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US Top Rating Updates on 8/31: CSCO, PYPL, SNAP, BX and More

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Analysts Notebook wrote a column · Aug 31, 2022 07:08
US Top Rating Updates on 8/31: CSCO, PYPL, SNAP, BX and More
PayPal Rises After BofA Upgrades to Buy on Cost Savings, Possible Buybacks
$PayPal(PYPL.US)$ stock has gained 2.8% in Wednesday premarket trading after BofA Securities analyst Jason Kupferberg upgraded the payment company name to Buy from Neutral, citing expected cost savings and potential for share buybacks.
Snap Downgraded to Neutral From Buy at Citi
Citi analyst Ronald Josey downgraded $Snap Inc(SNAP.US)$ to Neutral from Buy with a price target of $10, down from $16. The analyst expected Snap to take cost-cutting actions following its Q2 results but is surprised to see its Chief Business Officer, Jeremi Gorman, and its head of North America ad sales, Peter Naylor, leave to join $Netflix(NFLX.US)$, as press reports suggest.
Rocket Lab Upgraded to Outperform From Market Perform at Cowen
Cowen analyst Cai von Rumohr upgraded $Rocket Lab(RKLB.US)$ to Outperform from Market Perform with a price target of $8, up from $6.50. The company has a record six successful launches year-to-date and brought its second New Zealand launch pad on stream with its first U.S. launch slated for Q4, von Rumohr tells investors in a research note.
Source: Seeking Alpha, The Fly
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