US Top Rating Updates on 11/28: XPEV, ATVI, FSLR, BYND and More

JPMorgan analyst Jared Dinges upgraded $Anheuser-Busch Inbev (BUD.US)$ to Overweight from Underweight with a price target of $70, up from $45. The analyst sees "scope for earnings outperformance" and says the company's "rapidly deleveraging balance sheet provides optionality." AB InBev's transition to a "higher-quality top-line growth story is well underway," Dinges tells investors in a research note.

JPMorgan analyst Mark Strouse downgraded $First Solar (FSLR.US)$ to Neutral from Overweight with a price target of $190, up from $147. The analyst cites the stock's outperformance since the announcement of the U.S. Inflation Reduction Act for the downgrade. First Solar is the biggest near- and medium-term beneficiary from the IRA's domestic manufacturing tax credits, but with the stock up over 20% over the past four months, the "easy money" has now been made, Strouse tells investors in a research note.

Barclays analyst Benjamin Theurer downgraded $Tyson Foods (TSN.US)$ to Underweight from Equal Weight with a price target of $58, down from $89. The analyst says says protein companies face a difficult outlook. The "worst is yet to come" for most of the sector, though not until 2024 or 20225, amid increasingly price-conscious consumers and rising beef prices, Theurer tells investors in a research note.