US Top Rating Updates on 8/8: ROKU, WDC, GRAB, CVNA and more

JPMorgan downgraded $Carvana(CVNA.US)$ to an Underweight rating from a prior stance of Neutral with shares screening as expensive in comparison to other e-commerce names. Analyst Rajat Gupta and team believe that at current levels there is minimal margin for error on execution and still material risk to growth and particularly profitability if the macro worsens further given the degree of capacity/fixed costs.

Pivotal Research analyst Jeffrey Wlodarczak downgraded $Roku Inc(ROKU.US)$ to Sell from Hold with an unchanged price target of $60 following the stock's recent rally. Management ramped expenses dramatically into what will likely be a recession in 2023, which is likely to lead to lower than consensus revenue growth and larger losses through 2023 and possibly 2024, Wlodarczak said.

JPMorgan analyst Mark Strouse upgraded $First Solar(FSLR.US)$ to Overweight from Neutral with a price target of $126, up from $83. The analyst views the Inflation Reduction Act as the largest policy change in U.S. history to accelerate growth in an "already inevitable energy transition to renewables."