Key Points: Citi downgraded Snap to sell from neutral.Raymond James upgraded American Eagle to outperform from market perform.DA Davidson downgraded Pinterest to neutral from buy.Deutsche Bank downgraded Tripadvisor to hold from buy.Evan Spiegel, co-founder and chief executive officer of Snap Inc., stands on the floor of the New York Stock Exchange during the company's initial public offering on Thursday, March 2, 2017.
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Here are the biggest calls on Wall Street on Wednesday:
Citi downgraded Snap to 'sell' from 'neutral'
Citi downgraded the social media company and said Wall Street estimates are too high.
"We downgrade SNAP from Neutral to Sell as we believe investor expectations for 2020-21 revenues are too high. And, if we're right, Snap is trading near the peak of its historical valuation.?Street Embraces SNAP-?SNAP's share price appreciated over 30% since 1Q20 results. Indeed, the equity is now trading higher than it was prior to the COVID-19 outbreak. While the market has embraced encouraging pre-COVID-19 results – in January and February, 2020, we believe investors are now too bullish on both DAU growth and monetization trends."
Raymond James upgraded American Eagle to 'outperform' from 'market perform'
Raymond James upgraded the retailer and said it had the liquidity to operate with stores closed for the next 12 months if need be.
"We are less concerned about that now given increasingly attractive valuation levels —particularly as AEO has the liquidity to operate with all stores closed for the next 12 months (super unlikely). More importantly, we believe AEO's decision to issue convertible debt at this time is a huge signal of strength, that will play out in substantial market share gains as the company utilizes its cash rich position to take advantage of practically an entire industry that is cash poor. AEO should ultimately prove to be a market share consolidator in a post COVID-19 world."
原文地址：https://www.cnbc.com/2020/05/06/biggest-analyst-calls-of-the-day-snap-tripadvisor-pinterest-more.html