"We like that sentiment remains weak, while Merchant trends seem good/improving. SSS outperformance that should lead to positive sales revisions, driven by the brand's scale and nearly complete store remodel program." Baird names Global Payments a fresh pick Baird added the payment company to its fresh pick list, saying Global Payments is an inflation beneficiary. "Despite 40% European mix of sales, the investor narrative is generally on the U.S. "1)We're disappointed by guidance to only $100m+ of EBITDA by '25 considering Consensus was already at +$109m (no upside, despite being several years in the future), 2) REAL's path to profitability is significantly longer and requires much more GMV vs the initial IPO model to achieve profitability." Cowen names McDonald's a top Europe idea Cowen said that McDonald's has strong value perception among European consumers. "Lastly, we see the recent China COVID flare-ups as a potential risk to the downside – given Tesla deliveries are typically heavily weighted toward the end of the quarter, it is certainly possible that Tesla's likely quarter-end wave will be somewhat limited by the rise of COVID." Credit Suisse downgrades The RealReal to neutral from outperform Credit Suisse said in its downgrade of the luxury goods seller that it sees a tough path to profitability. Credit Suisse reiterates Tesla as outperform Credit Suisse said that despite supply chain challenges, the case for Tesla is "amplified." The firm said it was bullish heading into Tesla's delivery numbers this weekend, but that it was watching for any impact of the Covid situation in China. Morgan Stanley downgrades Pinterest to equal weight from overweight Morgan Stanley said in its downgrade of the stock that it sees "multiple headwinds" with "too much uncertainty." "We see multiple larger forward rev headwinds as PINS' user and time spent trends are challenging (US time spent now at 2017 levels) and PINS shifts existing time spent toward lower monetizing creator videos." Read more about this call here. "We are more positive on FTNT because of its customer, geographic, and vertical diversity amidst an elevated security threat backdrop." Read more about this call here. Barclays upgrades Fortinet to overweight from equal weight Barclays said in its upgrade of the cybersecurity company that it sees long-term margin growth. "While we continue to be impressed with the company's scaled position in its respective categories, strong executional prowess and evident pricing power, both management's EBITDA guidance and FactSet consensus estimates appear to be too high to us." Read more about this call here. "Upside: Still an Innovation Driven Cash Flow Story: We continue to believe GOOGL' s innovation focus across its platform can drive outsized ad revenue and FCF growth." Goldman Sachs double downgrades Reynolds to sell from buy Goldman said in its downgrade of Reynolds that consensus estimates are too high. Here are Tuesday's biggest calls on Wall Street: Morgan Stanley reiterates Alphabet as a top pick Morgan Stanley said it sees "outsized" ad revenue for Alphabet. Personal Loans for 670 Credit Score or Lower Personal Loans for 580 Credit Score or Lower Best Debt Consolidation Loans for Bad Credit
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