Listed below are Monday’s largest calls on Wall Road: Wells Fargo upgrades Goal to chubby from equal weight Wells mentioned the market is simply too pessimistic on Goal shares. “TGT’s sell-off gives the chance to choose up a confirmed share gainer into an underappreciated earnings restoration on the proper value, in our view. Learn extra about this name right here . UBS downgrades Weber to promote from impartial UBS mentioned in its downgrade of the grill firm that it has considerations about slowing progress. “We downgrade WEBR to Promote from Impartial with PT of $4 ($8 beforehand), as we revise EBITDA ests for subsequent 12 months to come back in at $173M, beneath ’19 ranges, and considerably beneath Road’s $222M. We mannequin gross sales -0.4% for ’23, nonetheless, we might see high line declining additional.” Atlantic Equities downgrades AbbVie to impartial from outperform Atlantic Equities mentioned that it sees a extra balanced threat/reward for AbbVie . “We see extra restricted near-term upside for key progress drivers throughout the Immunology, Haematology and Aesthetics franchises coupled with extra balanced threat/reward from a valuation perspective and downgrade to Impartial.” Pivotal downgrades Sirius XM to carry from purchase Pivotal mentioned it is involved about recessionary circumstances subsequent 12 months. “After SIRI reported an in line 2Q outcome, reiteration of full 12 months monetary steering, and an unsurprising discount in ’22 self-pay web additions forecasts, we decreased our ’22 self pay new subscriber forecast and decreased the ramp in self-pay subscribers/ARPU/promoting in ’23+ to account for what we consider shall be a major 1H’23 recession.” Wells Fargo downgrades Stanley Black & Decker to equal weight from chubby Wells mentioned that uncertainty is a bit of excessive for Stanley Black & Decker . “A dramatic swing in Instruments & Outside demand traits throughout Q2 resulted in an almost 50% adj EPS mid-pt lower. Administration responded with vital value out plans. Steady demand from right here and execution on value out units up good 2023 earnings energy. Nevertheless, it is too early, in our opinion, to name for secure demand traits. Particularly, we’re involved that the Professional buyer section might be subsequent to melt.” Wolfe initiates Palo Alto Networks as outperform Wolfe mentioned in its initiation of the cybersecurity firm that it is a good place to “cover out.” “In our opinion, PANW is a consensus lengthy as traders look to cover out in safety names that may ship each progress and free money circulation margins at a beautiful valuation.” Learn extra about this name right here . Jefferies downgrades Bumble to carry from purchase Jefferies mentioned the relationship app firm’s inventory valuation is now not compelling. “Lastly, we now not view BMBL’s valuation a number of at 26x FY23 EBITDA as compelling particularly in comparison with MTCH at 18x. We decrease our FY22 EBITDA estimate by 1% to account for incremental FX headwinds.” Cowen downgrades American Eagle Outfitters to market carry out from outperform Cowen mentioned it sees a “near-slowdown” for American Eagle . “Cowen appreciates Aerie’s aggressive moats highlighted by our proprietary survey, however near-term warning primarily based on markdown stress, greater enter prices, waning shopper demand, & a near-term slowdown in Aerie.” Jefferies downgrades Deckers to carry from purchase Jefferies mentioned in its downgrade of Deckers that it sees slowing margin progress for the shoe firm. “We assume at Maintain with a $300 PT on a extra tempered view of sustained pandemic pushed progress and slowing margins resulting from macro threat.” Barclays downgrades Comcast to equal weight from chubby and Constitution to underweight from equal weight Barclays mentioned it count on slower subscriber progress for the cable giants. “With full 12 months broadband sub progress at Comcast and Constitution now anticipated at ~300k and ~200k respectively this 12 months (vs our pre-Covid forecast of 1.2-1.4mm every), the rising debate is prone to be concerning the probability of probably damaging broadband sub progress subsequent 12 months and past on condition that the macro backdrop and aggressive setting appears prone to worsen.” Learn extra about this name right here. Disclosure: Comcast is the proprietor of NBCUniversal, mother or father firm of CNBC. Morgan Stanley reiterates Apple as chubby Morgan Stanley mentioned that Apple’s 10-Q assertion exhibits “provide enhancements & confirms app retailer deceleration.” “Whereas Promoting stays a high Providers driver, we’re extra cautious on the near-term outlook. Promoting primarily represents Google’s site visitors acquisition value funds to Apple, in addition to income from Apple’s App Retailer search advert enterprise.” Wells Fargo upgrades Colgate-Palmolive to equal weight from underweight Wells mentioned there’s potential for “revenue enchancment forward.” “We predict being constructive CL is now (and has been) consensus amongst many traders. We’re not precisely there—EPS was nonetheless maintained down MSD this 12 months, and far has to go proper for this restoration to unfold into subsequent 12 months; nonetheless, unfold it could, and we’re particularly changing into extra comfy with a brewing gross margin story at CL.”