.com to outperform industry performance RBC says web development company has pricing power “With WIX down 51% in ’22, we take our hats off, upgrading to Beyond” outperformed by $100 PT on the slightly bullish estimate, more appropriately reflecting the upside.” Barclays Reiterates Coinbase Has Equal Weight Barclays said Coinbase’s outlook looks too defiant “with no change in crypto asset prices.” “Exchange volumes, app download/usage data, and crypto asset prices continued to decline during the quarter, but exchange rate appreciation is seen as a significant factor; we are revising our revenue estimates. revenue, but this is offset by about $1 billion less than the opex in F23.” UBS downgrades Anheuser-Busch InBev for sale from neutral UBS said in downgrading the beverage giant that it sees a lack of positive catalysts. “Although, we have been encouraged by signs of improving performance in AB InBev’s key profit groups, the market may not fully appreciate the risk for 2023 (i) Contrary to other names in Beverages, the reopening in China may not fully make up for the weakness in the United States.” Read more about this call here. Morgan Stanley Upgrades Cleveland-Cliffs from Balanced to Overweight Morgan Stanley said during the mining company upgrade that it sees “strong” free cash flow. “Upgrading CLF to OW based on consistently higher annual fixed pricing contracts, which should lead to positive earnings adjustments and generate strong FCF despite falling spot steel price forecasts. Read More Read more about this call here. Deutsche Bank Upgrades American Tower to Buy from Hold Deutsche said during the cell tower company upgrade that it has a diversified portfolio.” Jefferies Upgrades Netflix to Buy from Stock Jefferies said during the stock upgrade that it sees the company’s ad-grade subscription service driving “outstanding performance” in a timely manner.” Netflix: Elevated Buy. video-on-demand) will be slow to start, but when it does kick in (in combination with password sharing changes) it drives the top line’s exceptional performance.” Read more about this call here. in downgrading Roku that the digital advertising market is slowing is not priced in stock.” Downgrade ROKU to underperforming because we do not believe the digital ad market is significantly slower This is reflected in the short-term consensus expectations, and the long-term trajectory of the business remains unclear.” Board seats can help share.” A surprising conclusion Peltz’s push — despite objections from the Disney board — is valuable and could help Disney’s stock. ” Pressured by cuts in consumer and business spending, BofA economists expect inflation to fall below 3% after 2023 and we think the consumer spending environment is favorable. Better returns and the prospect of lower interest rates could lead to multifaceted expansion in 2023.” Wolfe upgrading Halliburton to Wolfe said during the oilfield services company upgrade that it liked the stock’s valuation. in the Cinemark upgrade that they see a “favorable” risk/reward for the movie theater company. we believe the risk/reward is more favorable for a positive view of the stock.” Read more about the call here JPMorgan reiterates Exxon is overweight JPMorgan says the oil giant has a excellent mix of attack and defense. “We think XOM has a lot of potential for re-ranking from a diversified portfolio, improved execution, management portfolio management and return on investment. XOM’s portfolio continues to have a good mix of defense (a balanced portfolio of Upstream, Downstream and Chemical) and offense (torque to a demand recovery).” Barclays Calls Burlington a Top Pick for 2023 Barclays said the discount retailer’s stock is attractive. “We believe BURL will accelerate market share growth, particularly in the second half of 2023 and beyond. more.” Bernstein reiterated Tesla’s underperformer Bernstein said it sees too much of a demand challenge for the automaker. its recent price. … That said, we believe many investors underestimate the magnitude of the demand challenges Tesla is facing and that the 2023/24 numbers could be reset significantly. ” Bank of America reinstates Bank of New York Mellon when it buys Bank of America continues to insure Bank of New York Mellon and says it’s ‘cyclical’ with some ‘self-help leverage’. We believe that revenue growth prospects will be driven by market behavior, but we believe that corporate management focused on properly sizing the cost base and capital leverage will provide the ability to protect EPS.” New Street downgraded AT&T to neutral from buy New Street downgraded the stock primarily based on valuation 2022.” we double our priority on consolidated companies that can get more security budgets in a time of greater scrutiny, with strong belief in PANW l à Our Top Pick.”