US Top Rating Updates on 1/6: TSLA, JPM, BAC, SNOW and More

Wells Fargo analyst Michael Blum upgraded $First Solar(FSLR.US)$ to Overweight from Equal Weight with a price target of $188, up from $146. The analyst has turned positive on the clean energy sector for 2023. While continued Federal Reserve tightening will likely act as a near-term headwind, the fundamental and regulatory backdrop is "much improved" in 2023 and beyond, Blum tells investors in a research note.

Wells Fargo analyst Michael Turrin initiated coverage of $Snowflake(SNOW.US)$ with an Overweight rating and $170 price target. While shares are down nearly 60% TTM as concerns around headwinds to cloud consumption models have surfaced, the firm's work suggests Snowflake is built to better weather this storm given the company's mission-critical technology, strong expansion dynamics inherent to this model and impressively well-balanced financial profile, Turrin tells investors in a research note.

Deutsche Bank analyst Matt O'Connor upgraded $PNC Financial Services(PNC.US)$ to Buy from Hold with a price target of $190, down from $200. The analyst believes new lows seem likely for U.S. bank stocks but says PNC will remain among the most defensive in the group given its "strong" credit underwriting, strong capital allocation decisions and consistently solid cost control.