US Top Rating Updates on 8/23: ZM, BIDU, IQ, AN and more

BTIG analyst Matt VanVliet downgraded $Zoom Communications (ZM.US)$ to Neutral from Buy without a price target following last night's Q2 results. The report was "muted" with sales coming in below expectations as currency and online overshadowed another solid enterprise quarter, even while margins and earnings were well above Street estimates, VanVliet tells investors in a research note.

Macquarie analyst Esme Pau initiated coverage of $iQIYI (IQ.US)$ with an Underperform rating and $2.80 price target. The analyst sees "growth obstacles" eroding the company's ecosystem, which include content control regulations in China and intensifying competition from short video. In addition, "liquidity risks remain a concern," Pau tells investors in a research note.

Morgan Stanley analyst Simeon Gutman downgraded $Grocery Outlet (GO.US)$ to Underweight from Equal Weight with a price target of $33, up from $29. The analyst sees downside risk to fiscal 2023 estimates and less upside to fiscal 2022 numbers than the stock is currently reflecting.