US Top Rating Updates on 8/2: INTC, SNOW, HSBC, TJX and more

$Snowflake(SNOW.US)$ shares fell on Tuesday as investment firm BTIG downgraded the data warehousing company, noting a downtick in recent field checks and the fact that cloud hyperscalers started to decelerate in the second quarter. Analyst Gray Powell lowered his rating on Snowflake to neutral from buy, while pointing out that customer spending intentions are still "solid," but not as good as they were six to twelve months ago.

Goldman Sachs analyst Brooke Roach initiated coverage of $Ross Stores(ROST.US)$ with a Buy rating and $102 price target, which implies 24% upside. The outlook for the apparel sector continues to weaken but the off-price sector is "defensively positioned," Roach tells investors in a research note. She sees opportunities for Ross to gain market share as it increasingly benefits from trade-down among its core lower-income consumer following "initial demand shocks."

BMO Capital Markets started off coverage on $Constellation Brands(STZ.US)$ with an Outperform rating as it pointed to strong beer trends for key brands Modelo and Corona in the U.S. STZ is called an attractive investment with a favorable risk-reward profile as the beer stock balances a solid multi-year growth outlook with a valuation discount to peers that is too wide.