US Top Rating Updates on 1/19: RBLX, SNOW, PM, CRWD and More

BofA analyst Craig Siegenthaler double downgraded $Charles Schwab (SCHW.US)$ to Underperform from Buy with a price target of $75, down from $92, citing his view that client cash sorting will continue at an elevated pace in the first half of the year, pressuring liquidity, interest earnings assets and bank deposit account levels.

Wells Fargo analyst Richard Garchitorena initiated coverage of $Corteva (CTVA.US)$ with an Overweight rating and $78 price target. Garchitorena is encouraged by the company's 2025 financial targets, introduced at its recent investor day with a new management team in place, the analyst tells investors in a research note.

Scotiabank analyst Patrick Colville initiated coverage of $Snowflake (SNOW.US)$ with a Sector Perform rating and $125 price target. While Snowflake has emerged as a leader in the SaaS data warehouse market and he views the company's medium-term runway as "compelling," Colville said the Street forecast of 47% product revenue growth in FY24 is "aggressive" given the backdrop of rapidly softening IT spending.