Here are the biggest calls on Wednesday on Wall Street: Deutsche Bank downgrades McDonald’s to retain its purchase Deutsche downgraded the fast food giant following Tuesday’s earnings report, noting that The upside potential is limited. “Company-owned restaurant margins in the US are below consensus, while margins for the IOM (domestic market) segment are slightly higher; however, on call management only The current inflationary environment is likely to put the index under some pressure in both segments for this calendar year balance.” Read more about the call here. Loop downgraded Logitech to keep from buying Loop said when downgrading the computer peripherals company that a downturn was starting to happen. “The move to Hold from Buy during the downturn has made its mark at LOGI, impacting consumer-centric segments and forcing LOGI to lower its FY2023 (March) guidance after FQ1 (June Q).’ Raymond James Upgrades Carvana to Market Performance Against Underperforming Raymond James said things appear to be normalizing for Carvana. accelerated normalization – transitioning the old car landscape to the way things were before COVID.” Stanley recalled General Electric, noting that Morgan Stanley is getting more and more positive about GE. review, but ultimately we expect little change to the 2023 consensus and 12-18 month report to GE. The story remains driven by multi-year growth in the Aviation aftermarket and medium-term improvement in Healthcare growth and profitability as supply chains improve. “We see PHM stock less bullish going forward due to: (1) weaker demand for homes, which we believe could extend into the second half of FY22, (2) the relative underperformance of build-to-order (70% of PHM’s inventory) compared to . spec when buyers switch preferences to homes quickly. “Credit Suisse echoed Peloton as neutral Credit Suisse said it is seeing signs of a change in Peloton but investors need to be patient.” path to growth and focus on long-term customer value (LTV). Increasing digital-only users and device rental are strategies being evaluated, although each has challenges if scaled up. While these new models are being tested and restructuring efforts continue, we still expect the core business to drive results. In our view, F24 appears to be the earliest return to growth.” Cowen reiterated Uber outperforming Cowen said it saw “mobility-led growth in total bookings” as the company reported. earnings in early August.” guidance was driven by the continued recovery in Mobility.” Cowen reiterated Lyft was performing better than Cowen said it saw solid revenue growth when Lyft reported earnings in early August. We expect 2Q22 profits to be driven by substantial user growth while reflecting the bicycle/scooter (weather) improvement seq and continued return to use cases. use. “The benchmark upgrades that Schlumberger purchased from the Benchmark organization say they see an attractive risk/reward outlook for the oilfield services company.” The upgrade was driven by: (1) positive inflection points in international producer spending and operations; (2) expects SLB to hit its 25% EBITDA margin target one quarter early in Q3 of 23; and (3) the risk-reward that we see deviates almost 3:1 from the other way around. “Barclays reiterates Alphabet on being overweight Barclays says Alphabet stock still offers ‘best long-term risk/reward in the tech sector, in our view. “From print, we think the next few quarters could be tough for all digital advertising, but coming up with these print consensus numbers is likely to get close to the neighborhood and in level 11x 2023E EV/EBITDA, GOOGL still offers one of the long-term risk/reward in our view in the tech sector.” Read more about this call here. UBS reiterates Chipotle when it bought UBS said after the company’s solid earnings report that it believes in Chipotle’s resilience.” 3Q guide for both sss (same-store sales) and restaurant profit margins (RLM), confidence in pricing power and brand resilience are predicted and strong value positioning.” Morgan Stanley echoed Microsoft in acknowledging Morgan Stanley said Microsoft has “strong value proposition and solid secular positioning” following the company’s earnings report on Tuesday. “While the macro impacts were certainly evident in Q4, 35% YoY cc growth in Commercial bookings highlights Microsoft’s strong value proposition and solid secular positioning, while guidance Sustainability for double-digit operating income growth shows a steady hand at the helm.”