Here are the biggest calls on Wednesday on Wall Street: Credit Suisse downgrades Nasdaq to neutral versus underperformer Credit Suisse downgrades global markets and major exchanges on valuation. “We believe Nasdaq’s revenue growth could come under pressure in the event of a recession due to having one of the lowest trading turnover ratios of its peers (25% vs. peers) and macroeconomic factors continue to influence the company’s technology and data growth trajectory.” Evercore ISI reiterated Airbnb is better than Evercore said after the company’s earnings report. on Tuesday that it was “one of the best fundamental stories (Growth & Profitability) in ‘Netland.” “ABNB reported relatively positive Q3 EPS results, with $15.6 billion in bookings, $2.89 billion in revenue, and $1.46 billion in EBITDA higher than ISI/Street from ISI/Street 1% to 5%.” Read more about this call here. Morgan Stanley echoed Advanced Micro Devices as Morgan Stanley admitted to saying after AMD’s earnings report Tuesday that “the 4q outlook is slightly worse than our expectations,” but that “the worst is in sight.” behind us.” “PC weakness continued into 4q weighing heavily on the numbers and the dust hasn’t completely cleared up yet, but modest data center growth in 4q should clear up; we like the stock for gains. of the server next year.” Bernstein started Canopy Growth because of underperformance that Bernstein said when he founded the cannabis company that it was overvalued. “But we found CGC to be significantly overvalued. Its cannabis portfolio has faced similar challenges as TLRY, but it has the lowest gross margin in the range. our vi.” Read more about this call here. Loop reiterates Apple when it bought Loop said it saw a disadvantage to Apple’s iPhone estimates. “We believe the continued opportunity to reduce estimates remains likely to have a macro impact on the iPhone through June 2023.” Bernstein reiterated Tesla for underperforming Bernstein said Tesla’s stock is still overvalued. The company also said it was cautious of Tesla’s ambitions to be fully self-driving. “While we see the risk-reward becoming increasingly favorable, we are concerned that Tesla may increasingly face a profit-for-growth trade-off as competition for electric vehicles intensifies. globally.” Stifel downgraded Bally’s to keep the right to buy Stifel said it found Bally’s stock lacked visibility. “While our revised model implies primarily inline print for Q3 and FY22 guidance, we see macro, forex, regulatory and evolving risks today. The upside is likely to weigh on estimates for the year and keep the stock range-bound in the near-term.” Evercore ISI Adds Block to Tactically Underperforming List Evercore ISI said ahead of Block’s earnings report Thursday that it sees seven reasons to sell stock including slowing growth. “For 2023 Gross Profit and Adjusted EBITDA, we expect persistent difficulties from increased Seller competition, slowing macroeconomic growth, primarily in the US, from increasing more prudent interest rates and credit disbursement through Afterpay.” Bank of America upgrades KKR to buy from neutral Bank of America says it sees an attractive entry point for the investment management firm. “This rating change signals: we continue to be more bullish on Alt stock (APO upgraded 9/22/22), especially against exchanges; see 49 dollar is an attractive entry point for KKR due to four factors.” Goldman Sachs reiterated that Exxon is a buy and Chevron is a hold. Goldman said it prefers Exxon stock over Chevron. “Despite outperforming Exxon compared to Chevron (+15% over the last 6 months), we still see 7% more total return for XOM than CVX from where it is a year back.” Needham reiterates Netflix on hold Needham said the streaming giant could see “negative revenue growth in the near term” due to their new ad-based product. “In fact, since the new ad-lite tier is 30% cheaper than NFLX’s current lowest priced $10/month tier in the US, even faster adoption by this tier could lead to increased negative revenue growth in the short term.” Bank of America downgraded Twilio underperformed compared to its acquisition Bank of America doubled the communications tools company due to increased competition. “Over the past few weeks, we’ve talked to some of Twilio’s key partners, where we asked about product differentiation, market position, macro environment, demand trends, and competition. The response suggests that: 1) competitive pressure on price may be increasing with TWLO prices at a premium; 2) the sales cycle of the corporate market is lengthening.” Read more about the call here. . Macquarie initiates Salesforce to perform better After switching coverage, Macquarie said Salesforce is poised to be a “winner.” “Salesforce is a more controversial topic that we believe due to concerns the company may struggle to meet its $26 billion revenue target for the fiscal year. However, we do. believes the company will be the winner and have the most comprehensive set of customer data available as that data becomes more difficult to access on public internet properties.” Bank of America reiterated Peloton in its purchase of Bank of America. said it was standing by shares of Peloton heading for earnings on Thursday. “We see value in the sub-platform due to low growth rates and the opportunity to improve margins, while we don’t think stocks with a path to sub-growth are bearish despite TAM big and the stock is in the lead.” CrowdStrike-initiated Macquarie outperformed Macquarie who said at the founding of the network that they are mining on all pillars and ready to gain market share. “We consider that the cyber insurance policy requirements are much more stringent, and the US Federal no-trust mandate is likely to intersect (with the US government potentially engaging in cyberinsurance). ). this. Bank of America recalled Carvana when it bought Bank of America said in a note on Wednesday that it stood with Carvana stock. “Despite recognizing the industry turbulence and liquidity concerns, we remain optimistic about the business model and market opportunity.” Bernstein reiterated that Amazon, Alphabet and Meta have outperformed Bernstein, who said they’re currently equaling shares of Amazon, Meta and Alphabet following their earnings reports last week. “It’s rare that we see Amazon, Google and Meta miss out on earnings so badly in the same quarter. The stock reaction after closing yesterday’s trading session was Meta (-27%), Amazon (- 14%) and Google (-14%) plummeted as investors sold these names to scale.”