US Top Rating Updates on 1/4: MSFT, AMZN, GOOGL, META and More

UBS analyst Karl Keirstead downgraded $Microsoft (MSFT.US)$ to Neutral from Buy with a price target of $250, down from $300. The analyst cites a weaker round of field checks on the cloud providers including Azure, a view that Office seat growth is likely to moderate in 2023, and a stock multiple that "already feels fair, not cheap" for the downgrade.

Wolfe Research analyst Steven Chubak downgraded $Goldman Sachs (GS.US)$ to Peer Perform from Outperform without a price target. The mid-point of the analyst's fair value range of $388 supports 13% upside to the shares. Chubak views Goldman's valuation on a price-to-earnings basis as "more full" and says Basel IV poses a threat to its returns and multiple.

Wells Fargo analyst Edward Kelly downgraded $Target (TGT.US)$ to Equal Weight from Overweight with a price target of $142, down from $170. The analyst notes Target's outlook has deteriorated meaningfully and says he no longer sees it as an attractive investment into an uncertain 2023.