Here are Thursday’s biggest calls on Wall Street: Morgan Stanley downgrades Okta to equal weight from overweight Morgan Stanley said it sees “limited visibility” for the identity and access management company. “Sales execution issues, challenges with M & A integration and a tough macro backdrop contributed to a lower growth outlook for OKTA. While positive on the LT market opportunity and valuation is at a discount to peers, we have limited visibility on a return to stabilization.” Citi initiates Intuit as buy Citi said in its initiation of the business financial software company has “resilience.” “Strong performance in last recession shows resilience and defensive positioning with recent QuickBooks price increases to help sustain growth as cross-sell initiatives begin.” Read more about this call here. Bernstein reiterates Snap as outperform Bernstein said the setup for the rest of the year should be “better than feared” for shares of Snap after the company announced layoffs and management changes. “We increased short-term revenue growth up on the back of 8% Y/Y revenue growth QTD, as we believe the rest of year now sets up better than previous feared. Longer term, we believe the reduced investments could be incrementally negative for revenue growth rates and have adjusted our 3-year revenue growth down accordingly.” Raymond James downgrades Bed Bath & Beyond to underperform from market perform Raymond James said in its downgrade of Bed Bath & Beyond that business trends look “abysmal.” “Even with a move back towards more branded products, we struggle to see a pathway for improved performance, especially with discretionary consumer spending and housing slowing.” Read more about this call here . Atlantic Equities reiterates Home Depot and Lowe’s as overweight Atlantic Equities said Home Depot and Lowe’s were uniquely positioned and that the stocks are attractive. “While we acknowledge the near-term risk of a recession, we believe the market is already pricing in > 10% and > 18% EPS declines in FY23 at HD and LOW respectively.” UBS reiterates Yum Brands as buy UBS said shares of Yum are an “attractive compounder at a discount.” “We view YUM shares as increasingly attractive given a solid growth algorithm, defensive characteristics, and underperformance to peers YTD, w/ a now sizable valuation discount to MCD.” Benchmark downgrades Western Digital to sell from hold Benchmark said it’s concerned about “economic softness.” “We are especially concerned about Seagate’s comments about inventory issues and caution among some of its cloud customers which have implications for Western Digital. Also, continued economic softness could lead data centers to cut their 2023 capital spending plans.” Benchmark downgrades Seagate to hold from buy Benchmark said in its downgrade of the data storage solutions company that it sees prolonged macro weakness. “The combination of lower revenue, increased under-utilization charges and less favorable product mix in the September quarter will also result in a sequential decline in margins, with non-GAAP EPS now expected to be meaningfully below Seagate’ s prior guidance of at least $1.20. We see these trends persisting at least through the end of this year.” Bank of America initiates Datadog as buy Bank of America said the cloud scale applications company has a “best-of-breed” portfolio of products. “Datadog is an observability software vendor that enables its customers to have strong visibility into the health and performance of its technology stacks to drive high quality end-user experiences.” Bernstein reiterates Nvidia as outperform Bernstein said opportunities still remain for shares of Nvidia even after the U.S. government moved to restrict chip sales to China. “Gaming and China headwinds are impacting the near-term, but opportunities around datacenter, software, and auto remain early, and large.” Read more about this call here . Loop downgrades Hewlett Packard to hold from buy Loop downgraded the stock due to a cloudy macro outlook and lack of near-term visibility. ” HPQ stated that in 90 days they will unveil a ‘Transformation Program’, which we believe will be a combination of strategic initiatives and cost saves. While we believe HPQ will get material list from this plan (they are very skilled at executing such plans) we also believe in the context of likely softening macro at the time of plan unveiling, investors will take a wait and see approach to plan traction.” Raymond James names Estee Lauder, Procter & Gamble and Ulta top picks Raymond James named several retail and consumer stocks as top picks and said challenges remain but the consumer is “still spending.” “Overall the backdrop is getting more challenging, but some areas are performing better than others, namely beauty, high-end, and those with robust data or strong omnichannel presence. Our top picks are EL and ULTA in Beauty and PG in Staples.”