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Here are the biggest calls on Wall Street on Thursday:
JPMorgan said in its downgrade of Cisco that it sees "limited" investor enthusiasm and earnings per share growth.
"We are downgrading CSCO shares to Neutral led by our expectation for limited investor enthusiasm for the shares in the absence of visibility into a return to revenue growth amidst continuing headwinds to Enterprise spending in the backdrop of an uncertain macro, although latest checks indicated Enterprise IT spending remaining more resilient than expected."
Deutsche Bank said in its upgrade of the food companies that they were "too compelling to stay sidelined."
"We are reinforcing our constructive view on Staples, and highlighting incremental preference for the Food subsector (upgrading MDLZ and KHC to Buy). Recent COVID-driven events should allow Food companies an opportunity to accelerate self-improvement efforts; reduce their leverage ratios faster (enhancing strategic optionality); increase much needed reinvestments in capabilities, marketing, and innovation; and in turn improve go-forward fundamental prospects, especially relative to smaller, less well-financed competition—a proven formula for success in other CPG subsectors over the past 5+ years."