US Top Rating Updates on 12/9: NFLX, DOCU, GILD, MET and More

Wells Fargo analyst Steven Cahall upgraded $Netflix (NFLX.US)$ to Overweight from Equal Weight with a price target of $400, up from $300. A positive catalyst path in 2023, led by lower churn and stable subscribers, creates "more ways to win," Cahall tells investors in a research note. With competition increasing and content growth slowing, "the pieces were there for tougher NFLX performance in 2022," says the analyst.

Piper Sandler analyst Rob Owens upgraded $DocuSign (DOCU.US)$ to Neutral from Underweight with a price target of $50, down from $54. Last night's Q3 results were improved and while the company's initial fiscal 2024 view was lower than Street expectations for revenue and billings, the stock's valuation is largely reflective of the difficult macro scenario, Owens tells investors in a research note.

Jefferies analyst Suneet Kamath downgraded $MetLife (MET.US)$ to Hold from Buy with a price target of $82, down from $86. U.S. life insurance stocks are unlikely to have as positive a year in 2023 as they did in 2022, Kamath tells investors in a research note. Higher interest rates, COVID claims, as well as credit and capital concerns could weigh on the sector following its outperformance in 2022, says the analyst.