US Top Rating Updates on 12/2: CRM, DASH, EW, RIO and More

Wolfe Research analyst Alex Zukin last night downgraded $Salesforce(CRM.US)$ to Peer Perform from Outperform without a price target. The thesis on the stock has changed with the company's growth "materially decelerating" following a COVID pull-forward, execution missteps, and acquisition "misfires creating meaningful idiosyncratic headwinds," Zukin tells investors in a research note.

RBC Capital analyst Brad Erickson downgraded $DoorDash(DASH.US)$ to Sector Perform from Outperform with a price target of $60, down from $70. The analyst is "uncomfortable with a potentially unfavorable risk/reward" given the company's "likely hypersensitivity to order deceleration" into 2023.

Citi analyst Ephrem Ravi downgraded $Rio Tinto(RIO.US)$ to Neutral from Buy with a price target of 5,800 GBp, down from 6,000 GBp, as he lowered his calendar year 2023 and 2024 EPS estimates by 11% and 6%, respectively, following the company's Capital Markets Day.