here are wednesdays biggest calls on wall street morgan stanley resumes advanced micro devices as overweight morgan stanley resumed coverage of the semiconductor company after a long period of restriction and said amds valuation is reasonable while a digestion phase in pcs and consoles appears likely and we are budgeting for some caution next year we believe strength in server with further market share gains should allow the company to keep posting solid growth at a now reasonable valuation read more about this call here monness crespi hardt reiterates amazon as buy monness said that amazon will be a key beneficiary of robots and artificial intelligence in the future in our view amazon is uniquely positioned to exit this crisis as one of the biggest beneficiaries of accelerated digital transformation morgan stanley upgrades cigna to overweight from equal weight morgan stanley said in its upgrade of the health insurer that it may experience a smallerthanexpected impact from a recession since cigna acquired express scripts rebranded as evernorth in 2019 its multiple already at industry lows has contracted 11x turns on concerns over increased exposure to the commercial market a subpar selling season out of the gate and pbm pharmacy benefit mgmtrelated headline risk bmo upgrades kraft heinz to outperform from market perform bmo said it sees a compelling investment opportunity in the food company we are upgrading khc to outperform with a 46 target price or 25 upside from current levels as khcs strategic evolution which continues to be overlooked by the market creates a compelling investment opportunity credit suisse downgrades dow to underperform from neutral credit suisse said its concerned about chemical companies such as dow overearning we remain concerned that us basic chemical producers are overearning just as there appears to be a consumer shift away from goods to services read more about this call here loop initiates taiwan semiconductor as buy loop said that the chipmakers core business remains strong although a semiconductor inventorydriven cyclical peak could lead to a midcycle correction in the near term we believe tsmcs core business will remain strong through the cycle read more about this call here morgan stanley reiterates apple as overweight morgan stanley said its survey checks show iphone growth starting to rebound in china we believe the measured lifting of covid related restrictions in china in recent weeks has aided apple s mac and ipad production wells fargo downgrades scotts miraclegro to equal weight from overweight wells said in its downgrade of the lawn seed company that it sees a slower recovery than expected while smg offers potential to own a recovery story which has been impacted by a host of headwinds in fy22 we dont think this recovery takes shape until at least fy23 with the new lawngarden season and an eventual improvement in the hawthorne hydroponic business rbc downgrades pultegroup to sector perform from outperform rbc downgraded the homebuilder as housing growth continues to slow we downgrade phm to sector perform from outperform and lower our pt to 41 from 56 as we reduce both our estimates and pt multiple to better reflect the housing slowdown setting in and downside risks to demandmargins cowen downgrades burlington to market perform from outperform cowen said in its downgrade of burlington that inflation is accelerating and margin goals are too lofty from a macro level sector inventory levels and health of the low income consumer are deteriorating and legislation regarding imports from china could cause additional issues cowen names frontier a top idea cowen said the cable company is a market maverick the fybr story is one of a market maverick with a superior product and pricing advantage entering a cabledominated landscape as market share gains should drive a far higher mix of fiber bb ebitda and subsequently meaningful valuation upside cowen downgrades jack in the box to market perform from outperform cowen said its concerned about slowing samestore sales growth for the fast food company we are concerned about negative jack sss samestore sales revisions in 2h22 due to proprietary survey data that indicates lagging value perceptions vs peers seaport downgrades nike to neutral from buy seaport said that sentiment around nikes stock isnt great with rising inflation and supply chain disruptions downgrading from buy to neutral as we dont believe nke s relative multiple is justified by how the company sets up vs the sector bernstein downgrades boston beer to market perform from outperform bernstein said in its downgrade of the stock that a 2022 cut in guidance is very likely its never easy to downgrade a stock when it has fallen so far we still think sam is a rare gem with a unique ability to focus on longterm brand building and a track record of four successful waves of innovation twisted tea continues to go from strength to strength and has become the real growth driver for sam but truly just hasnt performed as we anticipated and we think a cut to f22 guidance is highly likely read more about this call here  jmp downgrades airbnb to market perform from market outperform jmp downgraded the stock mainly on valuation though we see abnb as a dominant player proliferating a category within travel we believe the current valuation reflects its market position and see shares as fairly valued