US Top Rating Updates on 9/29: AAPL, RIVN, FSLR, KHC and More

$Apple(AAPL.US)$ shares fell on Thursday as investment firm Bank of America hit the tech giant with a rare downgrade, citing worries over weaker consumer demand. Analyst Wamsi Mohan lowered his rating on Apple to neutral from buy and cut his price target to $160 from $185, while also lowering fiscal 2023 estimates. With the stock only down 16% year-to-date compared to the broader indices, it has outperformed, but that may be coming to an end, Mohan noted.

Truist analyst Jordan Levy initiated coverage of $Rivian Automotive(RIVN.US)$ with a Buy rating and $65 price target. The company has only started delivering its vehicles, but investors will soon see Rivian not just as an EV manufacturer but as a "next generation diversified mobility tech powerhouse", the analyst tells investors in a research note.

Evercore ISI analyst Sean Morgan upgraded $First Solar(FSLR.US)$ to Outperform from In Line with a price target of $150, up from $88, citing his view of the Inflation Reduction Act as a positive catalyst to increase domestic production and perhaps begin to shift the consumption patterns of utility solar module supply in the U.S. On the supply side, he expects First Solar could generate about $0.17/watt of solar PTC benefits, Morgan added.