Here’s the biggest call on Wall Street: Credit Suisse upgrades AECOM to outperform from neutral Credit Suisse says the company is a key beneficiary of the infrastructure stimulus. “We are upgrading ACM to Outperform from Neutral. As a pure play in professional infrastructure services, we believe ACM stands to benefit from the secular tailwinds connected to the infrastructure stimulus in the US and globally.” UBS reiterates Apple as a buy UBS says it sticks with a buy rating on the stock but worries about App Store revenue declined. “As is customary in January, Apple provides a year-end review (link) of many entertainment offers and company Services. While many updates cannot be extrapolated to financial metrics, we believe that the disclosure of Apple’s App Store provides readers with the health of important offers that we think include almost 25% of Services. JPMorgan adds Caterpillar to focus list JPMorgan adds the stock to its top picks list and says it is undervalued. ~ 2/3rd of revenues related to non-receipts / O & G / mining) and the potential upside margin is less appreciated by investors.” Credit Suisse upgrades Boeing to neutral from underperformer Credit Suisse said in the upgrade of Boeing that sees ” aircraft delivery is strong.” “We upgraded BA to Neutral (from Underperform) due to some an important part of our original thesis can no longer be defended due to the better operational performance of the company.” Citi named Microsoft as the top 2023 option Citi said Microsoft is well positioned for 2023. “When the challenge will win for growth-at-all-costs name, we believe that companies that show good sales efficiency with large market opportunities that do not require evangelical sales movements are included in the best position.” RBC names Meta as top pick in 2023 RBC says it sees “multiple expansions” on the horizon for Meta stock. ” META : Bring back targeting/measurement mojo + reduce Tiktok concerns = some expansion along with basic support.” RBC upgrades Wix.com to outperform sector performance RBC says web development company has pricing power “With WIX down 51% in ’22, we’re throwing our hat back in the ring, upgrading to Outperform with a $100 PT on slightly elevated estimates, more accurately reflects the price increase.” Barclays reiterates Coinbase as an equal weight Barclays said the prospects for Coinbase look very challenging “there is no turnaround in the prices of crypto assets.” “Exchange volumes, data downloads/app usage, and crypto asset prices continued to decline in the quarter, but rising rates will be a material tailwind; we revised our revenue estimates, but this was offset by ~$1B lower opex in F23. ” UBS downgrade Anheuser-Busch InBev to sell from neutral UBS said in the downgrade of the beverage giant that saw a lack of positive catalysts. “While, we have been encouraged by signs to increase execution in the main profit pool of AB InBev, the market may not fully appreciate the risk for 2023 (i) Unlike other names in Beverages, the reopening in China may not fully compensate weakness in the US.” Read more about this phone here. Morgan Stanley upgraded Cleveland-Cliffs to weight from equal weight Morgan Stanley said in the upgrade of the mining company that sees “steady” free cash flow. “Upgrading CLF to OW on the back of higher annual fixed price contracts, which should lead to positive earnings revisions and strong FCF generation despite a forecast for falling spot steel prices. Read more about this call here. Deutsche Bank upgrades American Towers to buy from being held. Deutsche said in an upgrade of mobile tower companies that have a diverse portfolio. year, especially when US 5G wireless capex starts to moderate.” Jefferies upgrades Netflix to buy from hold Jefferies said in a stock upgrade that saw the company’s ad-level subscription service driving “outperformance above” over time. “Netflix: Raising to Buy. AVOD (video advertising on demand) will be slow to kick in, but at that time (coupled with the change of my share), it should drive above the outperformance. in the downgrade of Roku that the digital advertising market is slow not priced into the stock. remain unclear.” Evercore ISI reiterates Lululemon as outperform Evercore says Lululemon’s preannouncement pullback is a buying opportunity. “We think the post-preannounce pullback is a big buying opportunity.” Rosenblatt reiterates Disney as a buy Rosenblatt said activist investor Nelson Peltz push for Disney. board seats can help stock. surprising conclusion. Peltz’s push — despite Disney’s board objections — has merit, and could help Disney stock.” Bank of America reiterates Amazon as a buy Bank of America says it sees “multiple expansions” for Amazon stock in 2023. “When 1Q’ 23 may be Pressured by cuts in consumer and corporate spending, BofA economists expect inflation to fall below 3% out of 2023, and we think a better consumer spending environment, & the prospect of lower interest rates could lead to multiple expansions in 2023.” Wolfe upgraded Halliburton to “We are upgrading HAL to Outperform on favorable relative valuation and going revenue tailwinds in 2023.” JPMorgan upgraded Cinemark to outperform from neutral JPMorgan said. on the upgrade of Cinemark that sees “favorable” risk/reward for the company cinemas. “After a 31% decline in shares since the beginning of December (vs. SPX -3%), we believe the risk/reward is more favorable to take a positive view if in stock.” Read more about this phone here. JPMorgan reiterates Exxon as objection JPMorgan said the oil and gas giant has a good mix of offense and defense. “We think XOM has a lot of rerating potential from a diversified portfolio, better execution, portfolio management, and capital return. call for recovery). Barclays named Burlington as the best 2023 pick. “We believe BURL should accelerate its share gains, especially in 2H23 and more.” Bernstein reiterates Tesla as an underperform. Bernstein said he sees too many challenging demand for the automaker. “We are another collapse in TSLA stock, given the recent pullback. … That said, we believe that many investors underestimate the magnitude of the demand challenge Tesla faces, and that 2023/24 numbers can materially reset. Bank of America reinstates Bank of New York Mellon as the purchase of Bank of America continues coverage of Bank of New York Mellon and says it is “cyclical” with some “self-help levers.” “While we think the revenue growth prospects will be driven by how the market performs, we believe that mgmt. focuses on the right size of the cost base and the leverage of capital to provide EPS defense.” New Street downgraded AT&T to neutral from a buy New Street lowered the stock mainly in value. “We have downgraded AT & T to Neutral after a strong performance in 2022.” Morgan Stanley names Palo Alto top 2023 Pick Morgan Stanley said it has “strong confidence” in the cyber security company as the top choice for 2023. “Therefore, we are doubling down on our preference is for a consolidator that can take more of the security budget in a more scrutinized period, with a strong belief in PANW as the Top Choice.”