US Top Rating Updates on 11/3: ROKU, BILI, CTSH, KEYS and More

Guggenheim analyst Michael Morris downgraded $Roku Inc(ROKU.US)$ to Neutral from Buy without a price target. The company's Q4 outlook was the "primary surprise" in the Q3 results as it come in well below prior forecasts and implies revenue declines at both Roku's Platform and Player segments with a softer TV scatter estimate the primary culprit, Morris tells investors in a research note.

BofA analyst Lei Zhang downgraded $Bilibili(BILI.US)$ to Neutral from Buy with a price target of $11.50, down from $42, citing the company's "challenging" monetization outlook due to a weak ad market and tightened regulatory environment for the game business. Zhang lowered FY22, FY23 and FY24 EPS estimates for Bilibili by 1%, 5% and 17%, respectively.

BMO Capital analyst Keith Bachman downgraded $Cognizant(CTSH.US)$ Solutions to Market Perform from Outperform with a price target of $65, down from $73. The analyst believes 2023 will be a challenging year broadly in IT services and that attrition/fulfillment challenges have hurt bookings in fiscal 2023, further pressuring the company's 2023 trajectory.