US Top Rating Updates on 8/31: CSCO, PYPL, SNAP, BX and More

$PayPal (PYPL.US)$ stock has gained 2.8% in Wednesday premarket trading after BofA Securities analyst Jason Kupferberg upgraded the payment company name to Buy from Neutral, citing expected cost savings and potential for share buybacks.

Citi analyst Ronald Josey downgraded $Snap Inc (SNAP.US)$ to Neutral from Buy with a price target of $10, down from $16. The analyst expected Snap to take cost-cutting actions following its Q2 results but is surprised to see its Chief Business Officer, Jeremi Gorman, and its head of North America ad sales, Peter Naylor, leave to join $Netflix (NFLX.US)$, as press reports suggest.

Cowen analyst Cai von Rumohr upgraded $Rocket Lab (RKLB.US)$ to Outperform from Market Perform with a price target of $8, up from $6.50. The company has a record six successful launches year-to-date and brought its second New Zealand launch pad on stream with its first U.S. launch slated for Q4, von Rumohr tells investors in a research note.