Here are Thursday's biggest calls on Wall Street: Morgan Stanley reiterates Apple as overweight Morgan Stanley said Apple's product event on Wednesday met expectations and attention now turns to "iPhone demand indicators." "Today's event was largely in line with expectations, although the later launch of the iPhone 14 Plus was a small surprise. After updating for higher ASPs (average selling price) from the 14 Plus, our FY23 rev & EPS rise ~1%." Deutsche Bank upgrades Moderna to buy from hold Deutsche said sees "greater near-term optionality" for the biotech company. " MRNA has been more forthright with its buyback program; plus has greater near-term optionality on the infectious disease side (vs. BNTX's concentration on the oncology side … .)" Read more about this call here. Pivotal upgrades Roku to hold from sell Pivotal upgraded the stock mainly on valuation. "We are upgrading our rating on ROKU from SELL to HOLD as the shares have reached a level that we view as properly balancing risk/reward and we would take profit on short positions." Citi opens a positive catalyst watch on GlobalFoundries Citi said the GlobalFoundries is the most "heavily shorted name" in semis. "We are launching a 30-day positive Catalyst Watch on Buy-rated Global Foundries as it appears to be the most heavily shorted name in semis and we expect a positive update from the company at our conference today." Stifel initiates Advanced Micro Devices as buy Stifel said the chipmaker is executing well. "We are initiating coverage of Advanced Micro Devices with a Buy rating and price target of $122. AMD continues to execute well on a product road map that has enabled share gains in the Client Computing and Server markets." Read more about this call here. Wells Fargo downgrades Marqeta to underweight from equal weight Wells said in its downgrade of the IT service-management company that Federal Reserve Chair Jerome Powell's message is a clear negative for fintech companies like Marqeta. "We expect the 'pain' Mr. Powell and the Fed see as required to drive inflation down to 2% — and then remain there — will negatively impact future growth in consumer and business spend going forward, thereby impeding revenue and earnings generation within our Fintech coverage." Northland upgrades Chegg to outperform from market perform Northland said in its upgrade of the education company that it sees an improved enrollment outlook. "We believe CHGG is poised for a rebound for the following reasons: Better summer school enrollment and management says this leads to better Fall enrollment." Bernstein initiates Chipotle, Wendy's and Yum Brands as outperform Bernstein said in its initiation of several restaurant companies that they are "long-term winners." "We back companies that recently improved margins demonstrating pricing power (e.g., DRI, CMG ). ... Focus growth on international markets, which have a TAM of ~$2T and are growing at a faster rate. YUM, MCD, WEN and QSR stand out for their ambitions, but we expect more tumultuous paths for unproven concepts." Jefferies downgrades GSK to hold from buy Jefferies said in its downgrade of the pharma company formerly known as GlaxoSmithKline that there'