US Top Rating Updates on 12/16: META, SNPS, PLD, PRU and More

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.

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.

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.