US Top Rating Updates on 12/16: META, SNPS, PLD, PRU and More
Meta Platforms Upgraded to Overweight From Neutral at JPMorgan
JPMorgan analyst Doug Anmuth upgraded $Meta Platforms(META.US)$ to Overweight from Neutral with a price target of $150, up from $115. The shares are down 65% year-to-date as Meta has been impacted by Apple privacy changes, TikTok competition, Reels headwinds, heavy hiring and expense growth, an uncertain build-out of the metaverse, and macro pressures, Anmuth tells investors in a research note.
Prudential Downgraded to Underweight From Equal Weight at Wells Fargo
Wells Fargo analyst Elyse Greenspan downgraded $Prudential Financial(PRU.US)$ to Underweight from Equal Weight with an unchanged price target of $101. The analyst cites relative value for the downgrade, saying Prudential's valuation has expanded relative to MetLife (MET) versus historical levels.
Equity Residential Downgraded to Underperform From Market Perform at BMO Capital
BMO Capital analyst John Kim downgraded $Equity Residential(EQR.US)$ to Underperform from Market Perform with a price target of $61, down from $70. The analyst cites the "looming" recession and rising unemployment for the downgrade. He says Equity Residential screens expensive and is cautious on the multifamily sector.
Source: Seeking Alpha, The Fly
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