Analysts' screen on BLCO, SNAP, TSLA, ZM and more

• $Bausch + Lomb Corp. (BLCO.US)$ Goldman Sachs analyst Amit Hazan initiated coverage of Bausch + Lomb with a Neutral rating and $22 price target, implying 22% upside potential. The analyst sees Bausch + Lomb's current offering and pipeline as positioning it well to maintain or expand share in the "attractive and durable' eye care market.

• $Steel Dynamics (STLD.US)$ Goldman Sachs analyst Emily Chieng downgraded Steel Dynamics to Neutral from Buy with a price target of $92, down from $114. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles. Chieng downgrades Steel Dynamics following the stock's outperformance relative to the group and to reflect modest caution around the non-residential construction demand outlook.

• $Cleveland-Cliffs (CLF.US)$ Goldman Sachs analyst Emily Chieng lowered the firm's price target on Cleveland-Cliffs to $27 from $36 and keeps a Buy rating on the shares. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles.

• $Commercial Metals (CMC.US)$ Goldman Sachs analyst Emily Chieng lowered the firm's price target on Commercial Metals to $38 from $42 and keeps a Neutral rating on the shares. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles.

• $Nucor (NUE.US)$ Goldman Sachs analyst Emily Chieng lowered the firm's price target on Nucor to $130 from $148 and keeps a Neutral rating on the shares. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles.

• $Reliance (RS.US)$ Goldman Sachs analyst Emily Chieng lowered the firm's price target on Reliance Steel to $234 from $244 and keeps a Buy rating on the shares. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles.

• $Schnitzer Steel Industries (SCHN.US)$ Goldman Sachs analyst Emily Chieng lowered the firm's price target on Schnitzer Steel to $47 from $63 and keeps a Buy rating on the shares. Despite the steel equities already falling 20%-30% from recent peaks, the analyst sees potential for the stock to reflect near-term demand headwinds as seen during the last two cycles.

• $Bausch + Lomb Corp. (BLCO.US)$ JPMorgan analyst Robbie Marcus initiated coverage of Bausch + Lomb with a Neutral rating and $20 price target. Bausch + Lomb has one of the broadest portfolios in the ophthalmology space as the only company with solutions across contact lenses, consumer health, ophthalmic surgical, and ophthalmic pharmaceuticals, Marcus tells investors in a research note. However, it has "lagged in certain end markets and faces competition from several larger companies," says the analyst. Marcus wants to see more tangible improvements in growth and share capture before getting positive on the stock.

• $American Eagle (AEO.US)$ Morgan Stanley analyst Kimberly Greenberger downgraded American Eagle to Underweight from Equal Weight with a price target of $8, down from $22. The company cut its 2022 guidance "significantly as its optimism proved excessive," says the analyst, who sees room for further material downside as the second half of 2022 guide "appears unachievable." The company's "lofty" 2023 targets also 'need a cut" and further misses on sales and margins are likely, Greenberger tells investors in a research note.

• $Bausch + Lomb Corp. (BLCO.US)$ Morgan Stanley analyst Cecilia Furlong initiated coverage of Bausch + Lomb with an Equal Weight rating and $22 price target. The company's eye care franchise has "strong brand equity" but an inflection from new products is likely a few years away, Furlong tells investors in a research note.

• $Linde (LIN.US)$ Credit Suisse analyst John Roberts initiated coverage of Linde with an Outperform rating and $380 price target. The company is the largest global producer of industrial gases and oxygen demand benefits from healthcare and biologicals growth, as well as more energy efficient combustion 02 versus air, Roberts tells investors in a research note. In addition, Linde's robust share repurchase program should continue to support the stock, says the analyst.

• $Eastman Chemical (EMN.US)$ Credit Suisse analyst John Roberts initiated coverage of Eastman Chemical with an Outperform rating and $130 price target. The company has a leading circular plastics strategy, with the ability to gasify mixed waste plastics to chemicals and make natural cellulose-based plastics, Roberts tells investors in a research note. The analyst believes Eastman has among the largest potential to re-rate in the sector as its valuation "has yet to reflect these trends."

• $FMC Corp (FMC.US)$ Credit Suisse analyst John Roberts initiated coverage of FMC Corporation with an Underperform rating and $109 price target. Higher crop prices are allowing better FMC pricing, but unlike fertilizers, the cycle is slower to develop, but could have longer duration, Roberts tells investors in a research note. However, the analyst believes the stock more than reflects these trends. He views FMC's valuation as "stretched" at current levels.

• $Sherwin-Williams (SHW.US)$ Credit Suisse analyst John Roberts initiated coverage of Sherwin-Williams with an Underperform rating and $245 price target. A rising interest rate environment could negatively impact residential and commercial paint demand, Roberts tells investors in a research note. While Sherwin shares are already down 25% from its 52-week high, they are still up 35% from its high prior to the pandemic, says the analyst.

• $PPG Industries (PPG.US)$ Credit Suisse analyst John Roberts initiated coverage of PPG Industries with an Underperform rating and $115 price target. A rising interest rate environment could negatively impact residential and commercial paint demand through higher mortgage rates, and could impact automotive paint demand through higher car loan rates, Roberts tells investors in a research note. He believes this could dampen investor sentiment on PPG.

• $Snap Inc (SNAP.US)$ Credit Suisse analyst Stephen Ju lowered the firm's price target on Snap to $59 from $77 and keeps an Outperform rating on the shares. The analyst notes that in an 8-K last week, Snap decreased its Q2 revenue/Adjusted EBITDA expectations without greater specifics aside from that they will be below the lower end of the previously-offered guidance. That Snap is preannouncing before the final month of Q2 without providing guard rails speaks to the open-ended nature of the downside risk to estimates and clouds visibility into the second half of 2022, Ju adds.

• $Bausch + Lomb Corp. (BLCO.US)$ Deutsche Bank analyst Pito Chickering initiated coverage of Bausch + Lomb with a Hold rating and $19 price target. The analyst believes the company is well positioned for "durable growth" over the next several years.

• $Zoom Video Communications (ZM.US)$ Daiwa analyst Stephen Bersey on Friday double upgraded Zoom Video Communications to Outperform from Underperform with a price target of $121, up from $107. The recent pullback in the shares provides a good entry point, Bersey tells investors in a research note. The analyst likes Zoom's core business and says growth expectations now "seem more realistic." Zoom's "solid execution" in Q1 gives Bersey "positive incremental conviction, that the company's core business demand is stabilizing.

• $Rivian Automotive (RIVN.US)$ Mizuho analyst Vijay Rakesh reiterates a Buy rating on Rivian Automotive with an $80 price target after hosting CFO Claire McDonough at the firm's conference. The analyst believes R1T/EDV production lines ex-commodity chips are healthy and that the recent pullback provides a good entry point into the shares.

• $Tesla (TSLA.US)$ Mizuho analyst Vijay Rakesh reiterates a Buy rating on Tesla with a $1,300 price target after hosting a field trip in Fremont. The analyst believes Gigafactory Shanghai still remains in partial utilization and might be a near-term production headwind, though he says the back two quarters of 2022 could see a strong production rebound.

• $NetScout Systems (NTCT.US)$ Piper Sandler analyst James Fish downgraded NetScout to Underweight from Neutral with a price target of $33, down from $35. The shares are trading at a 'peak multiple" while the company faces product growth risks from supply chain issues and the pull-in of orders, Fish tells investors in a research note. NetScout management has a history of overpromising when issuing initial guidance and while the company's margins over the last few years have improved, they remain 5% below where they should be, says the analyst.

• $Costco (COST.US)$ Raymond James analyst Bobby Griffin lowered the firm's price target on Costco to $560 from $645 and keeps an Outperform rating on the shares, citing multiple compression across retail. The favorable narrative on Costco remains unchanged, and the company's Q3 results reinforce that view, Griffin tells investors in a research note. The analyst continues to see a multiyear opportunity for market share gains via U.S. and international club openings and e-commerce growth, as the company is still in the early stages of its e-commerce journey.